Commodity Plastic Market Size, Share, Industry Growth, Future Demand and Trends and Forecast 2018-2023
Market Highlights
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.
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Market Segmentation Analysis
The global commodity plastic market has grown at a CAGR of 4.7% in terms of volume and 5.6% in terms of value, during the period 2016-2022. 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.
The global commodity plastic market by type has been divided into polyethylene, polyethylene, polyvinyl chloride, polyethylene terephthalate, polystyrene and other, however, polyethylene has acquired the largest market share of 31% of total market with an estimated value of USD 110.8 billion in 2016 and expected to touch USD 155.9 billion by the end of forecasted year with a CAGR of 5.58%, followed by polypropylene and polyvinyl chloride.
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. In the global commodity plastic market, polyethylene holds a largest market share of 31% in 2016 with an estimated value of USD 110.8 billion in 2016 and is expected to reach USD 155.9 billion by 2022 at a CAGR of 5.85%. Moreover, in terms of volume, the global demand for polyethylene in 2016 was 69.9 MMT and in poised to reach 93.7 MMT by 2022 with a CAGR of 5.01%. Geographically, Asia-Pacific holds the largest market share in terms of both value and volume during the forecast period.
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