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. The major driving factors of the market include growing packaging industry, increased disposable income generating high demand for consumer goods, growing production of lightweight electric vehicles and increasing metal prices.
Based on type, PE is projected to be the largest and the fastest-growing segment of the commodity plastics market. PE is capable of being extruded and molded into many different shapes. It is highly transparent and colorless and has applications in containers, household & kitchenware, and tubing. PE has many applications in the packaging industry, especially in the flexible packaging of food products.
Based on the end-use industry, in 2019, the packaging segment accounted for the largest share of the commodity plastics market. The growing packaging industry is the major driver of the commodity plastics market. Increasing purchasing power and growing end-use industries are amongst the major drivers of the commodity plastics market.
The key players in the commodity plastics market are 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).
