Commodity Plastics Market Analysis 2021-2028

Plastics are the synthetic or semi-synthetic materials that use polymers as a main ingredient. Commodity plastics are the plastics which are produced in huge volumes for different applications. Plastic is a highly used material across the globe. It is utilized for different purposes such as packaging, food & beverages, bundling, photography, trash cans, magnetic tapes, and clothing among others. Also, commodity plastics have discovered various new application across different businesses including buyer merchandise, fabricating, car, bundling, development, gadgets, drug, and textile among others. Commodity plastics are used where there is a low budget, low mechanical pressure, adaptable product solutions. They are basically utilized by merchandise manufacturers and finds useful applications in packaging sector as well owing to their high strength and stiffness.

Market Scope and Structure Analysis

COVID-19 Impact analysis

• The global commodity plastics market is expected to observe a moderate decline in its growth rate in 2020-2021, since the commodity plastics are highly utilized in automotive, construction, textiles, and electronics sectors, which are severely affected by the pandemic and observed substantial decline in their demand.
• However, there is expected to be an increase in the demand for commodity plastics used in the packaging, consumer goods, and medical & pharmaceutical industries during COVID-19.
• The effect of COVID-19 on the global construction business as workers for hire are at the cutting edge. The pandemic influences both material and labor. Moreover, demand for commodity plastics in construction sector is expected to witness sharp decline owing to COVID-19.
• The demand for textile products abroad and domestic sales have witnessed a decline due to the panic situation created by the COVID-19 outbreak. Due to lockdown, all sorts of textile-related factories are closed, which have high use of commodity plastic.

Top Impacting Factors

Growth in the automotive industry and health care infrastructure are driving the demand for commodity plastics. In addition, increasing population, urbanization, and industrialization are also propelling the commodity plastics market. Since the packaging industry has witnessed high demand in recent years, owing to its high utilization in various sectors and e-commerce has also fueled the demand for packaging. These factors are expected to drive the growth of the global commodity plastics market. However, major restraining factor for the growth of the commodity plastics market is concerns over plastic waste, as plastic waste releases a harmful chemical, which leads to contamination of soil and water, hence becoming the major environmental concern due to its low degradation rate. Considering this, many retail locations are confined from selling polyethylene bags or they are bound to charge extra for them. This is a significant restraining factor for the commodity plastics market.

Market Trends

• The worldwide packaging industry, particularly the adaptable packaging industry, experienced huge development in 2019. Plastic packaging is the trend in the coming years, which is driving the commodity plastics market.
• Governments of various developing countries are regulating the use of plastics, leading to restrictions to the end-user industry, which challenges the growth of the commodity plastics market.
• Due to growing economic activities, such as rapid industrialization and urbanization, the changing market trends are increasing the demand for commodity plastics in the developing countries such as India, China, and Brazil among others.
• Various strategic acquisition activities are adopted by the top market players to meet the increasing demand and the geographical presence of varieties of product.
• The demand for commodity plastics is expected to be dominated by Asia-Pacific region, owing to rapid industrialization and presence of a large end-user base.
• Since the pharmaceutical industry has witnessed to be the fast-growing segment during the forecast period owing to increasing plastic product demand for manufacturing medical devices.

Key Segments Covered

Product Type

• Polyethylene (PE)
• Polyvinyl Chloride (PVC)
• Polystyrene (PS)
• Polypropylene (PP)
• Poly Methyl Methacrylate (PMMA)
• Others

End-User Industry

• Packaging
• Construction
• Consumer Goods
• Automotive, Electronics
• Textiles
• Medical & Pharmaceutical
• others

Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia-Pacific
• LAMEA
  • Brazil
  • Saudi Arabia
  • South Africa
  • Rest of LAMEA

Key Benefits of the Report

• This study presents the analytical depiction of the commodity plastics market industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the commodity plastics market share.
• The current market is quantitatively analyzed from 2019 to 2028 to highlight the commodity plastic market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed commodity plastics market analysis based on competitive intensity and how the competition will take shape in coming years

Questions answered in the commodity plastic Report

• Who are the leading market players active in the commodity plastics market?
• What current trends will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the market?
• What future projections would help in taking further strategic steps?