Commodity plastics are produced in high volumes for various applications where special material properties are not needed. Commodity plastics are inexpensive to produce and exhibit relatively weak mechanical properties than engineering plastics. Commodity plastics are used in variety of applications like packaging, photography, garbage containers, magnetic tapes, and clothing. Along with this, commodity plastics are also used in various industries like consumer goods industry, manufacturing industry, automotive industry, packaging industry, construction, electronics, pharmaceutical, and textiles industries. In addition, bio-based plastics are also produced to meet all the terms of stringent regulatory framework for plastic usage. This plastics are lighter, resistant to abrasion and are easily recyclable and can be molded into variety of shapes.
Commodity Plastics Market: Key Players
The research study includes profiles of leading companies operating in the global commodity plastics market. Key players profiled in the report include: DOW, Exxon Mobil Corporation, SABIC, BASF SE, LG Chem Ltd., Mitsubishi Chemical Corporation, Formosa Plastics Corporation, China Petrochemical Corporation, Sumitomo Chemical Co. Ltd. and INEOS.
Drivers for the Global Commodity Plastics Market:
Increasing demand of commodity plastics in the packaging, building & construction and medical & pharmaceutical industry is considered as one of the major factor that is driving the growth of the global commodity plastics market. Along with this, due to its low cost, low mechanical stress and flexible product solutions which is widely used in the consumers goods and considered as one of the major factor that is aldo driving the growth of the global commodity plastics market. Moreover, rising demand for commodity plastics in developing economies like Asia Pacific is another driving factor for the market growth.
Opportunities for the Global Commodity Plastics Market:
Growing disposable incomes of the consumers which is coupled with the increasing needs for lightweight materials in the automotive industry is one of the major factor which is anticipated to drive the demand and growth of the global commodity plastics market over the forecast period. Along with this, due to wide availability of commodity plastics and due to its lower manufacturing cost, there has been increase in demand for commodity plastics in a packaging applications which is another factor that has projected to drive the growth of the global commodity plastics market during the forecast period.
Restrains for the Global Commodity Plastics Market:
Rise in awareness among the population about the harmful effects of non-biodegradable plastics is one of the major factor that is restraining the growth of the global commodity plastics market. Along with this, rising implementation of government’s stringent environmental regulations is another factor that is also hampering the growth of the global commodity plastics market.
Region Wise, Global Commodity Plastics Market Analysis:
On the basis of region, the AIOps market is segmented into North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Asia Pacific held the largest share in the market because of the high demand from the end-use industries, largest consumers and producers of electrical & electronic products, along with this, Asia Pacific is the major producer and consumer of consumer goods, automobiles and packaging materials. European countries is also having maximum share in the commodity plastics market, which is followed by the North American region.
Covid-19: Impact and Recovery Analysis for Global Commodity Plastics Market:
The world is greatly affected by the uncertain raise of the covid-19 Pandemic among the population. The Corona virus outbreak has disrupted & disturbed every sector of business as well as human activity. In most parts of the world there has been a complete restriction set by governments regarding various activities and in turn this is greatly affecting the financial stability of industries like: Commodity Plastics market globally. Most of the industries and businesses like: Commodity Plastics are shifting to manufacturing equipment that can support the covid-19 spread from increasing and spreading. However, due to the outburst of the Covid-19 pandemic, there is decline in consumer spending on discretionary products and stop of manufacturing activities negatively impact the demand for consumer goods, automotive, packaging, construction, electronics, pharmaceutical, and textiles industries.
Global Commodity Plastics Market: Product analysis
- Polyethylene (PE)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Poly Methyl Methacrylate (PMMA)
Global Commodity Plastics Market: Application analysis
- Consumer Goods
- Medical & Pharmaceutical
Global Commodity Plastics Market: Region analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of L.A.
- Middle East and Africa
- South Africa
- Rest of Middle East
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