Commodity plastics are the class of plastics that are used in large volumes for various uses such as packaging, electronics, consumer goods, photographic, magnetic tape, textile and variety of household products. This variety of plastics exhibit relatively low mechanical properties and are of less cost. Commodity plastic products are plates, trays, cups, trays, medical trays, containers, printed material and other disposable items.
According to the study “Asia Commodity Plastics Industry Situation and Prospects Research report”, it was observed that on a global scale commodity plastic market is witnessing an increasing use over glass materials for food and beverage packaging which has a positive impact on the growth of the market. The high-end food manufacturers drink manufacturers and alcohol manufacturers prefer commodity plastics over glass for packaging. This is due to factors such as lightweight and safer handling when compared with glass bottles which are fuelling growth for commodity plastic market.
Asia’s commodity plastic market is highly competitive due to the presence of multiple vendors. Almost all the manufacturers are investing heavily to in various plastics to expand their product portfolio to serve any extensive need. The leading players in Asia’s commodity plastic market are DuPont, BASF, Sumitomo Chemical, Exxon Mobil, China Petrochemical Corporation, The Dow Chemical Company, LG Chem, SABIC, Royal DSM, LyondellBasell Industries Holdings, Chevron Phillips Chemical Company, Formosa Plastics, Borealis, INEOS, National Petrochemical Company, NOVA Chemicals, Versalis and Reliance Industries Limited.
Geographically, Asia’s commodity plastic market is spread across China, Japan, India, Korea, Saudi Arabia and other regions. Asia’s commodity plastic market is segmented into PE, PP, PVC, PET and PS. Polyethylene (PE) accounts for a major share in the commodity plastics. The major applications of Asia’s commodity plastic market are in packaging, consumer goods, electronics, automotive, textiles and pharmaceuticals. Asia’s commodity plastic market targets audience such as commodity plastic producers, traders, distributors, associations, government bodies, various industries, plastic manufacturers and research institute.
Industrialization in developing countries is propelling the demand for commodity plastics. China is the leading country in Asia to import high density polyethylene based beverage bottles for packaging. Advanced technology coupled with innovation and new techniques in manufacturing of polyethylene will definitely drive the Asian markets.
Packaging industry accounts for a major share in the Asian commodity plastic market due to properties such as combination of lightness, flexibility, ease of sterilization, impermeability, and other features which ensure that the food maintains its natural taste, free from external contamination. The increasing consumption of commodity plastic is due to the increasing demand for package foods, light weight products and easy to handle products. There is an increasing demand for commodity plastics in Asian economies such as China, India, Japan, Taiwan, Malaysia and other countries which witness a positive growth of commodity plastic market in Asia over the next few years.
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Ankur Gupta, Head Marketing & Communications