Global Commodity Plastic Market 2017-2021
About Commodity Plastic
Commodity plastics refer to a class of materials that are used as raw materials in different industries, such as packaging, textile, consumer goods, and electronics among others. These plastics can be molded or shaped into a range of solid objects such as food containers and bottles. The property of plasticity of commodity plastics, in combination with properties such as low electrical conductivity, low density, toughness, and transparency, allows commodity plastics to find application in a wide range of products.
Technavio’s analysts forecast the global commodity plastic market to grow at a CAGR of 5.53% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global commodity plastic market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Commodity Plastic Market 2017-2021
Technavio recognizes the following companies as the key players in the global commodity plastic market: BASF, China Petrochemical Corporation, DuPont, Exxon Mobil, LG Chem, LyondellBasell Industries Holdings, SABIC, Sumitomo Chemical, and The Dow Chemical Company.
Other Prominent Vendors in the market are: Borealis, Chevron Phillips Chemical Company, Formosa Plastics, INEOS, National Petrochemical Company, NOVA Chemicals, Reliance Industries Limited, Royal DSM, USI, and Versalis.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is new polymerization system for manufacturing environment-friendly commodity plastics. The conventional petroleum-based plastics, such as commodity plastics, show high resistance to degradation in landfills. An alternative to commodity plastics, such as bioplastics, can only break down in controlled environments, including the ones created in commercial facilities.”
According to the report, one driver in the market is increasing demand for the application of commodity plastics from the rigid packaging industry. The global commodity plastic market is driven by the increasing use of commodity plastics in plastic packaging and FMCG industries. In the plastic packaging industry, the demand for commodity plastics is driven by their increasing use in rigid packaging. As an important packaging tool, commodity plastics find use in a number of applications, including thin-walled containers, cups and lids, bottles, material handling, and containers.
Further, the report states that one challenge in the market is fluctuations in the prices of raw materials such as natural gas or crude oil. The fluctuations in the prices of raw materials such as crude oil have a negative impact on players in the market that rely heavily on crude oil during the manufacturing process. The rising prices of oil translate into an increase in the production cost of petroleum-based products, including commodity plastics. For instance, the price of PP hiked over 4.5% in December 2016, following a hike in the prices of crude oil in India. The prices of crude oil in November 2016 was $46.28 per barrel, which reached $54.1 per barrel in December 2016.
BASF, China Petrochemical Corporation, DuPont, Exxon Mobil, LG Chem, LyondellBasell Industries Holdings, SABIC, Sumitomo Chemical, The Dow Chemical Company, Borealis, Chevron Phillips Chemical Company, Formosa Plastics, INEOS, National Petrochemical Company, NOVA Chemicals, Reliance Industries Limited, Royal DSM, USI, and Versalis.
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