| A11595 | Pages: 353 | Sep 2021 | 3549 Views | ||
| Author(s) : Anil Chaudhary , Eswara Prasad | Tables: 177 | Charts: 82 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Commodity Plastics Market
Request Now !The global commodity plastics market was valued at $469.4 billion in 2020, and is projected to reach $858.4 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030.
COVID-19 pandemic outbreak across the globe has halted the production activities of various industrial verticals such as automotive, construction, textiles, and electronics amid government imposed lock down measures. Owing to which the growth of commodity plastics market is expected to slowdown during the forecast period.
Commodity plastics refer to plastics used in large volume for regular household applications. These plastics find use in a wide range of applications such as clothing, trash containers, disposables, packaging film, and others. Commodity plastics are not used in critical service environments, and thus do not require high mechanical strength. Therefore, these plastics are relatively inexpensive and exhibit lower mechanical properties than engineered plastics. Some examples of commodity plastics include polyethylene (PE), polyvinyl chloride (PVC), and polypropylene (PP). These plastics are widely used to manufacture cups, plates, trays, printed materials, toys, and other household products.
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The growing use of plastics in the packaging industry as well as other end-use industries with multiple applications, such as packaging, photographic, electronics, and pharmaceuticals, and increase in demand for consumer goods are the major factors driving the growth of the global commodity plastics market. In addition, rise in disposable income of consumers coupled with increase in production of lightweight electric vehicles and materials in the automotive industry along with increase in metal prices is expected to propel the commodity plastics market growth.
However, increased environmental concerns over plastic waste and government regulations on the use of plastics for packaging is expected to hamper the growth of the commodity plastics market during the forecast period. Furthermore, growing demand for commodity plastics from developing countries, such as China and India, is expected to provide growth opportunities for the commodity plastics market during the forecast period.
The global commodity plastics market size is segmented on the basis of type, end-use industry, and region. By type, it is divided into Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Acrylonitrile Butadiene Styrene (ABS), Polyethylene Terephthalate (PET), and Poly (Methyl Methacrylate) (PMMA). By end-use industry, it is classified into packaging, automotive, electronics, consumer goods, construction, textiles, medical & pharmaceutical, and others. Region-wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA.
The major key players operating in the global commodity plastics industry include Exxon Mobil, LG Chem, Sumitomo Chemical, The Dow Chemical Company, Sabic, BASF SE, Lyondellbasell, Sinopec, Ineos, and Formosa Plastics. Other players operating in this market include Borealis, Chevron Phillips Chemical, Eni SPA, Reliance Industries, and Braskem.
Asia-Pacific accounted for a major share in the commodity plastics market 2020, owing to growing demand for commodity plastic from the packaging and medical & pharmaceutical sector, especially in countries such as China, India, and Japan. Furthermore, economic and healthcare development in Asia-Pacific countries and rising investments in the construction industry are major factors that are expected to surge the demand for commodity plastic in the region during the forecast period.
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The polyethylene (PE) segment accounted for a major share in the commodity plastics market in 2020, owing to rising application in consumer durable products, packaging, and medical & pharmaceutical industries. In addition, use of PE in the manufacturing of other advanced polymers, such as High-Density Polyethylene (HDPE), Polyethylene Terephthalate (PET), and Extended Polyethylene (EPE), which are used in high-performance applications, is expected to propel the product demand in the coming years.
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The packaging industry accounted for a major commodity plastics market share in 2020, owing to rising demand for commodity plastics in flexible packaging due to its durability, low cost, and high recyclability. Furthermore, the development in packaging materials technology and increasing use of renewable plastics for packaging are anticipated to propel the segment growth in the coming years.
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The global commodity plastics market is expected to witness moderate decrease in its growth rate in 2020-2021, as commodity plastics used in automotive, construction, textiles, and electronics will witness significant decline in its demand. However, there will be an increase in demand for commodity plastics used in the packaging, consumer goods, and medical & pharmaceutical industries during COVID-19.
A resoundingly positive thing to observe in this crisis has been the swift response by the packaging industry. Many companies are continuing their operations as they supply packaging for essential products. Fundamental redesign and innovation are required to make types of packaging viable amid the pandemic to provide healthy packaging of products for customers. Single-use, disposable food packaging appears to have made a comeback due to the COVID-19 pandemic, as many consumers believe this to be safer and/or more hygienic
Automobile companies are witnessing a decrease in sales due to fewer customers visiting their physical storefronts and travel restrictions. Automakers in China, the U.S., and European countries have suspended plant operations, which disrupted production, and consumer demand has waned. Due to the negative impact of COVID-19 on sales, many companies are scrapping their outlook plans for the second quarter in 2020 and through the rest of the year.
