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Why Analysts Predict Growth Of Asia Pacific's Commodity Plastics Market- Exclusive Report By Marketsandmarkets™

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By Author: Jack Martin
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The global commodity plastics market size is projected to grow from USD 468.3 billion in 2020 to USD 596.1 billion by 2025, at a CAGR of 6.0% between 2020 and 2025. The major driving factors of the market include the growing packaging industry, increased disposable income-generating high demand for consumer goods, growing production of lightweight electric vehicles and increasing metal prices.

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According to the current scenario of the plastic industry, PE is the largest type of commodity plastic produced and consumed globally due to its easy availability and lower processing cost. PE is capable of being extruded and molded into different shapes. It is highly transparent and colorless and has applications in containers, household & kitchenware, and tubing. PE has many applications in the packaging industry, especially in the flexible packaging of food products.

Packaging is a necessary process for preserving and transporting goods. It caters to various sectors such as retail, institutional, and ...
... industrial. The increased demand for flexible packaging and value-added packaging is expected to drive the commodity plastics market in the packaging industry. The market in the packaging industry is expected to witness the highest CAGR.

The key players in the commodity plastics market are Exxon Mobil (US), LG Chem (South Korea), Sumitomo Chemical (Japan), The Dow Chemical Company (US), SABIC (Saudi Arabia), BASF SE (Germany), LyondellBasell (Netherlands), Sinopec (China), Ineos (Switzerland), Formosa Plastics (Taiwan), Mitsubishi Chemical (Japan), Borealis AG (Austria), Chevron Phillips Chemical (US), ENI SpA (Italy), Reliance Industries (India), Braskem (Brazil), Hanwha Chemical (South Korea), Lotte Chemical (South Korea), Indian Oil (India), Haldia Petrochemicals (India), Nova Chemicals (Canada), Qenos Pty (Australia), Qatar Petroleum (Qatar), Westlake Chemical (US), and PTT Global Chemical (Thailand). These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch/development, and partnership, contracts & agreements, a joint venture between 2015 and 2020, to enhance their market shares and expand their global presence.

Exxon Mobil (US) is a leading manufacturer of commodity plastics and is expected to maintain its market position in the future. The company is constantly strengthening its position in the commodity plastics market by expansion, agreement, and investment strategies. For instance, in 2016, the company increased its PE capacity by 65.0%. In 2017, the company invested USD 20 billion in the US Gulf region to increase its capacity of commodity plastics. The company has a strong geographical presence in APAC, North America, and Europe.

In March 2019, Exxon Mobil announced the plans to build a polypropylene manufacturing unit with an investment of about USD 469 million in Baton Rouge, Louisiana, the US.
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Dow Chemical is one of the largest manufacturers of commodity plastics. With advancements in the development of commodity plastics through R&D activities, the company is expected to maintain its position in the commodity plastics market. The company manufactures commodity plastics under its performance plastics business segment, which is one of the growing segments of the company. It has adopted strategies, such as merger, new product launch, and expansion to lead in the commodity plastics business and increase its sales. For instance, in 2017, the company expanded its production capacities of PE and PP by 400 KT and 750 KT, respectively, through the establishment of production facilities in Texas, US.

In April 2019, The company became the subsidiary of Dow Inc after split from the DowDuPont group.
Don’t miss out on business opportunities in Commodity Plastics Market. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their pain points around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 Micro Quadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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