Commodity Plastics Market to grow by USD 159.09 billion from 2022 to 2027, BASF SE, Braskem SA, Chevron Corp., and more among key companies, Technavio

NEW YORK, Feb. 21, 2024 /PRNewswire/ -- The commodity plastics market size is expected to grow by USD 159.09 billion from 2022 to 2027. In addition, the growth momentum of the market will be progressing at a CAGR of 6.11% during the forecast period, according to Technavio. We provide a detailed analysis of 20 companies including BASF SE, Braskem SA, Chevron Corp., Covestro AG, Dow Inc., Eastman Chemical Co., Exxon Mobil Corp., Formosa Plastics Group, Hanwha Corp., INEOS Group Holdings SA, LG Chem Ltd., Lotte Chemical Corp., LyondellBasell Industries NV, Mitsubishi Chemical Corp., OMV Aktiengesellschaft, PTT Global Chemical Public Co. Ltd., Reliance Industries Ltd., Saudi Basic Industries Corp., Sumitomo Chemical Co. Ltd., and TotalEnergies SE. This report provides a full list of key companies, their strategies, and the latest developments. Buy Now for detailed company information

Company Analysis

• BASF SE: The company provides different types of commodity plastics for footwear, automotive, and electronic applications. 

Increasing demand for packaging material is notably driving the industry. However, factors such as stringent regulations over the usage of plastics may impede growth.

The market is segmented by-

Product (polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polyethylene terephthalate (PET), and polyethylene terephthalate (PS)), application (packaging, consumer goods, electronics, automotive, and others), and geography (APAC, North America, Europe, South America, and Middle East and Africa). The report offers an up-to-date analysis, and to know the exact growth variance and the Y-O-Y growth rate, Request a FREE Sample Report.

• Product

The growth by the polyethylene (PE) segment will be significant during the forecast period. Polyethylene (PE) is a light, long-lasting thermoplastic with a varying crystal structure. It is one of the most typically manufactured plastics across the globe. Polyethylene packaging refers to the technology of packaging or enclosing products to protect them from the external environment for the purpose of storage, distribution, and sale. 

• Geography 

APAC accounts for 32% of growth during the forecast period. Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View FREE PDF Sample Report

Growth driven by demand in regular household applications such as trash containers, clothing, and packaging film. With the rise of lightweight electric vehicles, there's an increasing need for engineered plastics offering both mechanical strength and flexibility. These plastics find utility not only in automotive but also in construction and healthcare infrastructure where critical service environments demand reliable materials. Additionally, disposables in industrialization and flexible packing solutions underscore the adaptability. Enhanced production capabilities ensure availability while advancements in materials drive lower costs catering to large volume demands across various sectors.

Manufacturers emphasize rigorous packaging to ensure product integrity, addressing environmental concerns regarding plastic waste. Amid amplified environmental concerns, advancing countries implement stricter government regulations on plastics usage. This prompts packaging industries to innovate, focusing on sustainable solutions. Fluctuating metal prices further drive towards plastics. A comprehensive report highlights new recent developments, including advancements in value chain optimization and production analysis. Trade regulations and import-export analysis shape dynamics, influencing prospects and strategies for value chain optimization.

Regulatory adjustments are reshaping the landscape, prompting strategic growth analysis. Notably, category growths are diversifying, particularly in application niches like electronics, consumer goods, construction, textile, and medical & pharmaceutical sectors. Achieving dominance requires swift product approvals and strategic product launches, coupled with geographical expansions and technological innovations. This trend is particularly notable, with a focus on sectors like packaging and medical & pharmaceutical, catalyzing economic and healthcare advancement.

Related Reports:

The plastic market is estimated to grow at a CAGR of 6.27% between 2022 and 2027. The size is forecast to increase by USD 214.81 billion.

The compostable plastic market size is estimated to grow at a CAGR of 15.54% between 2022 and 2027. The size is forecast to increase by USD 1,905.33 million.

ToC:

1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging trends and provides actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.

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SOURCE Technavio