Commodity Plastic Market Outlook from 2024 to 2034
The global Commodity Plastic Market size is anticipated to attain a valuation of USD 1170 billion by 2034. It is estimated to witness a CAGR of around 6.7% in the forecast period 2024 to 2034. The market is likely to reach a value of USD 610.1 billion by 2024.
Key Commodity Plastic Market Trends
- The rising demand for bio-based commodity plastics that are often derived from renewable sources, including agricultural waste or plants, is set to be a key trend. Government agencies in various parts of the world are focusing on promoting bio-based commodity plastics amid rising concerns about carbon emissions and plastic pollution.
- Leading companies are projected to focus on waste reduction, reuse, and recycling to promote a circular economy and reduce the environmental impact of everyday plastics.
- The rapid integration of advanced technology, such as sensors, QR codes, and RFID tags, into commodity plastic packaging to improve consumer experience, monitor the product’s freshness, check authenticity, and manage inventory is estimated to aid sales.
- Industries such as food and healthcare are increasingly shifting toward antimicrobial commodity plastics with a growing focus on sanitation and sanitation, especially on high-touch surfaces such as countertops and door handles.
- The emergence of novel recycling technologies, including depolymerization and chemical recycling, is estimated to spur the demand for commodity plastics, and firms are looking to recover value from used packaging solutions.
| Attributes |
Key Insights |
| Commodity Plastic Market Anticipated Value (2023A) |
USD 570.2 billion |
| Commodity Plastic Market Estimated Valuation (2024E) |
USD 610.1 billion |
| Projected Commodity Plastic Market Size (2034F) |
USD 1170 billion |
| Value-based CAGR (2024 to 2034) |
6.7% |
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Significant Drivers of the Commodity Plastic Market
- In developing countries, increasing urbanization is set to result in a growing need for high-demand plastics, especially from the consumer goods, infrastructure, and construction sectors.
- The expanding middle-class population is set to boost the demand for packaged items, such as household products, food, and beverages that are available in commodity plastic packaging.
- Ongoing advancements in material science, production methods, and packaging designs are expected to push the creation of new commodity plastic types.
- The growing shift of modern consumers toward online shopping is projected to augment the need for bulk plastics and standard plastics.
2019 to 2023 Commodity Plastic Market Insights Vs. 2024 to 2034 Forecast
The global commodity plastic market expanded at a CAGR of about 7.9% in the historical period 2019 to 2023. It will likely rise at a CAGR of 6.7% in the assessment period. The market stood at a valuation of USD 570.2 billion in 2023.
| Historical CAGR (2019 to 2023) |
7.9% |
| Forecast CAGR (2024 to 2034) |
6.7% |
Historical Analysis of the Commodity Plastic Market
- The emergence of early commodity plastics like Bakelite marked the beginning of rapid growth in the plastic industry back in the early 20th century.
- Materials like Bakelite provided unique applications and properties compared to conventional materials such as glass, metal, and wood, which drove demand.
- In the mid-20th century, the growth of the post-World War II economy resulted in the high demand for commodity plastics made of polypropylene and polyethylene from consumer products, packaging, automotive, and construction sectors.
- In the late 20th century, the commodity plastic market was propelled by the emergence of novel end-use applications, production techniques, and polymer science.
- In the 21st century, increasing emphasis on regulatory compliance and sustainability led to the growing demand for new types of commonly used plastics with improved bio-based content, recyclability, and performance.
Commodity Plastic Applications and Demand Analysis from 2024 to 2034
- The ongoing inclination of companies toward eco-friendly alternatives to conventional mainstream plastics, such as recycled materials, biodegradable polymers, and bio-based plastics, is set to drive demand.
- The focus of leading players on the development of a circular economy is expected to propel advancements in waste management processes, material recovery, and recycling methods.
- Rising awareness of plastic pollution and implementation of stringent norms to curb the same in several countries are projected to push innovation in the commodity plastic market.
- The integration of functional additives, active ingredients, and novel technologies into commodity plastic packaging solutions is set to allow for interactive consumer engagement, extension of shelf life, and tamper-evident solutions.
