North America Commodity Plastic Market – Industry Trends and Forecast to 2030

North America Commodity Plastic Market Analysis and Size

The growing penetration in the packaging, medical and pharmaceutical, and consumer durable goods end-use industries are expected to be the key drivers of the global market for commodity plastics. Commodity plastics are frequently used in mass-produced items and products with a single use, such as packaging films or drinking bottles. However, materials can also be applied in several other fields, including electronics, building and construction, and the automotive industry. Poly methyl methacrylate is predicted to experience the fastest growth rate over the forecast period due to its expanding range of applications in the building, construction, automotive, and transportation sectors. Polymethyl methacrylate is widely used in the aforementioned industries for its toughness, greater impact strength, and superior environmental stability compared to other materials.

Data Bridge Market Research analyses that the commodity plastic market, valued at USD 1,15,650 million in 2022, will reach USD 1,47,643.71million by 2030, growing at a CAGR of 3.10% during the forecast period of 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, ge ographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

North America Commodity Plastic Market Scope and Segmentation  

Market Definition

Plastics used frequently in everyday household applications are referred to as commodity plastics. These plastics are used in many products, such as disposable items, clothing, packaging film, and trash cans. Since commodity plastics are not used in environments that demand critical services, high mechanical strength is unnecessary. As a result, compared to engineered plastics, these plastics are less expensive and have worse mechanical properties.

North America Commodity Plastic Market Dynamics

Drivers

• Beverage packaging drives the market

Common plastics are less heavy, more stable structurally, and abrasion resistant. They are ideal for packaging applications because they can be easily recycled and molded into various shapes. In the upcoming years, rising demand for packaging bottles, crates, trays, etc., for food and beverage packaging is anticipated to drive this demand. They are simple to recycle and can be molded into various shapes, making them perfect for packaging applications. Growing demand for food and beverage packaging includes bottles, trays, crates, and others, which creates a drive in the market surge.

• Increasing use of plastics in packaging

Plastics are ideal for packaging applications because they can be readily recycled, formed, or molded into various shapes or solid objects, such as bottles or food containers. These plastics can be used in multiple products because they can be combined with characteristics such as low density, transparency, low electrical conductivity, and toughness. An increase in the use of plastics in packaging and other end-use industries is fueling this growth. However, the market is anticipated to expand over the coming years due to the rising demand for specialized commodity plastics in the healthcare sector to manufacture medical masks, gowns, and other safety kits.

• An increase in industrialization and consumer disposable income drives the market

An increase in industrialization, and expansion of the automotive and construction industries have contributed to the growth of this market. The untapped markets in developing countries will likely be financially advantageous for market participants. Market expansion has been sparked by rising disposable income and strong consumer demand. The market for commodity plastics is expected to grow due to factors such as rising consumer disposable income, increased production of lightweight electric vehicles and materials in the automotive sector, rising metal prices, and others.

Opportunities

• Expanding green packaging market creates lucrative growth

Green packaging, also known as sustainable packaging, uses materials and manufacturing processes to package products that use the least energy and the least amount of the environment's resources. Biodegradable and recyclable materials frequently replace plastic and Styrofoam in environmentally friendly packaging. In 2022, SCGC developed the first ISCC Plus-certified food packaging in partnership with Visy Packaging. Food packaging made from circular PP, a type of plastic with qualities similar to virgin plastic resins, is eco-friendly. SCGC has collaborated with partners and brand owners to develop environmentally friendly packaging that keeps up with the rapidly growing green packaging market. SCGC has expertise in material science and environmentally friendly plastic innovation.

• Product innovation creates growth opportunities

The market for commodity plastics is experiencing a significant trend that is gaining popularity: product innovation. The major players are concentrating on technological advancements to stay competitive in the commodity plastics market. Various easily recyclable high barrier flexible films were also introduced for applications involving fresh foods. Fresh proteins like red meat, poultry, processed meat, fish, and hard cheese are best served in this packaging. Among the products offered are flexible thermoforming films, flow rap films with a high barrier option, lidding films, and vacuum pouches. For the consumer's convenience, more lock and peel seal options are available; thus, innovation in the products to make it more convenient creates a market surge.

