"At 6.9% CAGR, Commodity Plastics Market size is expected to reach $699.5 Bn by 2027," Says Brandessence Market Research
PUNE, India, April 12, 2021 /PRNewswire/ -- Commodity Plastics Market Size was Worth of USD 394.3 billion in 2020 and is expected to reach USD 699.5 Billion in 2027, growing at a CAGR of 5.9% from 2021 to 2027. The global Commodity Plastics is expected to grow at a significant rate due to the number of driving factors.
Top Commodity Plastics Companies: Exxon Mobil, Sumitomo Chemical, LG Chem, SABIC, The Dow Chemical Company, BASF SE, Sinopec, Ineos, LyondellBasell, Mitsubishi Chemical, Formosa Plastics, Borealis AG, Chevron Phillips Chemical, ENI SpA, Reliance Industries, Braskem, Indian Oil, Lotte Chemical, Qenos Pty, Haldia Petrochemicals, Hanwha Chemical, Nova Chemicals, Qatar Petroleum, Westlake Chemical, and PTT Global Chemical. These are All the Important Key Players in Commodity Plastics Industry and Deeply Focused on Growing packaging industry as well as wide application in various in various industries drives the growth of Commodity Plastics Market.
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Plastics are often employed in various applications like shopping bags and garments. Majority of plastic products manufactured across the world are made up of six sorts of plastic materials: polyethylene, polypropylene, polyvinylchloride, polystyrene, polyester, and polyurethane. Commodity plastics are lighter, immune to abrasion, and structurally stable. These are recyclable and can be easily moulded into variety of shapes. They also have higher strength as compared to other substitutes.
Commodity plastics are used in high volume and numerous ranges of applications such as photographic tape, magnetic tape, films for packaging, beverages, clothing, and trash containers. Commodity plastics also can be used in various household products where mechanical properties and repair environments aren't critical. These include carrying trays, plates, cups, containers, printed materials, medical trays, and seeding trays.
The key restraining factor for the development of the commodity plastics market is concerns over plastic waste. Plastic waste may be a major environmental concern associated to its low degradation rate. It is either recycled or dumped in landfills or within the ocean. Dumping plastics in landfills lowers the standard of the soil by releasing harmful chemicals into the soil. These harmful chemicals released can inherit contact with groundwater and may pose severe health hazards. Plastics dumped into the sea adversely affects the marine life. Birds, fish, and other marine species can get tangled in it or may die from the consumption of those plastics.