The global commodity plastics market size is anticipated to reach $651.8 billion by 2026, growing at a CAGR of 7% during the forecast period, according to a report published by Polaris Market Research. The report ‘Commodity Plastics Market [By Product Type (PE, PP, PVC, PET, PS) By Application (Automotive, Consumer Goods, Electronics, Packaging, Pharmaceuticals, Textiles), By Regions & Segments Forecast, 2018 – 2026’ provides an extensive analysis of present market dynamics and predicted future trends.
The market is anticipated to significantly witness a considerable growth during the forecast period on account of rapidly rising demand for high performance end-use products such as lightweight packaging materials. In addition, the improving economic parameters and improvised standards of living in emerging counties are likely to be the crucial drivers which have flourished the market growth.
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Demand for commodity plastics has also grown on account of increase in the metal prices. The global plastic industry has been forced to focus on innovation concerning biodegradability of plastics as many nations have banned the use of plastics that is non-biodegradable. Also, light-weight electric vehicles have increasingly gained significance which in turn has further strengthened the demand for the electric vehicles.
Commodity plastics indicate higher scope of applications across numerous end-use industries as these are supplied in bulk and have excellent chemical properties. In addition, these can be utilized for numerous applications such as packaging, garbage containers, photography, clothing, and magnetic tapes among many. These are also applied in industries such as consumer goods, automotive, manufacturing, packaging, electronics, construction, textiles, and pharmaceutical.
The Asia Pacific is anticipated to be the largest and fastest-growing regional player for the market This is mainly due to the rapidly increasing living standards of the growing middle-class. The middle-class population in the developing countries of this region are increasingly seeking for even higher standards of living, and are likely to spend heavily on electronic appliances, packaged goods, clothing automobile, other goods that make use of commodity plastics in some or the other way.
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