Restraints/Challenges

• Growing environmental concerns impede market expansion

Primary microplastics, produced in millimetric or submillimetric sizes, are present in various common household products, such as toothpaste, exfoliating lotions, and facial cleansers. Plastic waste disposal releases harmful chemicals into the atmosphere, lowering soil quality. These dangerous substances pose significant health risks if they enter groundwater. Additionally, dumping plastic waste into the ocean could harm marine life. It may entangle and ingest fish, birds, and other aquatic animals, killing them. As a result, the public's growing awareness of plastics' detrimental effects on the environment and strict regulations outlawing their excessive use are two critical factors limiting the growth of the market's revenue.

• Growing government regulations impede market expansion

Manufacturers are having trouble managing their production facilities due to logistical issues, further hurting consumer demand. The government regulations that forbid the use of plastics for packaging are expected to limit market growth. During the forecast period, market growth is anticipated to be constrained by stringent environmental regulations governing non-biodegradable plastics and growing consumer awareness of the adverse effects of improper plastic disposal.

This commodity plastic market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the commodity plastic market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In 2021, According to trinseo, a U.S. based manufacturer of plastics and synthetic rubber, all of the following polystyrene products will be subject to utility subcharges in Europe: polycarbonate polystyrene, acrylonitrile butadiene styrene, styreme acrylonitrile, and feed stock styrene monomer. Other producers of common plastic resin had previously stated that they would look for an immediate power-cost pass-through.
• In 2021, KreCycle, a line of recyclable flexible films with high barriers, was introduced by Krehalon. Red meat, poultry, processed meat, seafood, and hard cheese are all packaged using products made of polyester (PET), polypropylene (PP), and polyethylene (PE).
• In 2020, The largest Korean chemical company, LG Chem, has declared that it will use renewable energy to power its cathode material plant in China. Further, the largest Korean chemical company, LG Chem, and the automotive supplier, Magna International Inc., have announced a joint venture to produce electric car parts.

North America Commodity Plastic Market Scope

The commodity plastic market is segmented on the basis of plastic type, product, and end use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Plastic Type

• Reusable
• Recyclable

Product

• Polyethylene (PE)
• Polypropylene (PP)
• Polyvinyl Chloride (PVC)
• Polyethylene Terephthalate (PET)
• Polystyrene (PS)
• Poly Methyl Methacrylate (PMMA)
• Acrylonitrile Butadiene Styrene (ABS)

End Use

• Building and Construction
• Packaging
• Electrical and Electronics
• Automotive and Transportation
• Medical and Pharmaceutical
• Textile
• Consumer Durable Goods
• Others
• Agricultural Films
• Sport Equipment’s
• Educational Stationery
• Bike Spare Parts

Commodity Plastic Market Regional Analysis/Insights

The commodity plastic market is analysed and market size insights and trends are provided by plastic type, product, end use as referenced above.

The countries covered in the commodity plastic market report are U.S., Canada and Mexico in North America.

The U.S. dominates the market and will continue to flourish its trend of dominance during the forecast period. The significant factors attributable to the region’s dominance are the expansion of the automotive sector with a high pace in technological advancement and growing demand for medical device packaging in the form of rising medical disorders and the rising geriatric population.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Competitive Landscape and Commodity Plastic Market Share Analysis

The commodity plastic market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to commodity plastic market.

Some of the major players operating in the commodity plastic market are:

• BASF SE (Germany)
• DuPont (U.S.)
• Mitsubishi Engineering-Plastics Corporation (Japan)
• Dow (U.S.)
• Exxon Mobil Corporation. (U.S.)
• Chevron Phillips Chemical Company LLC. (U.S.)
• Borealis AG (Austria)
• Formosa Plastics Corporation (U.S.)
• GAIL (India) Limited (India)
• hanwha corperation (South Korea)
• Indian Oil Corporation Ltd (India)
• LG Chem (South Korea)
• Reliance Industries Limited. (India)
• PTT Global Chemical Public Company Limited. (Thailand)
• Westlake Corporation (U.S.)
• LOTTE Chemical CORPORATION (South Korea)
• NOVA Chemicals Corporate (Canada)
• LyondellBasell Industries Holdings B.V. (U.S.)
• Sumitomo Chemical Co., Ltd. (Japan)
• Braskem (Brazil)
• INEOS AG (U.K.)
• SABIC (Saudi Arabia)

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