“Global Commodity Plastic Market Research Report – Forecast to 2022”– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
BASF SE, The Dow Chemicals Company, SABIC, Arkema SA, Mitsui Chemicals, LG Chemicals and Mitsubishi Chemicals Holdings Corporation are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Commodity Plastic Market.
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Commodity Plastic Global Market – Overview:
The Global Commodity Plastic Market is growing with the rapid pace; mainly due to burgeoning packaging industry. According to a recent study report published by the Market Research Future, The global market of Commodity Plastic is booming and expected to gain prominence over the forecast period. The market is forecasted to demonstrate a stunning growth by 2022, surpassing its previous growth records in terms of value with a striking CAGR during the estimated period (2016 – 2022). The Global Commodity Plastic market is projected to reach USD 493.1 Billion by 2022 with CAGR of 5.56 % during the forecasted period 2016to 2022.
The factors driving the growth of the global market are advancements in the end user industries of commodity plastics, growing application industries, and increasing demand from Consumer goods and FMCG sectors. Another driver for commodity plastic market is growing Asia-Pacific market. The commodity plastic market is majorly driven by its growing consumption in FMCG and consumer good, however, it has created a global platform for the manufacturers to expand and to increase the production capacity to meet current as well as forecast demand. Geographically, Asia-Pacific holds the healthy market share in terms of value and volume, which direct implies, the demand coming from China, India, Japan, Taiwan, Malaysia and other countries positively affecting the growing of commodity plastic market.
The need for commodity is gradually rising due to constraining factors such as Growing Asia-Pacific Market, Increasing Demand from FMCG and Plastic Packaging Industries, emerging economies and among others. Commodity plastics are the class of plastics which are majorly used in large volume and in broad range of applications, such packaging, electronics, consumer goods, photographic and magnetic tape, textile and a variety of household products. Such plastics show relatively low mechanical properties and are of low cost. Commodity plastic end product products mainly includes Plates, trays, Cups, Trays & Medical Trays, Containers, Printed Material and other disposable items.
Although commodity plastics have a large number of advantages, the most important is their versatility. The increasing need for high standard performance plastic across all modern applications is driving the growth of commodity plastic market. This has also resulted in the development of newer and improved application and performance properties; commodity plastic that are fast, easy, and low cost are in demand. Such newly developed commodity plastic include fast curing polyethylene and polyurethanes, PVC and PET and others.
Commodity plastics belongs to a superior class of plastic material which are broadly used in large volume in multiple applications which majorly include packaging, consumer goods, electronics, automotive, textile, pharmaceuticals and others. These plastics are used in application industries to enhance their mechanical properties and simultaneously helps in reducing the cost of production. However, from the manufacturers’ side, this has created a platform to increase the production capacity to meet the current demand.
Polyethylene (PE) is undoubtedly one of the most popular plastic across the globe which is majorly used in the plastic industries to manufacture plastic bottles, plastic toys, and grocery bags and also in bullet proof jackets. Along with this, PE also holds a significant role in other application industries such as packaging, electronics, automotive and many others.
Market conditions in most of the developed economies including the U.S., Europe, Japan and others have reached the maturity stage of the market life cycle. In order to ward off threats such as falling sales, most of the companies are turning to regions that offer them sustained demand. Major challenges for global commodity plastic manufacturers include economic uncertainty, rising prices of raw material, volatile U.S. dollar, slow economic growth, decline in automotive production, shortage of raw materials, and reduction in consumer expenditure. The reduction in global production among large industrial customers operating in major end-user industries.
Commodity Plastic Global Market – Competitive Analysis
The key players operating in the Commodity Plastic market compete based upon pricing, Technology and services. Vendors operating in the Commodity Plastic Market strive to deliver the best quality products based on innovative technologies, and best practices. Commodity Plastic market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further.
Commodity Plastic Global Market – Regional Analysis
The global Commodity Plastic market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Among these Asia Pacific region holds the largest market share followed by North America. Asia-Pacific accounted for largest share due to growing application industries in this region.
In 2015, Asia Pacific accounted for 45% of market share whereas North America and Europe accounted for 23% and 18% respectively.
Demand for commodity plastic from India accounted for 23% of the total demand, while Japan represents 21% of the market in terms of volume. Because of its strong, growing middle class, the entire region is a significant market for end markets that use commodity plastic, including packaging, consumer goods and FMCG and textile. Japan, Australia, and South Korea are the most developed countries in the APAC region and have mature growth outlooks.
China is the one of the largest economy in the world and is still growing at a rapid pace. China is making deliberate efforts to boost various industries including packaging, consumer good, retail, automotive, automotive and consumer products; growing industrial activity has resulted in increasing demand for commodity plastic. Currently, China is the single largest market for commodity plastic, accounting more than 45% of the total market in APAC.
Although new environmental regulations and the protection of forest resources by the Chinese government are affecting the Chinese commodity plastic market. Moreover, the recession had little impact on various end markets for commodity plastic in China, including packaging, automotive, FMCG and others which continue to drive demand for commodity plastic.
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