Commodity Plastics Market Size, Share, Growth Analysis, By Product Type(Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC), Polystyrene (PS)), By Application(Packaging, Automotive, Electric or Electronic, Others), By Plastic Type(Reusable, Recyclable, Non-reusable or non-Recyclable), By Region - Industry Forecast 2024-2031

According to regional analysis, the commodity plastics market in Asia Pacific is expected to grow at a rapid rate during the forecast period. This is due to rising population and increased demand for packaged foods. Growing demand for commodity plastics in the packaging, medical, and pharmaceutical sectors, particularly in Asian countries such as China, India, and Japan, is expected to drive market revenue growth during the forecast period. For example, Reliance Industries is India's largest producer of commodity plastics. It has a capacity of 1.16 metric tons per year for PE and 2.7 metric tons per year for Polypropylene (PP). Reliance is India's sole producer of low-density polyethylene.

The North American commodity plastics market is expected to grow at a rapid pace over the forecast period. Rising emphasis on advanced packaging materials, as well as increased demand for renewable packaging materials, are major factors driving revenue growth in this region. The plastics industry in the United States is the third-largest manufacturing sector, employing approximately 1.4 million people. The growing emphasis on advanced packaging materials development, as well as rising demand for renewable packaging materials, are driving revenue growth in this region.

Europe is expected to have a moderate revenue CAGR during the forecast period. The European Commission's recently adopted circular economy package, which includes action to develop a circular economy plastics strategy, a target to increase plastic packaging recycling to 55%, and a binding target to reduce landfills to 10% of total waste by 2030. Such initiatives are limiting the region's use of plastics. Some countries, such as Germany and the United Kingdom, recycle over 99% of their plastic waste.