Westford, USA, July 13, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, commodity plastics market encompasses a broad range of applications in numerous industries. These plastics serve various purposes, ranging from manufacturing disposable cups to serving as vital components in lightweight electric vehicles. Unlike engineering plastics, commodity plastics are characterized by their lower mechanical properties but are produced at a lower cost, making them more economically viable for various applications.
Browse in-depth TOC on "Commodity Plastics Market"
- Pages - 250
- Tables - 94
- Figures – 76
Commodity plastics, which are primarily thermoplastics, are produced in large quantities and are cost-effective compared to other types of plastics in the commodity plastics market. These versatile plastics find widespread application in various industries. Commodity plastics manufacture interior and exterior components in the automotive sector, providing lightweight and cost-efficient solutions.
Get a sample copy of this report:
https://www.skyquestt.com/sample-request/commodity-plastics-market
Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 603.6 Billion |
| 2030 Value Projection | USD 858.4 Billion |
| CAGR | 6.3% |
| Forecast Period | 2023-2030 |
| Segments Covered |
|
| Regions Covered |
|
Prominent Players in Commodity Plastics Market
- Exxon Mobil Corporation
- Dow Inc.
- LyondellBasell Industries N.V.
- SABIC
- Chevron Phillips Chemical Company LLC
- INEOS Group Holdings S.A.
- Formosa Plastics Corporation
- China Petroleum & Chemical Corporation (Sinopec Corp.)
- BASF SE
- Total SE
- Braskem S.A.
- Mitsui Chemicals Inc.
- Reliance Industries Limited
- LG Chem Ltd.
- Lotte Chemical Corporation
- Nova Chemicals Corporation
- Eastman Chemical Company
- Sumitomo Chemical Co., Ltd.
- Arkema S.A.
- Saudi Basic Industries Corporation (SABIC)
Browse summary of the report and Complete Table of Contents (ToC):
https://www.skyquestt.com/report/commodity-plastics-market
Polyethylene Segment is Expected to Grow the Market Due to its Versatile Applications in Industries
Polyethylene (PE) has emerged as a dominant player in the global commodity plastics market, commanding over 35% of the total revenue. This widespread adoption can be attributed to its versatile applications across various industries. PE finds extensive use in durable consumer products, packaging, and the medical and pharmaceutical sectors. The increasing demand for these sectors is expected to drive the growth of the PE segment throughout the forecast period.
The markets in North America are poised for rapid growth in the commodity plastics market during the forecast period. Several factors contribute to this positive outlook, including a growing emphasis on advanced packaging materials and an increasing demand for renewable solutions.
Packaging Segment is Expected to Dominate the Market Due to Enhance the Comfort
The packaging segment emerged as the leader, capturing the largest revenue share in the global commodity plastics market. This dominance can be attributed to the escalating demand for packaged food and beverages and the growing preference for flexible packaging solutions. Plastics, including various polymers, are extensively used in the food industry for packaging purposes.
Regional markets in the Asia Pacific emerged as the leader in the commodity plastics market, commanding over 46% of the overall share. The region's dominance can be attributed to the increasing demand for commodity plastics in the packaging, medical, and pharmaceutical sectors.
A comprehensive analysis of the major players in the commodity plastics market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Speak to Analyst for your custom requirements:
https://www.skyquestt.com/speak-with-analyst/commodity-plastics-market
Key Developments in Commodity Plastics Market
- Faurecia, a leading automotive technology company, recently announced a significant investment of USD 147 million to establish a new facility in Nuevo Leon, Mexico. The facility will serve Faurecia's Interiors and Seating Business Groups as a combined operation. Out of the total investment, USD 75 million will be allocated to the Interiors Business Group to enhance production capabilities. This funding will primarily be utilized to develop and install instrument panels and other interior modules. The remaining USD 72 million will be dedicated to Faurecia's Seating Business Group.
- Faurecia recently entered into a collaboration agreement with Veolia. This partnership fosters innovation in developing sustainable compounds for automotive interior modules. The two companies will work together to expedite the deployment of pioneering and environmentally-friendly solutions for European instrument panels, door panels, and center consoles.
Key Questions Answered in Commodity Plastics Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
Related Reports in SkyQuest’s Library:
Global Rapid Self-Healing Gel Market
About Us:
SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
Address:
1 Apache Way, Westford, Massachusetts 01886
Phone:
USA (+1) 617-230-0741
Email: sales@skyquestt.com
