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

Commodity Plastics Market Driver

• Rising disposable income of the population with high demand for consumer goods is driving market growth. Moreover, demands from packing industry and increasing production of lightweight electric vehicles further fuel the growth of the commodity plastics market. The growing usage of plastics in the packaging industry is fuelling demand for commodity plastics, which is driving revenue growth of the market. Polyethylene, polyvinyl chloride, and polypropylene are used to make commodity plastics. Polyethylene terephthalate is used to make soft drink bottles, shampoo and conditioner bottles, liquid hand soap bottles, food containers, and others. This type of plastic is considered safe for food and drink owing to its ability to prevent oxygen from penetrating and spoiling the product inside. On 16 November 2020, S & P Global Platts, which is the world’s leading independent provider of commodities and energy market information and benchmark prices, announced the debut of first-to-market daily spot price assessments for recycled Polyethylene terephthalate (PET) food-grade pellets in Los Angeles, California.

Commodity Plastics Market Restraint

• Growing environmental concerns regarding the disposal of plastic waste severely hamper the growth of commodity plastics market. Rising awareness about the harmful effects of plastics on the environment and presence of stringent rules regarding the excessive use of plastic materials are some key factors restraining revenue growth of the commodity plastics market. Primary microplastics are created in millimetric or sub millimetric sizes and can be found in a variety of household items, including facial cleansers, toothpaste, and exfoliating lotions. Moreover, fluctuating price of raw materials used in production of plastic materials such as crude oil, coal, natural gas, and others are expected to hamper revenue growth to some extent. Dumping plastics in landfills damages soil quality by releasing toxic chemical into the environment. These hazardous chemicals may come into contact with groundwater, causing serious health risks. In addition, marine life cab be severely impacted by plastics poured the ocean, birds, fish, and another creature.