The Commodity Plastic Market Size was valued at USD 532.45 billion in 2023. The Commodity Plastic industry is projected to grow from USD 565.99 Billion in 2024 to USD 868.06 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.49% during the forecast period (2024 - 2032). Increased requirements for food and packaging containers and rapid urbanization are the key market drivers enhancing the market’s overall growth and expansion.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The rising requirements for food and packaging containers drive Market CAGR for Commodity Plastic. One of the main market drivers is the growing need in the packaging sector. The market for commodity plastics is seeing increased demand thanks to the growth of e-commerce. In many areas, value-added packaging is common. The demand for quality packaging is rising as consumer goods expand quickly. Value-added packing results in free and quick shipping. It simplifies the process of buying and purchasing things. The packaging industry has become more adaptable recently.
Additionally, plastic is frequently chosen as the most important packaging material. Another market driver is the expanded usage of common plastics in domestic applications. Soft and less robust plastics are used in domestic applications.
The World Packaging Organization estimates packaging market continues to grow. Because of growing urban populations, increasing requirements for food and beverage goods, medicines, and other consumer goods, along with growing health and hygienic packaging concerns, there is an increased need for packaging. Under the Flexible Packaging Association, more than 60% of the market comprises flexible packaging for food. The market for packaging that is flexible is growing swiftly because it possesses an opportunity to offer novel solutions to many packaging issues.
The Covid 19 epidemic is restraining the packaging industry's expansion. Packaging operations are being cut back due to the virus's spread. The packaging used in the health sector has changed recently. They are more hygienic and secure packaging solutions at this time. However, the market is still experiencing declines from different end users. In the automotive industry, the demand for common polymers is dwindling. Another market with significant demand for common polymers is the electronics sector. However, the consumption rate is currently steadily declining. The losses that can result from these market disruptions vary. The market situation is anticipated to get better in the years to come.
For instance, antimicrobial compounds used in plastics aid in extending their useful lives and restrict bacterial development, which hastens plastic degradation. As a result, the market for commodity plastics has grown significantly due to factors including enhanced durability, high adaptability, and stainless steel. As a result, it is anticipated that demand for Commodity Plastic will increase throughout the projection period due to the rising requirements for both food and packaging containers. Thus, driving the Commodity Plastic market revenue.
The Commodity Plastic market segmentation, based on Type, includes Polyethylene, Polypropylene, Polyethylene Terephthalate, Polystyrene, and Others. Polyethylene Terephthalate (PET) dominated the market, accounting for 58.9% of market revenue (USD 295 billion) in 2022. The plastics used in consumer goods and beverages are PET approved. They are high quality and are more robust. Numerous manufacturers use these plastics for packaging popular foods and soft beverages. The majority of these bottles made of PET are FDA-certified.
Figure 1: Commodity Plastic Market, by Type, 2022 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
The Commodity Plastic market segmentation, based on Application, includes Packaging, Consumer Goods, Electronics, Automotive, Textile, Pharmaceuticals, and Others. The Packaging category generated the highest revenue of about 49% in 2022. E-commerce's development has accelerated the growth of the packaging sector. Marketing products must draw in customers. The market for common plastics is driven mostly by expanding plastic packaging. The automobile category is expected to grow significantly during the projected timeframe.
By Region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia-Pacific area will dominate this market, owing to the increased use of commodity plastics in the packaging industry. In addition, Population growth and a rise in the demand for packaged meals are key factors for Commodity plastics to be in higher demand as the packaging, healthcare, and pharmaceutical sectors grow.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: COMMODITY PLASTIC Market Share by Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Commodity Plastic market accounts for the second-largest market share due to the government's adoption to recycle plastic packaging, which is expected to decrease the use of plastics. Further, the German Commodity Plastic market dominated the market share, and the UK Commodity Plastic market is expected to reduce plastic at a significant rate in the European Region.
The North American Commodity Plastic Market is expected to grow significantly during the projected period. An increasing focus on sophisticated packaging materials and a rise in the consumption of renewable packaging materials primarily drive revenue growth in this Region. Moreover, China’s Commodity Plastic market held the largest market share, and the Indian Commodity Plastic market is expected to grow rapidly in the Asia-Pacific region.
For instance, the largest manufacturer of industrial plastics in India is Reliance Industries which processes 1.16 metric tons of polyethylene and 2.7 metric tons of polypropylene annually. The only manufacturer of polyethylene with a low density in India is Reliance.
Leading market players are investing heavily in research and development to increase production, which will help the Commodity Plastic market grow further. Market participants are also undertaking a strategic approach to expand and strengthen their footprint, with important market developments including new product lines, partnerships, mergers and acquisitions, Capital expenditure, and strategic alliances with other organizations. The Plastic commodity industry must offer cost-effective and sustainable solutions to expand and survive in a fragmented market climate.
