Commodity Plastic Market To Reach USD 668.26 Billion By 2026 | Reports And Data
31 July 2019
New York, July 31, 2019 (GLOBE NEWSWIRE) -- Increasing demand for Commodity Plastics in Reusable and Recyclable segment coupled with high investment in R&D of Commodity Plastics is fueling the market growth.
The Global Commodity Plastic Market is forecast to reach USD 668.26 Billion by 2026, according to a new report by Reports and Data. The commodity plastic market is rising rapidly in the global market due to the increase in demands for commodity plastic in various applications. Being highly robust and durable with cost affective manufacturing, commodity plastic has the potential to alternate so many manufacturing verticals.
The packaging segment is possessing the highest market demand lately in 2018 owing to an increase in demand for durable & water-resistant material for packaging. Being a most convenient material for packaging, this segment is prone to witness the highest market growth in the end sales segment throughout the forecast period.
The Asia Pacific region for Commodity Plastic market is forecasted to generate a revenue of USD 319.43 Billion in the year 2026, owing to its extensive market penetration towards Commodity Plastic coupled with its superior development in manufacturing industries mostly in China, Japan, and India.
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Further key findings from the report suggest
- Electronics & Electrical Components segment has a wide usage of plastic materials as plastic is a poor electrical conductor and capable enough to insulate the electrical wire from the outer surface. Polyvinyl Chloride is mostly used for the wiring and thermostats due to its capacity for withstanding high temperatures in switches, handles, and light fittings. Also, plastics can be of any color according to the design of the interior, which makes it feasible for being used in the electrical connections in order to retain the glamorous design as well as safety.
- Polyester or Polyethylene Terephthalate (PET) is broadly used for making bottles for soft drinks, edible oil, drinking water, syrups, sauce, squashes, and others as these do not generally break unlike glass bottles and also prevents creating moisture and air with lesser chances of leakage and can be well sealed. Polyester, on the other hand, is extensively used in sports garments nowadays because of its sweat absorption property. Polyester sub-segment is forecasted to achieve the fastest CAGR of 13.3% in the commodity plastic market by type segment. This segment had a market share of 9.1% in 2018.
- Reusable and Recyclable plastics are the ones which can be reused after a wash and later after several turns of uses, can be recycled to make a new product. Since the manufacturing of plastic is trying to be limited for the welfare of nature, the reusable and recyclable segment is expected to get the highest demand in the commodity plastic market. This segment is witnessed to gain 26.2% of the market share by 2026 with a CAGR of 9.4% during the forecast period.
- APAC owing to its massive rise in demand in the packaging and construction segment for commodity plastic in China, Japan, and India, is expected to dominate the commodity plastic market with a CAGR of 8.2% during the forecast period with a market share of 47.8% by 2026.
- North America, with its increasing demand for plastics in the construction segment, is accounted to gain 22.3% of market possession by 2026 with a CAGR of 7.2% during the forecast period.
- Key participants include Mitsubishi Chemical Corporation, Dow Chemical, Sinopec, Sumitomo Chemical, Formosa Plastics, BASF, SABIC, Exxon Mobil, Reliance Industries Limited, NOVA Chemicals Corporation.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/commodity-plastic-market
Segments covered in the report:
For the purpose of this report, Reports and Data have segmented the global Digital Payment Market on the basis of end usages, type, type of plastic, and region:
End Usages Outlook (Revenue, USD Billion; 2016-2026)
- Electronics & Electrical Components
- Consumer Goods
- Medical Products
Type Outlook (Revenue, USD Billion; 2016-2026)
- Low Density Polyethylene
- Linear Low Density Polyethylene
- High Density Polyethylene
- Polyvinyl Chloride
Type of Plastic Outlook (Revenue, USD Billion; 2016-2026)
- Reusable and Recyclable
- Non Reusable or Recyclable
Regional Outlook (Revenue, USD Billion; 2016-2026)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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