The electronics industry consists of various sectors, such as the semiconductor sector, which has annual sales of over $481 billion as of 2017-18. The largest sector is e-commerce, which generated over $29 trillion in 2017; consumer electronics, mobile technology, and handset manufacturing are the major sectors in the electronics industry. With huge size of the global electrical & electronics industry, China is the major manufacturer and supplier of raw materials and parts required for global players. The industry is largely dependent on China, and thus the occurrence of COVID-19 has caused disruption in the electrical & electronics industry. The main disruption is in the supply chain. As the COVID-19 transformed from a China-centric challenge to a global pandemic, the impact on the global electronics supply chains and markets shifted.
Advent of global pandemic resulted in creating a global crisis in the FMCG industry. Impacting over 195 countries across the global, the pandemic has already created economic backdrop across the globe, thereby hinting for the next global recession. Strong initiatives are undertaken by different governments for containing the outbreak. However, social distancing has made a drastic negative impact on the FMCG industry. Logistic issues, lack of adequate labor force, and operations limiting to production of only essential items are some of the few examples most FMCG companies are facing across the globe.
The impact of COVID-19 on the global construction business is detrimental. Contractors are at the forefront as they are service and product providers at the same time. The virus affects material and labor, the key cost components of construction projects, which is a challenge for on-going project delivery, companies’ liquidity and whole business models.
The demand for textile products abroad and domestic sales have come down to a grinding halt due to the panic situation created by the COVID-19 outbreak. Due to the lockdown, all sorts of textile-related factories are closed. The business community is alarmed on account of cash crunch, supply chain disturbance, and manpower-related issues.
The coronavirus pandemic could catalyze a new wave of management and investors may show interest in improving the transparency of medical supply chains. The healthcare industry has so far held up relatively well in the recent market sell-off, although there is no guarantee it will continue to do so in the future. Product governance scores can help investors select companies that are relatively well-positioned to manage regulatory pressures in the race to develop vaccines and treatments for COVID-19.
Key benefits for stakeholders
Key market segments
By Type
By End-Use Industry
By Region
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The global commodity plastics market is anticipated to witness growth during the forecast period due to increasing penetration of product in packaging, medical & pharmaceutical, and consumer durable goods. Commodity plastics are widely used in mass-produced items and products of a single-use nature such as films for packaging or drinking bottles. However, these materials can also be used in various other industries such as automotive, building and construction, and electronics. Increasing demand for commodity plastics in consumer durable goods, including containers, weather-resistant clothing, disposable utensils, and packaging materials for foods, pharmaceutical products, bottles, and beverages, and personal care products is expected to propel the market growth during the forecast period.
However, increased environmental concern over plastic waste and government regulations on the use of plastics for packaging is expected to hamper the growth of the commodity plastics market during the forecast period. Furthermore, growing demand for commodity plastics from developing countries, such as China and India, is expected to provide growth opportunities for the commodity plastics market during the forecast period.
A. Growing packaging industry, Increasing disposable income generating high demand for consumer goods, Growing production of lightweight electric vehicles and increasing metal prices and Developing countries offering significant growth opportunities are the driving factors and opportunities in the commodity plastics.
A. Investment, business expansion and agreement are the key growth strategies of commodity plastics players.
A. Asia-Pacific region will provide more business opportunities for commodity plastics in future.
A. Exxon Mobil, LG Chem, Sumitomo Chemical, The Dow Chemical Company, Sabic, BASF SE, Lyondellbasell, Sinopec, Ineos, and Formosa Plastics are the leading global players in the commodity plastics.
A. Polyethylene segment holds the maximum share of the commodity plastics.
A. Packaging, automotive, electronics, consumer goods, construction, textiles, medical & pharmaceutical companies across the globe are the potential customers of commodity plastics industry.
A. The global commodity plastics market was valued at $469.4 billion in 2020, and is projected to reach $858.4 billion by 2030, growing at a CAGR of 6.3% from 2021 to 2030.
A. The global commodity plastics analysis covers in-depth information of major industry participants, Porter’s five forces analysis help analyze potential of buyers & suppliers and the competitive scenario of the industry for strategy building, major countries have been mapped according to their individual revenue contribution to the regional market, the report provides in-depth analysis of the global commodity plastics forecast for the period 2021–2030, the report outlines the current global commodity plastics trends and future scenario of the global commodity plastics from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets, and key drivers, restraints, & opportunities and their detailed impact analysis are explained in the global commodity plastics study.
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