The report "Commodity Plastics Market by Type (PE, PP, PVC, PS, ABS, PET, PMMA), End-use Industry (Packaging, Construction, Consumer Goods, Automotive, Electronics, Textiles, Medical & Pharmaceutical), and Region - Global Forecast to 2025" The global commodity plastics market size is projected to grow from USD 468.3 billion in 2020 to USD 596.1 billion by 2025, at a CAGR of 6.0% between 2020 and 2025. Packaging plays a vital role in keeping the product fresh, damage-proof, and acts as an efficient marketing tool. The most common commodity plastics are polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS), and poly (methyl methacrylate) (PMMA). Acrylonitrile butadiene styrene (ABS) and polyethylene terephthalate (PET) are also considered commodity plastics. These plastics are increasingly replacing metals due to their high tensile strength, low cost, high availability, and easy processing properties.
APAC is projected to be the fastest-growing market for commodity plastics during the forecast period. Factors such as large population, growing demand for convenience food products, availability of cheap raw materials for packaging, and rising health awareness are driving the market in the region. China is the largest commodity plastics market in APAC and is expected to remain the same during the forecast period. The growing usage of commodity plastics in packaging, construction, and consumer goods is driving the market.
Major players operating in the global commodity plastics market include Exxon Mobil (US), LG Chem (South Korea), Sumitomo Chemical (Japan), The Dow Chemical Company (US), SABIC (Saudi Arabia), BASF SE (Germany), LyondellBasell (Netherlands), Sinopec (China), Ineos (Switzerland), Formosa Plastics (Taiwan), Mitsubishi Chemical (Japan), Borealis AG (Austria), Chevron Phillips Chemical (US), ENI SpA (Italy), Reliance Industries (India), Braskem (Brazil), Hanwha Chemical (South Korea), Lotte Chemical (South Korea), Indian Oil (India), Haldia Petrochemicals (India), Nova Chemicals (Canada), Qenos Pty (Australia), Qatar Petroleum (Qatar), Westlake Chemical (US), and PTT Global Chemical (Thailand).
