Commodity Plastics Market Size, Share, Analysis, Growth, Trends, Industry Report 2024-2033|China Petrochemical Corporation, Exxon Mobil Corporation, ENI SpA, Indian Oil Corporation Limited, Reliance Industries Ltd

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The Commodity Plastics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Commodity Plastics Global Market Report 2024, The commodity plastics market size has grown strongly in recent years. It will grow from $496.1 billion in 2023 to $530.35 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to raw material prices, regulatory changes, trade dynamics, proliferation of electronic devices, automotive industry growth.

The commodity plastics market size is expected to see strong growth in the next few years. It will grow to $682.99 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to stricter environmental regulations, shift in consumer preferences, water scarcity concerns, growing public awareness of plastic pollution, e-commerce boom. Major trends in the forecast period include biodegradable alternatives, focus on lightweighting, digitalization in manufacturing, innovations in packaging design, rise of 3D printing.

The growing production of plastic is expected to propel the growth of the commodity plastics market going forward. The packaging industry refers to being actively engaged in the design and manufacture of packaging products. Commodity plastic such as polyethylene and polystyrene are used in applications of packaging film and foam packaging in the packaging industry. For instance, in December 2021, according to the Ministry of Environment, Forest, and Climate Change (MoEF&CC) report, in the year 2020, plastic production in India has more than doubled, with an average annual growth rate of 21.8%. Also, according to the ministry, the India’s total plastic trash creation stood at 3.47 million tons for the fiscal year 2021, up from 3.36 million tons (2020). Further according to Plastics for Change, an India-based social enterprise platform, 36 % of all plastic produced in a year goes into various sorts of packaging. Therefore, the growing production of plastic is driving the growth of the commodity plastics market.

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The commodity plastics market covered in this report is segmented –

1) By Type: Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Acrylonitrile Butadiene Styrene (ABS), Polyethylene Terephthalate (PET), Poly (Methyl Methacrylate) (PMMA)

2) By Plastic Type: Reusable, Recyclable

3) By End-User: Packaging, Construction, Consumer Goods, Automotive, Electronics, Textiles, Medical and Pharmaceutical, Other End Use Industry

Major companies operating in the commodity plastic market are adopting a strategic partnership approach to develop the very first polyethylene terephthalate (pet) resin. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in May 2023, LanzaTech Global Inc., a US-based carbon recycling firm that converts waste carbon into renewable raw resources, partnered with Plastipak Packaging Inc., a US-based manufacturing firm of plastic packaging, and launched PPKNatura. PPKNatura is the world’s only polyethylene terephthalate (PET) resin derived from carbon emissions recovered. The resin can be used in food, personal grooming, pharmaceutical packaging, and non-packaging applications. PET resin contains 30% monoethylene glycol (MEG), a typical petroleum byproduct. PPKNatura makes use of LanzaTech’s CarbonSmart MEG in its CCT process. It maintains the technical qualities of virgin fossil PET while emitting less CO2. PPKNatura may thus be utilized for standard food and pharmaceutical-grade packaging and additional sensitive applications like hot fill, refillable, and applications requiring low crystallinity.

The commodity plastics market report table of contents includes:

1. Executive Summary

2. Commodity Plastics Market Characteristics

3. Commodity Plastics Market Trends And Strategies

4. Commodity Plastics Market – Macro Economic Scenario

5. Global Commodity Plastics Market Size and Growth

26. South America Commodity Plastics Market

27. Brazil Commodity Plastics Market

28. Middle East Commodity Plastics Market

29. Africa Commodity Plastics Market

30. Commodity Plastics Market Competitive Landscape And Company Profiles

Top Major Players: