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. Commodity plastics are primarily thermoplastics that are produced in high volume and at a relatively lower cost in comparison to other plastics. These plastics are used in various end-use industries in automobile, construction, packaging, electrical & electronics, and medical & pharmaceutical industries.
One of the major drivers of the commodity plastics market is the emergence of e-commerce. In addition, the growing packaging industry is considered a major driver of the market. Increasing disposable income and growing metal prices, along with the increasing acceptance of commodity plastics in various end-use industries is driving this market. The rapid increase in downstream processing capacity will be the main driver for the PE and PP segments in the future.
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).
