Dublin, Aug. 21, 2023 (GLOBE NEWSWIRE) -- The "Commodity Plastics Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global commodity plastics market is on track to witness substantial growth, projected to surge from $465.38 billion in 2022 to $498.49 billion in 2023, with an impressive compound annual growth rate (CAGR) of 7.1%.
Challenges stemming from the Russia-Ukraine war have temporarily hindered global economic recovery post-COVID-19. This geopolitical conflict has resulted in economic sanctions, escalated commodity prices, and disruptions across supply chains, leading to inflation across various sectors and impacting markets worldwide. Nevertheless, the commodity plastics market is anticipated to achieve remarkable expansion, reaching a valuation of $637.15 billion by 2027, driven by a CAGR of 6.3%.
Report Overview
The commodity plastics market research report is part of a comprehensive series, delivering comprehensive statistics encompassing the global market size, regional distributions, competitive landscape, detailed market segments, emerging trends, opportunities, and essential data vital for success within the commodity plastics industry. With an in-depth analysis of the present and future industry landscape, this report offers a holistic perspective of the sector.
Emerging Trends
The adoption of product advancement is a pivotal trend gaining momentum within the commodity plastics market. Leading industry players are focused on leveraging technological advancements to maintain their positions within the market.
For instance, Krehalon, a Netherlands-based packaging company, introduced the KreCycleTM in August 2021, catering to the demand for sustainable packaging solutions. KreCycleTM encompasses a portfolio of recyclable high barrier flexible films suitable for various fresh food applications. This innovative product line includes solutions based on polyester (PET), polyethylene (PE), and polypropylene (PP), featuring customized barrier qualities tailored to specific applications, including packaging for fresh protein products such as red meat, poultry, fish, and hard cheese.
Market Dynamics
In May 2022, RadiciGroup, an Italy-based company specializing in polyamide polymers, chemical intermediates, engineering plastics, synthetic fibers, and nonwovens, successfully acquired the plastics business of Ester Industries Ltd for $37 million.
This strategic move expands RadiciGroup's high-performance polymers business, enhancing its established commercial presence within India. Ester Industries, an India-based company, is a notable producer of specialty polymers, polyester films, and engineering plastics.
Global Market Insights
Asia-Pacific emerged as the largest region within the commodity plastics market in 2022, with significant growth expected within the Asia-Pacific region in the forecast period. The report comprehensively covers various regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The report provides a detailed analysis of the commodity plastics landscape across key countries such as Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
Driving Force of Growth
The escalating production of plastic is set to drive the growth of the commodity plastics market in the foreseeable future. The packaging industry plays a pivotal role in utilizing commodity plastics such as polyethylene and polystyrene for applications like packaging film and foam packaging. As of December 2021, the Ministry of Environment, Forest, and Climate Change (MoEF&CC) reported that plastic production in India more than doubled, demonstrating an average annual growth rate of 21.8%.
With the total plastic trash production in India reaching 3.47 million tons for the fiscal year 2021, the demand for packaging plastics remains robust. According to Plastics for Change, a social enterprise platform based in India, 36% of all plastic produced annually is allocated to various forms of packaging, underlining the significant role of commodity plastics within the industry.
Market Scope
The commodity plastics market encompasses the revenues generated by entities offering nylon, phenol formaldehyde resins, general-purpose polystyrene, magnetic tape, and acetate film. These values reflect 'factory gate' values, representing the worth of goods sold by manufacturers or creators to downstream entities, wholesalers, retailers, and end customers. The market value also includes related services offered by the creators of the goods.
Navigating Forward
The "Commodity Plastics Global Market Report 2023" serves as a comprehensive resource for strategists, marketers, and senior management, providing insights into industry trends, impacts, and data-driven decisions. This report empowers stakeholders to create effective strategies and stay ahead within an evolving market landscape.
A selection of companies mentioned in this report includes
- Exxon Mobil
- LG Chem
- Sumitomo Chemical Co. Ltd.
- The Dow Chemical
- Saudi Basic Industries Corporation (SABIC)
- BASF SE
- LyondellBasell Industries N.V.
- Sinopec
- INEOS
- Formosa Plastics
- Borealis AG
- Chevron Phillips
- Reliance Industries
- Westlake Chemical
- ENI SpA
- Hanwha Chemical India Private Limit
- Lotte Chemical Engineering Plastics Private Limited
- Indian Oil
- Haldia Petrochemicals
- Nova Chemicals
- Qenos Pty Ltd.
- Qatar Petroleum
- PTT Global Chemical
- Braskem India Private Limited
- DuPont de Nemours Inc.
- Eastman Chemical Company
- China Petrochemical Corporation
- Mitsubishi Chemical Systems Inc.
For more information about this report visit https://www.researchandmarkets.com/r/woa57x
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
