Growing packaging industry, increased disposable income generating high demand for consumer goods, growing production of lightweight electric vehicles and increasing metal prices are driving the market for commodity plastics.
New York, Jan. 28, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Commodity Plastics Market by Type, End-use Industry And Region - Global Forecast to 2025" - https://www.reportlinker.com/p05297925/?utm_source=GNW
However, increased environmental concerns over plastic waste is expected to restrain this market. Developing countries is expected to offer significant growth opportunities to manufacturers of commodity plastics. The major challenge faced by players is government regulation on the use of plastics for packaging.
The PET segment is expected to grow at the highest CAGR during the forecast period in the commodity plastics market.
PET is a plastic resin and the most commonly used plastic material.A large number of consumer products, beverages, and food items are packaged and delivered and with this material.
PET is manufactured from polyester and has good water and moisture resistance, due to which, it is used in the manufacturing of soft drinks bottles.It has a wide range of textile applications.
PET plastic is approved as safe for food and beverage contact by the FDA and similar regulatory agencies throughout the world.
The packaging segment is expected to account for the largest share in the commodity plastics market
Packaging is an indispensable process for preserving and transporting goods. It caters to various sectors
such as retail, institutional, and industrial. Changing consumer lifestyle with increasing disposable income
has resulted in an increase in the importance of plastics as packaging products.
APAC is expected to be the largest commodity plastics market during the forecast period, in terms of volume.
China, India, and Japan are the major countries contributing to the commodity plastics market in APAC.The growth is driven by factors such as increase in demand for convenience by consumers and concerns about product safety are some of the major reasons that could drive the commodity plastics market in the region.
The presence of many small and medium commodity plastics manufacturers has also contributed to the growth of the commodity plastics market in this region.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the fresh food packaging market, and information was gathered from secondary research to determine and verify the market size of several segments.
• By Company Type: Tier 1 – 40%, Tier 2 – 30%, and Tier 3 – 30%
• By Designation: C Level Executives– 20%, Directors – 10%, and Others – 70%
• By Region: APAC – 30%, Europe – 30%, North America – 20%, the Middle East & Africa – 10%, and South America- 10%
The key companies profiled in the commodity plastics market report include 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).
This report provides detailed segmentation of the commodity plastics market based on type, end-use industry, and region.The type segment is divided into PE, PP, PVC, PS, ABS, PET, and PMMA.
Based on the end-use industry, the commodity plastics market has been segmented into packaging, construction, consumer goods, automotive, electronics, textiles, medical & pharmaceutical, and others. Based on the region, the market has been segmented into North America, Europe, APAC, the Middle East & Africa, and South America.
Key Benefits of Buying the Report
From an insight perspective, this research report focuses on various levels of analyses — industry analysis (industry trends), market share ranking of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the commodity plastics market; high growth regions; and market drivers, restraints, opportunities, and challenges.
Read the full report: https://www.reportlinker.com/p05297925/?utm_source=GNW
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