Commodity Plastics Market to Worth USD 858.4 Billion by 2030 | Skyquest Technology

Commodity plastics market is segmented on the basis of product type, application and plastic type. Based on product type, commodity plastics market is bifurcating into polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS), polymethyl methacrylate (PMMA), and others. On the basis of application, the commodity plastics market is segmented into packaging, automotive, electric or electronic and others. Based into plastic type, commodity plastics market segmented into reusable and recyclable, non-reusable or non-recyclable- Industry Forecast 2023-2030

Westford, USA, July 13, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, commodity plastics market encompasses a broad range of applications in numerous industries. These plastics serve various purposes, ranging from manufacturing disposable cups to serving as vital components in lightweight electric vehicles. Unlike engineering plastics, commodity plastics are characterized by their lower mechanical properties but are produced at a lower cost, making them more economically viable for various applications.

Browse in-depth TOC on “Commodity Plastics Market”

• Pages – 250
• Tables – 94
• Figures – 76

Commodity plastics, which are primarily thermoplastics, are produced in large quantities and are cost-effective compared to other types of plastics in the commodity plastics market. These versatile plastics find widespread application in various industries. Commodity plastics manufacture interior and exterior components in the automotive sector, providing lightweight and cost-efficient solutions.

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Report Scope & Segmentation:

Prominent Players in Commodity Plastics Market

• Exxon Mobil Corporation
• Dow Inc.
• LyondellBasell Industries N.V.
• SABIC
• Chevron Phillips Chemical Company LLC
• INEOS Group Holdings S.A.
• Formosa Plastics Corporation
• China Petroleum & Chemical Corporation (Sinopec Corp.)
• BASF SE
• Total SE
• Braskem S.A.
• Mitsui Chemicals Inc.
• Reliance Industries Limited
• LG Chem Ltd.
• Lotte Chemical Corporation
• Nova Chemicals Corporation
• Eastman Chemical Company
• Sumitomo Chemical Co., Ltd.
• Arkema S.A.
• Saudi Basic Industries Corporation (SABIC)

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Polyethylene Segment is Expected to Grow the Market Due to its Versatile Applications in Industries

Polyethylene (PE) has emerged as a dominant player in the global commodity plastics market, commanding over 35% of the total revenue. This widespread adoption can be attributed to its versatile applications across various industries. PE finds extensive use in durable consumer products, packaging, and the medical and pharmaceutical sectors. The increasing demand for these sectors is expected to drive the growth of the PE segment throughout the forecast period.

The markets in North America are poised for rapid growth in the commodity plastics market during the forecast period. Several factors contribute to this positive outlook, including a growing emphasis on advanced packaging materials and an increasing demand for renewable solutions.

Packaging Segment is Expected to Dominate the Market Due to Enhance the Comfort

The packaging segment emerged as the leader, capturing the largest revenue share in the global commodity plastics market. This dominance can be attributed to the escalating demand for packaged food and beverages and the growing preference for flexible packaging solutions. Plastics, including various polymers, are extensively used in the food industry for packaging purposes.

Regional markets in the Asia Pacific emerged as the leader in the commodity plastics market, commanding over 46% of the overall share. The region’s dominance can be attributed to the increasing demand for commodity plastics in the packaging, medical, and pharmaceutical sectors.

A comprehensive analysis of the major players in the commodity plastics market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.

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Key Developments in Commodity Plastics Market

• Faurecia, a leading automotive technology company, recently announced a significant investment of USD 147 million to establish a new facility in Nuevo Leon, Mexico. The facility will serve Faurecia’s Interiors and Seating Business Groups as a combined operation. Out of the total investment, USD 75 million will be allocated to the Interiors Business Group to enhance production capabilities. This funding will primarily be utilized to develop and install instrument panels and other interior modules. The remaining USD 72 million will be dedicated to Faurecia’s Seating Business Group.
• Faurecia recently entered into a collaboration agreement with Veolia. This partnership fosters innovation in developing sustainable compounds for automotive interior modules. The two companies will work together to expedite the deployment of pioneering and environmentally-friendly solutions for European instrument panels, door panels, and center consoles.

Key Questions Answered in Commodity Plastics Market Report

• What specific growth drivers are projected to impact the market during the forecast period?
• List the top companies in the market and explain how they have achieved their positions of influence.
• In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?

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