Commodity Plastics Market Growth Analysis | 2023-2028

Market Insights

The commodity plastics market was estimated at USD 511.25 billion in 2022 and is likely to grow at a CAGR of 5.96% during 2023-2028 to reach USD 726.09 billion in 2028.

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What are commodity plastics?

Today, plastics can be found in almost every application that catches your eye, ranging from shopping bags, trash containers, disposables, and packaging films, to clothing, printed materials, toys, household products, etc. Most of these plastic products are made from six types of plastic materials which are polyethylene (PE), polypropylene (PP), polyvinylchloride (PVC), polystyrene (PS), polyester, and polyurethane (PU). These commodity plastics are lighter, resistant to abrasion, structurally stable, easily recyclable, and highly malleable. They are often used in large volumes for regular household applications and offer higher strength compared to other substitutes. Since commodity plastics are not used in critical service environments, they are relatively inexpensive and exhibit lower mechanical properties than engineered plastics.

Market Dynamics

The increasing application of plastics in the packaging and consumer goods industries coupled with increasing concerns over the development of lightweight electric vehicles in the automotive industry are the key driving factors for the commodity plastics market. Moreover, the rising demand for flexible packaging in the packaging industry, owing to its low cost, durability, and availability is another key factor fueling the growth of the market.

Segments' Analysis

By Material Type

Based on the material type, the commodity plastics market is segmented as Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Polymethyl methacrylate (PMMA), and others. The PE segment captured the largest share of the market in 2022 and is expected to remain dominant during the forecast period, propelled by easy availability and lower manufacturing cost along with favorable properties such as toughness, chemical resistance, and transparency. Also, high demand from packaging applications such as plastic films, plastic bags, plastic containers, tubing, bottles, wire insulation, household & kitchenware, and chemical containers is acting as a catalyst for the segment’s market.

By Application Type

Based on the application type, the market is segmented as packaging, construction, consumer goods, automotive, electronics, textile, medical & pharmaceutical, and others. The packaging segment is expected to remain the largest as well as the fastest-growing segment of the market over the forecast period.  This growth can be attributed to the increased demand for packaged food & beverages, as well as the rising demand for flexible packaging. Each segment has been further sub-segmented by application type for in-depth understanding.

Regional Insights

In terms of regions, Asia-Pacific is estimated to be the largest market during the forecast period, with China, Japan, and India being the major countries with lucrative growth opportunities. This growth can be attributed to the increasing investments in the construction industry coupled with rapid economic development in the region. The rising population and increasing demand for packaged foods in the consumer goods industry are the other key drivers of the region's commodity plastics market. Europe and North America are also expected to offer substantial growth opportunities during the forecast period.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market. 

The commodity plastics market is segmented into the following categories. 

By Material Type

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

By Application Type

• Packaging
• Construction
• Consumer Goods
• Automotive
• Electronics
• Textile
• Medical & Pharmaceutical
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Key Players

Some of the major players in the market are-

• BASF SE
• Exxon Mobil Corporation
• Formosa Plastics Corporation
• LG Chem Ltd.
• LyondellBasell Industries N.V.
• Mitsubishi Chemical Corporation
• SABIC
• China Petroleum & Chemical Corporation (Sinopec Group)
• Sumitomo Chemical Co., Ltd.
• The DOW Chemical Company

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market Trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the material types by application type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.