Manufacturing locally to minimize expenses at the operational level is one of the key business tactics used by organizations in the Commodity Plastic industry to benefit customers and capture untapped markets. In the nick of time, the Commodity Plastic industry has offered significant advantages to the packaging sector. Major players in the Commodity Plastic market, including Westlake Chemical, Exxon Mobil, Qatar Petroleum, LG Chem, Qenos Pty, The Dow Chemical Company, Nova Chemicals, SABIC, Hanwha Chemical, LyondellBasell, Reliance Industries, Sinopec, Chevron Phillips Chemical., are attempting to capture the majority of the market share by investing in research and development operations to produce sustainable and affordable options.
Achiko AG offers innovative diagnostic products. The company offers a virtual healthcare passport for Covid-19 and develops and produces aptamer-based examinations and testing products for various pathogenic disorders and therapeutic reasons. Achiko serves worldwide customers. In October 2021, they provided a status report on its production and production plans for AptameX, a proprietary, inexpensive, rapid Covid-19 test for diagnosis integrated into its system, Teman Sehat ("Health Buddy"). Most of the reagents, including the aptamer antibodies and the colloidal gold solution, along with a number of UV-visible Spectrophotometers, originate from Taiwan (UVS). As Achiko responds to requests from other nations, the present company structure will be replicated using locally produced plastics and installation. At the same time, reagent manufacturing will continue in Taiwan. The initial version of the item is composed of mass-produced plastics, but a superior model built of custom polymers will be unveiled soon after.
A Japanese chemical corporation with a expansion strategy is Mitsui Chemicals. It is listed on the Japanese stock exchange Nikkei and has business operations in the USA, China, Southeast Asia, the European Union, and Japan. It belongs to the Mitsui group and serves as one of the top chemical firms in Japan. The company offers a variety of goods and services to improve people's daily lives, including functional polymeric and performance materials. In December 2020, Mitsui Chemicals revealed that its laboratory is now in Gujarat, India. The panels are tested under Indian standards by the Bureau of Indian Standards. With assistance in technology from the Berlin, Germany-based PI Photovoltaik-Institut Berlin AG, Mitsui Chemicals India started its laboratory in December of the previous year.
October 2021: Achiko AG provided a status report on its production and production plans for AptameX, a proprietary, inexpensive, rapid Covid-19 test for diagnosis integrated into its system, Teman Sehat ("Health Buddy"). Most of the reagents, including the aptamer antibodies and the colloidal gold solution, along with a number of UV-visible Spectrophotometers, originate from Taiwan (UVS). As Achiko responds to requests from other nations, the present company structure will be replicated using locally produced plastics and installation. At the same time, reagent manufacturing will continue in Taiwan. The initial version of the item is composed of mass-produced plastics, but a superior model built of custom polymers will be unveiled soon after.
October 2021: Under Trinseo, a US-based producer of plastics and synthetic rubber products, utility charges will apply to polystyrene, butadiene-styrene, polycarbonate, and styrene-acrylonitrile in Europe. Other producers of common plastic resin had already stated that their companies were looking for a quick pass-through in energy costs.
December 2020: Mitsui Chemicals, a company headquartered in Tokyo, revealed that its laboratory is now in Gujarat, India. The panels are tested under Indian standards by the Bureau of Indian Standards. With assistance in technology from the Berlin, Germany-based PI Photovoltaik-Institut Berlin AG, Mitsui Chemicals India started its laboratory in December of the previous year.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 532.45 billion |
| Market Size 2024 | USD 565.99 billion |
| Market Size 2032 | USD 868.06 billion |
| Compound Annual Growth Rate (CAGR) | 5.49% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Â Westlake Chemical, Exxon Mobil, Qatar Petroleum, LG Chem, Qenos Pty, The Dow Chemical Company, Nova Chemicals, SABIC, Hanwha Chemical, LyondellBasell, Reliance Industries, Sinopec, and Chevron Phillips Chemical. |
| Key Market Opportunities | The expanding requirement for food and packaging containers such as bottles, cartons, and trays. |
| Key Market Dynamics | Expansion of automobile production and the rise in demand for light vehicles like EVs. |
Commodity Plastic Market Highlights:
Frequently Asked Questions (FAQ) :
The Commodity Plastic market size was valued at USD 532.45 Billion in 2023.
The Commodity Plastic market is projected to grow at a CAGR of 5.49% during the forecast period, 2024-2032.
North America holds the largest share of the Commodity Plastic market.
The key players in the Commodity Plastic market are Westlake Chemical, Exxon Mobil, Qatar Petroleum, LG Chem, Qenos Pty, The Dow Chemical Company, Nova Chemicals, SABIC, Hanwha Chemical, LyondellBasell, Reliance Industries, Sinopec, and Chevron Phillips Chemical.
Polyethylene Terephthalate dominated the Commodity Plastic market in 2023.
Packaging had the largest share of the Commodity Plastic market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
