"At 6.9% CAGR, Commodity Plastics Market size is expected to reach $699.5 Bn by 2027," Says Brandessence Market Research - Seite 3

Key Players for Commodity Plastics Market

Braskem, Indian Oil, Lotte Chemical, ENI SpA, Reliance Industries, Westlake Chemical, PTT Global Chemical, Haldia Petrochemicals, Qenos Pty, Ineos, LyondellBasell, Mitsubishi Chemical, Formosa Plastics, Borealis AG, Chevron Phillips Chemical, Hanwha Chemical, Nova Chemicals, Qatar Petroleum, Exxon Mobil, Sumitomo Chemical, LG Chem, SABIC, The Dow Chemical Company, BASF SE, Sinopec

Rising packaging industry drives the growth of Commodity Plastics Market.

The packaging industry is rising at a rapid pace. The emergence of e-commerce has further boosted the expansion of the packaging industry. Packaging has become an important need for marketing to attract customers. Value-added packaging has developed in the FMCG sector which in turn attract customers to buy products. Plastic packaging dominates the overall packaging industry, and this trend is projected to last during the forecast period, thus driving the growth of commodity plastics market.

This marketplace is dominated by the US, China, India, and Germany, among others. Countries like China, South Africa, Brazil and Argentina, among other developing countries, present significant growth openings for the commodity plastics market. Surge in economic activities, such as rapid urbanization and industrialization, is expected to create the demand for these plastics in developing economies.

Asia Pacific is expected to dominate Commodity Plastics Market

Asia Pacific is expected to dominate the commodity plastics market in terms of growth rate owing to the rapid industrialization and presence of large end user base. Asia pacific is the largest producer of packaging materials for various industries such as electronics, automotive and others. On the other hand, presence of cheap labour and raw materials along with supportive government initiatives are also expected to promote the market growth. For instance, in 2015, the govt of India (GOI) introduced 'Make in India' project. As well as steps were taken by Thailand government as they did announcement of favourable buyer's incentive.