LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global commodity plastic market is expected to grow at a CAGR of close to 6% during the forecast period.
This research report titled ‘Global Commodity Plastic Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global commodity plastic market into the following application segments. They are:
- Packaging
- Consumer goods
- Electronics
- Automotive
- Textile
- Pharmaceuticals
- Others
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The top three application segments are discussed below:
Packaging
During the forecast period, the global commodity plastic market for packaging is predicted to experience vigorous growth. The combination of lightness, flexibility, ease of sterilization, impermeability, and other features have contributed to the commercial success concerning commodity plastics. Apart from driving the demand for commodity plastics for commercial purposes, these features also function as a driving factor for the global commodity plastic market for industrial users.
According to Kshama Upadhyay, a lead analyst at Technavio for plastics, polymers, and elastomers research, “The usage of commodity plastics does not affect the quality or the taste of the food. Therefore, the demand for plastic packaging is high for food packaging applications. Moreover, the barrier properties associated with commodity plastics protect food from external contamination and ascertain that the food maintains its natural taste. Additionally, the global commodity plastic market witnessed a significant boost because of the exceptional versatility of commodity plastics demonstrated in a range of applications that include packaging films for bottles and beverages, fresh meat, margarine tubs or fruit yoghurt cups, sauces, and edible oils.”
Consumer goods
The products that are consumed by the average or typical consumer are referred to as consumer goods. They are a result of the process of production and manufacturing and are also called as final goods. Jewelry, clothing, toys, and food are some of the examples of consumer goods. The versatility of commodity plastics in a wide range of applications has increased the demand for the use of commodity plastics in consumer goods which, is further driving the global commodity plastic market. PE finds application in houseware, including food storage containers, and other articles and is one of the most extensively used types of plastics for consumer goods.
Electronics
The application of commodity plastic in electronics and the degree of use of electronics among consumers is driving the global commodity plastic market. The commodity plastics find widespread use in most of the applications relating to electronic goods. It is utilized in music and video systems, computers, telephones, and televisions. Apart from being crucial, the inclusion of commodity plastics is also highly beneficial.
“Electronic goods can be made more attractive, quieter, lighter, more durable, and more user-friendly by using commodity plastics. Commodity plastics including PE are an ideal material for electronic devices that require heat as they can be melted down repeatedly. Commodity plastics are also used in microwave kettles, ovens, and washing machines, thus driving the global commodity plastic market,” says Kshama.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- BASF
- China Petrochemical Corporation
- DuPont
- Exxon Mobil
- LG Chem
- LyondellBasell Industries Holdings
- SABIC
- Sumitomo Chemical
- The Dow Chemical Company
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