The global commodity plastics market is estimated to grow at a CAGR of 6.2% during the forecast period. Growing packaging sector and the rising disposable income have led the demand for consumer goods, which in turn, is driving the market growth. The growing manufacturing of lightweight electric vehicles is also supporting the market growth. The packaging sector is rapidly expanding, which is led by the growth of the e-commerce industry. Packaging has become a significant marketing tool for attracting clients. In the FMCG (fast moving consumer goods) industry, value-added packaging has emerged to encourage customers to purchase products. In 2019, the global packaging business, particularly flexible packaging, witnessed strong growth, outpacing the US GDP. In comparison to other segments of the packaging business, value-added flexible packaging grew faster in 2019.
Concerns about plastic waste are restraining the growth of the global commodity plastics market. Owing to its slow decomposition rate, plastic trash is a huge environmental hazard. It is recycled, disposed of in landfills, or dumped in the ocean. Dumping plastics in landfills degrades soil quality by releasing toxic chemicals into the environment. These hazardous compounds may come into contact with groundwater, posing serious health risks. Marine life is severely harmed by plastics poured into the ocean. Birds, fish, and other marine creatures may become entangled in it or perish as a result of its intake. Many groups are pushing the use of easily degradable paper or cloth bags as a result of these environmental concerns. Owing to these concerns, many retailers have banned the sale of plastic bags or charge a premium for them. This is a major restraining factor for the global commodity plastics market.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By End-Use Industry
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- Exxon Mobil Corp., LG Chem Ltd., and Sumitomo Chemical, among others.
A full report is available at: https://orionmarketreports.com/global-commodity-plastics-market/110455/
Global Commodity Plastics Market Report by Segment
By Type
- PE
- PP
- PVC
- PS
- ABS
- PET
- PMMA
By End-Use Industry
- Packaging
- Construction
- Consumer Goods
- Automotive
- Electronics
- Textiles
- Medical and Pharmaceutical
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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