Semi-annual Commodity Plastic Market Overview
The table provides information about significant variations in growth rates and dynamic trends in the commodity plastic market. Readers can gain insights into changing consumer tastes and evolving market dynamics throughout an array of different periods.
The table offers an explanation of growth potential, scrutinizing the role that actual numbers and predictions have in determining the future path of the market.
| Details |
CAGR |
| H1 (2023 to 2033) |
6.40% |
| H2 (2023 to 2033) |
6.50% |
| H1 (2024 to 2034) |
6.90% |
| H2 (2024 to 2034) |
6.60% |
Country-wise Insights
The section below highlights the CAGRs of the leading countries in the commodity plastic market. The three main countries pushing commodity plastic demand include South Korea, Japan, and the United Kingdom.
According to the analysis, South Korea is set to lead the commodity plastic market by showcasing a CAGR of 8.0% in the forecast period. The country is anticipated to be followed by Japan and the United Kingdom, with CAGRs of 7.7% and 7.4%, respectively.
| Countries |
CAGR (2024 to 2034) |
| United States |
6.8% |
| United Kingdom |
7.4% |
| China |
7.0% |
| Japan |
7.7% |
| South Korea |
8.0% |
The table below showcases the size of the top 5 countries present in the global commodity plastic market. Out of all the countries, the United States is expected to reach a valuation of USD 210.1 billion by 2034. Followed by the United States, China, and Japan are anticipated to attain valuations of USD 182.8 billion and USD 122.1 billion, respectively.
| Countries |
Market Size (2034) |
| United States |
USD 210.1 billion |
| United Kingdom |
USD 48.4 billion |
| China |
USD 182.8 billion |
| Japan |
USD 122.1 billion |
| South Korea |
USD 72.3 billion |
Rising Manufacturing Activities in South Korea Boost Sales of Low-cost Plastics
South Korea’s commodity plastic market is expected to reach a valuation of about USD 72.3 billion by 2034. It is anticipated to showcase a CAGR of 8.0% in the forecast period. Factors responsible for the country’s growth are:
- Rapid economic development in South Korea is projected to surge manufacturing and industrial activities, thereby augmenting commodity plastic sales in several sectors.
- Rising investment of the government in several infrastructure projects, such as transportation and construction, is expected to bolster demand as commodity plastic is used for multiple applications.
- High demand for convenience items and packaged food amid the changing lifestyles of consumers is expected to accelerate the demand for commodity plastics.
- Rapid urbanization across South Korea is estimated to bolster the demand for consumer goods, construction materials, and packaging, all of which are dependent on commodity plastic.
Rising Demand for Medical Devices in Japan Augments Standard Plastic Sales
Japan’s commodity plastic market is projected to witness a CAGR of 7.7% in the evaluation period. It is expected to attain a value of USD 122.1 billion by 2034. The country is likely to expand at a steady pace due to the following factors:
- As per the global commodity plastic market report, Japan is expected to rise amid the surging demand for healthcare products like medical devices with the growing geriatric population. Medical devices are often packaged in commodity plastics as they are hygienic, durable, and lightweight.
- The rising focus of government agencies on disaster-resilient infrastructure with the increasing cases of typhoons and earthquakes in Japan is set to drive the demand for emergency supplies and construction materials packaged in commodity plastics.
- Ongoing expansion of the retail sector in Japan amid changing consumer requirements and the growing tourism industry is expected to boost demand.
- Government bodies in Japan are focusing on lowering carbon footprint and increasing sustainability across several industries. This has led to constant advancements in biodegradable and recyclable commodity plastics to reduce the use of single-use plastics and promote clean packaging.
China Witnesses High Demand for Basic Plastics from Food and Beverage Industry
It is estimated that China will generate a considerable commodity plastic market share in 2034. The country is set to exhibit a CAGR of about 7.0% from 2024 to 2034. This growth is attributed to the following factors:
- The ever-expanding e-commerce sector in China is anticipated to propel the demand for commodity plastic production as the sector mainly relies on plastics for shipping and packaging purposes.
