Dublin, Oct. 28, 2024 (GLOBE NEWSWIRE) -- The "Global Commodity Plastics Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The commodity plastics market is evaluated at US$550.637 billion for 2024 and is projected to witness a CAGR of 5.45% over the forecast period and will reach a market size of US$718.127 billion by 2029. 
Commodity plastics refer to plastics that are used in several different industries. Some examples of commodity plastics include Polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), Polystyrene (PS), and poly (methyl methacrylate) (PMMA). Among these, PE is the primary driving segment behind the growth of the commodity plastics market.
This is due to anticipated growth in the consumer goods and packaging industry's utilization of PE and PVC, readily available sources, low processing costs, and its ability to be molded into different shapes while being colorless. Additionally, standard plastics have recently been relieving industries of the metal required for important components with higher tensile strength, lower cost, greater accessibility, and ease of processing.
GLOBAL COMMODITY PLASTICS MARKET TRENDS:
With an increase in disposable income, particularly in developing countries, combined with rapid urbanization and the growing use of e-commerce, the demand for consumer goods has grown, boosting the commodity plastics market. In line with this, e-commerce is experiencing growth in India owing to factors such as consumer mobile internet use, growing affluence, and affordable data tariffs, which are fuelling the growth of e-retail. India is the second-largest internet market in the world, with roughly 950 million users and 131.16 lakh Cr UPI transactions in FY 2023-2024.
GLOBAL COMMODITY PLASTICS MARKET GEOGRAPHICAL OUTLOOK:
Asia Pacific's commodity plastics market is anticipated to grow significantly.
The APAC region holds a significant share of the global market of the commodity plastics. This market is expected to grow due to an increase in population and demand for packaging materials, especially in the pharmaceutical sector. The India Packaging Market is projected to grow at a compound annual growth rate (CAGR) of 26.7% from 2020 to 2025, reaching a value of $ 204.81 billion.
The flattened cans, printed sheets and components, lug caps, crown cork, plastic film laminates, craft paper, paper board, and packaging machinery are some of the products that have made the Indian packaging sector known. Nonetheless, tinplate, coating and lining compounds, and other products are among the imports.
In addition, over the past 30 years, China's pharmaceutical manufacturing industry has grown rapidly, but the country's medical regulatory system has not kept up with this fast expansion. China has acknowledged this and is now placing a strong emphasis on bolstering that framework in terms of rule-making and staff additions.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 120 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $550.64 billion |
| Forecasted Market Value (USD) by 2029 | $718.13 billion |
| Compound Annual Growth Rate | 5.4% |
| Regions Covered | Global |
Reasons for buying this report::
- Insightful Analysis: Gain detailed market insights covering major as well as emerging geographical regions, focusing on customer segments, government policies and socio-economic factors, consumer preferences, industry verticals, other sub- segments.
- Competitive Landscape: Understand the strategic maneuvers employed by key players globally to understand possible market penetration with the correct strategy.
- Market Drivers & Future Trends: Explore the dynamic factors and pivotal market trends and how they will shape up future market developments.
- Actionable Recommendations: Utilize the insights to exercise strategic decision to uncover new business streams and revenues in a dynamic environment.
- Caters to a Wide Audience: Beneficial and cost-effective for startups, research institutions, consultants, SMEs, and large enterprises.
Report Coverage:
- Historical data & forecasts from 2022 to 2029
- Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
- Competitive Positioning, Strategies, and Market Share Analysis
- Revenue Growth and Forecast Assessment of segments and regions including countries
- Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)
Some of the key companies profiled in this Global Commodity Plastics Market report include:
- BASF SE
- Exxon Mobil Corporation
- Formosa Plastics Corporation
- INEOS AG
- LG Chem, Ltd.
- LyondellBasell Industries Holdings B.V.
- Mitsubishi Chemical Corporation
- SABIC
- Sinopec Corp.
- Sumitomo Chemical Company
- Grafix Plastics
- Samil Chem
The global commodity plastics market is segmented and analyzed as follows:
By Type
- Polyethylene (PE)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Poly (methyl methacrylate) (PMMA)
By Application
- Packaging
- Automotive
- Electronics
- Consumer goods
- Others
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Rest of South America
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Rest of the Middle East and Africa
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Thailand
- Indonesia
- Rest of Asia-Pacific
For more information about this report visit https://www.researchandmarkets.com/r/9hh34a
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