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.
Packaging plays a vital role in keeping the product fresh, damage-proof, and acts as an efficient marketing tool. The most common commodity plastics are polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS), and poly (methyl methacrylate) (PMMA). Acrylonitrile butadiene styrene (ABS) and polyethylene terephthalate (PET) are also considered commodity plastics. These plastics are increasingly replacing metals due to their high tensile strength, low cost, high availability, and easy processing properties.
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).
