Commodity Plastics Market
The far-reaching research study offers a 360-degree analysis of the market crosswise over different unequivocal elements, including market share by segmentation type, market cost analysis, market effect factors, and marketing strategy and promoting methodology.
Commodity plastics are synthetic compounds widely used in packaging industry, household care products, consumer electronics, and others such sectors. Commodity plastic is available in sheets, plates, rod & tubes. It can be molded easily in various desired shapes based on application. Commodity plastic is generally used in large volume where mechanical and thermal properties don’t play any important role. Commodity plastic has lower life span as compared to engineering plastics.
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Market Growth Factors:
Growth of FMCG & Packaging sectors and growing demand for lightweight electric vehicles are the key growth drivers for commodity plastics market. Increased disposable income of individuals has led to the growth of FMCG and Consumer electronics sectors and in turns the commodity market. Due to low cost, flexibility and lightweight, demand for commodity plastic in packaging industry is increasing. To maintain the efficiency electric vehicles need lightweight plastics which is also fuelling the demand for commodity plastics.
Commodity plastics market is segmented on the basis of Type and Application. On the basis of type market is divided as Polyvinyl Chloride, Polyethylene, Polystyrene, Polypropylene, Poly(Methyl Methacrylate) and others. Polyethylene is the fastest growing segment in this category of the commodity plastics market. Polyethylene is further segmented as Low Density Polyethylene (LDPE), High Density Polyethylene (HDPE) and Ultrahigh Molecular Weight Polyethylene (UHMW). LDPE is more flexible and particularly suitable for plastic film application such as shopping bags. HDPE is strong, high dense and stiff plastics used for packaging applications such as cartons for milk, garbage bins, and cutting boards. UHMV is extremely dense version of polyethylene and suitable for high performance equipment as bulletproof vest. On the basis of applications commodity plastic market is categorized as Packaging, Automotive, Consumer Goods, Electronics, Construction and others. Packaging is the largest segment in this category, which includes wide variety of applications such as plastic bags, containers, film wraps, jugs and others.
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In terms of geography market is divided into
• North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
o South Africa
o Rest of the LAMEA
Asia pacific is the largest market for commodity plastics. China and India are dominating this region, due to increased use of plastics in manufacturing and packaging sectors in these countries.
Key players in commodity markets are
• LG Chem
• Dow Chemical
• Formosa Plastics
• Mitsubishi Chemical
• Exxon Mobil
• DuPont and others.
Expansion and Acquisitions are the two key strategies used by the players to strengthen their position in commodity plastics market.
• BASF announced an acquisition of Solvay’s global polyamide business; transaction will close in the third quarter of 2018. This acquisition would be enhanced its presence in the Asian market.
• Redwood Plastics Corporation has purchased the assets of Pacific Western Plastics. This transaction will increase the product portfolio of the company.
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