Market Research Future (MRFR) studied the Commodity Plastic Market 2020 across 2016 to 2022. As per MRFR evaluation, the Commodity Plastic Market can rise at 5.56% CAGR in the analysis period. By 2022, the commodity plastic market can value USD 493 Bn. A comprehensive assessment on COVID 19 impact on the commodity plastic market is supplemented with the report.
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The demand for FMCG has created the need for effective packaging solution, especially in the pandemic. The increase requirement for plastic packaging in the booming FMCG sector is likely to underpin the expansion of the commodity plastic market in the study period. Commodity plastics are required in large volume for a broad range of applications. Electronics, textile, and a variety of household solution are such applications of commodity plastic. Thus, due to high rate of consumption, they are sold at cost-effective price. Moreover, high mechanical property of commodity plastics has significantly contributed to create its prominence among end-users. These factors are likely to impel the expansion of the commodity plastic market. However, plastics are non-biodegradable, hence are not environment friendly. This can hinder the commodity plastic market rise.
The segment assessment of the commodity plastic market is based on two parameters. They are type and application.
The type based segment of the Commodity plastic market Researchare polyethylene, polyethylene, polyethylene terephthalate, polyvinyl chloride, and polystyrene among other. The polyethylene segment can hold a considerable share of the global market. The segment can earn USD 155.9 Bn by 2022 at 5.58% CAGR. The polyvinyl chloride and polypropylene segments can win substantial profit for the market in the approaching years.
The application based segmented of the commodity plastic are Consumer Goods, Packaging, Textile, Pharmaceuticals, Electronics, and Automotive among others. The consumer goods sector has witnessed a gradual rise in last few years. Recently, due to the pandemic outbreak, an increase in need for consumer goods is observed. Alongside, online services has also improved, resolving supply chain issues. Hence, the consumer goods segment can play a critical role in the worldwide commodity plastic market in the analysis period.
Detailed Regional Assessment
In Asia Pacific, the growing popularity about commodity plastics due to their versatility can is expected to underpin the expansion of the regional market. The rise in standards for performance of commodity plastic for any modern applications can add momentum to the expansion of the commodity plastic market in APAC. In APAC, India is known for its largest FMGC sector, which is a high end-user of commodity plastic. Hence, India and other potential regions of APAC can largely contribute to the expansion of the commodity plastic market through the review period. The easy of accessibility of polyurethanes, polyethylene, PET, and PVC among others can support the rise of APAC market. In EU, The availability of superior quality commodity plastics and their applications in consumer goods, packaging, textile, electronics, automotive, and pharmaceuticals among others are expected to promote the market. In North America, the industrial application of commodity plastic due to their enhanced mechanical properties and considerably low cost of production can favor the regional market.
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August 2020 ACS Committee on Environmental Improvement discusses methods to curb impact of polymers on aquatic life as they celebrate 100 years of macro chemistry.
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