DUBLIN, Feb. 5, 2018 /PRNewswire/ —
The “Commodity Plastics Market by Type (PE, PP, PVC, PS, PMMA), Application (Packaging, Consumer Goods, Construction, Automobile, Electronics, Textile, Medical & Pharmaceutical), and Region (APAC, NA, EU, MEA, and SA) – Global Forecast to 2022” report has been added to ResearchAndMarkets.com’s offering.
The commodity plastics market is projected to grow from USD 359.42 Billion in 2017 to USD 493.74 Billion by 2022, at a CAGR of 6.6% during the forecast period.
This growth is primarily driven by an increase in the applications of plastics in the packaging industry and rise in demand for consumer goods. Increased demand for flexible packaging in packaging industry due to its low cost, durability, and availability is also a major growth factor for the commodity plastics market. The increasing concerns over the development of light weight electric vehicles is further driving the growth of the commodity plastics market. The consumption of commodity plastics in both developed and emerging countries, such as China, India, Mexico, and Brazil has been increasing in recent years.
The commodity plastics market has been segmented on the basis of type into Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS), Poly(methyl methacrylate) (PMMA), and others. The PE segment accounted for the largest share of the commodity plastics market in 2016, in terms of volume. It is also expected to be the fastest-growing type segment of the commodity plastics market. This growth can be attributed to the high demand for PE commodity plastics in the packaging application owing to the increased demand for packaged food & beverages.
Based on application, the commodity plastics market has been segmented into packaging, consumer goods, construction, automotive, electronics, textiles, medical & pharmaceutical, and others. The packaging application segment accounted for the largest share of the commodity plastics market in 2016. This application segment is projected to grow at the highest CAGR during the forecast period, in terms of both value and volume. The rising demand for flexible packaging is driving the growth of the commodity plastics market for the packaging application.
Asia Pacific, North America, Europe, South America, and the Middle East & Africa are considered as the key regions for the commodity plastics market. Asia Pacific is the largest market for commodity plastics. Economic development in the Asia Pacific countries and increased investments in the construction industry are key factors projected to drive the