Northbrook, IL -- (SBWIRE) -- 01/25/2021 -- The report "Commodity Plastics Market by Type (PE, PP, PVC, PS, ABS, PET, PMMA), End-use Industry (Packaging, Construction, Consumer Goods, Automotive, Electronics, Textiles, Medical & Pharmaceutical), and Region - Global Forecast to 2025" The global commodity plastics market size is projected to grow from USD 468.3 billion in 2020 to USD 596.1 billion by 2025, at a CAGR of 6.0% between 2020 and 2025.

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Packaging plays a vital role in keeping the product fresh, damage-proof, and acts as an efficient marketing tool. The most common commodity plastics are polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS), and poly (methyl methacrylate) (PMMA). Acrylonitrile butadiene styrene (ABS) and polyethylene terephthalate (PET) are also considered commodity plastics. These plastics are increasingly replacing metals due to their high tensile strength, low cost, high availability, and easy processing properties.

In terms of value, the PE segment is projected to account for the largest share of the commodity plastics, by type, during the forecast period.
According to the current scenario of the plastic industry, PE is the largest type of commodity plastics produced and consumed globally due to its easy availability and lower processing cost. PE is capable of being extruded and molded into different shapes. It is highly transparent and colorless and has applications in containers, household & kitchenware, and tubing. PE has many applications in the packaging industry, especially in the flexible packaging of food products.

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The packaging industry is projected to register the highest CAGR during the forecast period.
The packaging is a necessary process for preserving and transporting goods. It caters to various sectors such as retail, institutional, and industrial. The increased demand for flexible packaging and value-added packaging is expected to drive the commodity plastics market in the packaging industry. The market in the packaging industry is expected to witness the highest CAGR.

The APAC region leads the commodity plastics market in terms of volume.

APAC is projected to be the fastest-growing market for commodity plastics during the forecast period. Factors such as large population, growing demand for convenience food products, availability of cheap raw materials for packaging, and rising health awareness are driving the market in the region. China is the largest commodity plastics market in APAC and is expected to remain the same during the forecast period. The growing usage of commodity plastics in packaging, construction, and consumer goods is driving the market..

Major players operating in the global commodity plastics market 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).

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COVID-19 impact on global commodity plastics market :
The global commodity plastics market is expected to witness a moderate decrease in its growth rate in 2020-2021, as the commodity plastics used in automotive, construction, textiles, and electronics will witness a significant decline in its demand. However, there will be an increase in the demand for commodity plastics used in the packaging, consumer goods, and medical & pharmaceutical industries during COVID-19.

- A resoundingly positive thing to observe in this crisis has been the swift response by the packaging industry. Many companies are continuing their operations as they supply packaging for essential products. Fundamental redesign and innovation are required to make types of packaging viable amid the pandemic to provide healthy packaging of products for customers. Single-use, disposable food packaging appears to have made a comeback due to the COVID-19 pandemic, as many consumers believe this to be safer and/or more hygienic.
- Automobile companies are seeing a decrease in sales because of fewer customers visiting their physical storefronts and travel restrictions. Automakers in China, the US, and European countries have suspended plant operations, which has disrupted production, and consumer demand has waned. Due to the negative impact of COVID-19 on sales, many companies are scrapping their outlook plans for the second quarter in 2020 and through the rest of the year.
- The electronics industry consists of various sectors, such as the semiconductor sector, which has annual sales of over USD 481 billion as of 2017-18. The largest sector is e-commerce, which generated over USD 29 trillion in 2017, and consumer electronics, mobile technology, and handset manufacturing are the major sectors in the electronics industry. With a huge size of the global electrical & electronics industry, China is the major manufacturer and supplier of raw materials and parts required for global players. The industry is thus largely dependent on China, and hence the occurrence of COVID-19 has caused disruption in the electrical & electronics industry. The main disruption is in the supply chain. As the coronavirus/COVID-19 transforms from a China-centric challenge to a global pandemic, the impact on the global electronics supply chains and markets has shifted.
- Advent of global pandemic, COVID-19 has resulted in creating a global crisis in the FMCG industry. Impacting over 195 countries across the global, the pandemic has already created economic backdrop across the globe, thereby hinting for the next global recession. Strong initiatives are undertaken by different governments for containing the outbreak. However, social distancing has made a drastic negative impact on the FMCG industry. Logistic issues, lack of adequate labor force, and operations limiting to production of only essential items are some of the few examples most FMCG companies are facing across the globe.
- The impact of COVID-19 on the global construction business is detrimental. Contractors are at the forefront as they are service and product providers at the same time. The virus affects both material and labor, key cost components of construction projects, which is a challenge for on-going project delivery, companies' liquidity, and whole business models.
- The demand for textile products abroad and domestic sales have come down to a grinding halt due to the panic situation created by the COVID-19 outbreak. Due to the lockdown, all sorts of textile-related factories are closed, and it is tough to hazard a guess when those will be allowed to open. The business community is scared on account of cash crunch, supply chain disturbance, and manpower-related issues.
- The coronavirus pandemic could catalyze a new wave of management and investor interest in improving the transparency of medical supply chains. The healthcare industry has so far held up relatively well in the recent market sell-off, although there is no guarantee it will continue to do so in the future. Also, Product Governance scores can help investors select companies that are relatively well-positioned to manage regulatory pressures in the race to develop vaccines and treatments for COVID-19. Moreover, we think that the outbreak will begin to shine a light on medical supply chains.

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