According to the report published
by Allied Market Research, the global commodity plastics
market generated $469.4 billion in 2020, and is expected to reach
$858.4 billion by 2030, witnessing a CAGR
of 6.3% from 2021 to 2030. The report offers a detailed analysis of
changing market trends, top segments, key investment pockets, value chain,
regional landscape, and competitive scenario.
Growth of the packaging industry,
high demand for consumer goods, and surge in production of lightweight electric
vehicles and metal prices drive the growth of the global commodity plastics
market. However, increase in environmental concerns over plastic waste hinders
the market growth. On the other hand, untapped potential in developing
countries presents lucrative opportunities for the market players in the
future.
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Leading players of the global commodity plastics market analyzed in
the research include Exxon Mobil,
Sumitomo Chemical, LG Chem, Sabic, The Dow Chemical Company, Sinopec, Ineos,
Lyondellbasell, BASF SE, and Formosa Plastics.
Covid-19 Scenario:
·
Production facilities in commodity plastics have
been halted due to lockdown measures, disrupted supply chain, and lack of
workforce across the globe. This impacted the production volumes of commodity
plastics.
·
The demand from industry verticals such as
construction, textiles, and automotive decreased considerably due to
disruptions in daily operations during the lockdown. However, the demand is
expected to recover during the post-lockdown.
·
Market players have been revising their business
strategies to enable continuity and adopt quick-response strategies for
recovering the supply chain.
The report offers detailed
segmentation of the global commodity plastics market based on type, end-use
industry, and region.
Based on type, the polyethylene
(PE) segment contributed to the highest share in 2020, accounting for nearly
one-third of the total share, and is projected to continue its lead position throughout
the forecast period. However, the polyethylene terephthalate (PET) segment is
expected to manifest the largest CAGR of 7.5% from 2021 to 2030.
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Based on end-use industry, the
packaging segment accounted for the largest share in 2020, holding more than
one-third of the total share of the global commodity plastics market, and is
projected to maintain its lead in terms of revenue during the forecast period.
However, the construction segment is expected to register the highest CAGR of
6.9% from 2021 to 2030.
Based on region, Asia-Pacific
held the highest share in 2020, accounting for more than two-fifths of the
total share, and is estimated to maintain its dominance by 2030. Moreover, this
segment is projected to manifest the fastest
CAGR of 6.7% during the forecast period. The research also analyzes regions
including North America, Europe, and LAMEA.
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About Us:
Allied Market Research (AMR) is a
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LLP based in Portland, Oregon. Allied Market Research provides global
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Solutions." AMR has a targeted view to provide business insights and
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achieve sustainable growth in their respective market domain.
Pawan
Kumar, the CEO of Allied Market Research, is leading the organization
toward providing high-quality data and insights. We are in professional
corporate relations with various companies and this helps us in digging out
market data that helps us generate accurate research data tables and confirms
utmost accuracy in our market forecasting. Each and every data presented in the
reports published by us is extracted through primary interviews with top
officials from leading companies of domain concerned. Our secondary data
procurement methodology includes deep online and offline research and
discussion with knowledgeable professionals and analysts in the industry.
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