- The presence of a well-established automotive industry in China is projected to bolster demand as automakers often use commodity plastics to make lightweight components, exterior parts, and interior components to enhance fuel efficiency.
- The high demand for medical devices, packaging materials, and healthcare equipment from the ever-growing healthcare sector in China is predicted to push the need for commodity plastics.
- Ongoing innovations in the food & beverage industry across China are set to foster the demand for unique commodity plastic packaging solutions to comply with strict norms, extend the products’ shelf life, and ensure safety.
Category-wise Insights
The below section shows the global trends in the commodity plastic industry in terms of type and end-use industry. The polyethylene (PE) segment is expected to lead the commodity plastic market based on type. It is set to showcase a CAGR of around 6.5% from 2024 to 2034.
Based on the end-use industry, the packaging segment is anticipated to exhibit a dominant CAGR of 6.4% through 2034.
| Segment |
Value CAGR (2024 to 2034) |
| Polyethylene (Type) |
6.5% |
| Packaging (End-use Industry) |
6.4% |
Polyethylene-based General-purpose Plastics to Gain Momentum
Based on type, the polyethylene (PE) segment is anticipated to witness a CAGR of 6.5% from 2024 to 2034. Key factors contributing to the segment’s growth are:
- As polyethylene is highly versatile, it is set to be preferred across the healthcare, automotive, construction, and packaging industries.
- As compared to other materials, polyethylene is cost-effective and hence utilized by key manufacturers.
- Ongoing innovations in recycling technology are projected to result in the development of novel polyethylene recycling methods, thereby driving demand.
- Increasing demand for packaged items and convenience goods is set to push the need for high-volume polymer.
- As polyethylene is highly durable and resistant to impact, chemicals, and moisture, it is expected to witness astonishing growth.
Packaging Industry to Look for Advanced Mainstream Plastics
In terms of the end-use industry, the packaging segment is predicted to showcase a CAGR of around 6.4% in the estimated period. This growth is attributed to the following factors:
- Due to their ease of use and lightweight nature, commodity plastics are set to provide high convenience in the packaging industry.
- High-demand plastics provide robust protection against physical damage, contaminants, and moisture, which increases their use in the packaging industry.
- As commodity plastic is capable of withstanding light and air, packaged food manufacturers tend to choose it to increase the shelf life of their products.
- Key players are looking for customized commodity plastic packaging solutions, which are set to drive demand as this type of plastic can be molded into multiple shapes.
- Leading players in the packaging industry are inclining toward commodity plastic as it helps in reducing total production costs.
Competitive Landscape
Leading companies in the commodity plastic market are focusing on introducing innovative plastic packaging solutions to cater to the high demand from modern consumers.
They are investing huge sums in research & development activities to discover unique packaging that would help reduce plastic pollution and comply with government norms. A handful of other companies are striving to expand their presence in the antimicrobial commodity plastic market.
For instance
- In November 2023, Fresh Del Monte Produce Inc., a renowned producer of high-quality fruits and vegetables, collaborated with Arena Packaging to launch Reusable Plastic Containers (RPCs) specifically made for the packaging of bananas. The company aims to preserve the shelf life of bananas, reduce operational costs, and lower carbon emissions with this packaging.
- In October 2023, Coca-Cola India introduced Coca-Cola in 100% recycled PET (rPET) bottles, which are manufactured by SLMG Beverages Ltd. and Moon Beverages Ltd. The company aims to develop a greener and more sustainable future for people in India.
- In February 2023, Ecolab and TotalEnergies joined hands to unveil their new plastic packaging. The packaging solution is made of recycled material that would help support sustainability in the heavy-use packaging industry. As per the companies, their new packaging solution would enable the industry to keep up with the circular commitments of the European Union (EU).
Key Companies Profiled in the Commodity Plastic Market Report
- LG CHEM
- INEOS
- LYONDELLBASELL
- SUMITOMO CHEMICAL
- SABIC
Frequently Asked Questions
How big is the commodity plastic market?
The commodity plastic market is set to be worth USD 1170 billion by 2034.
At what rate would the commodity plastic market expand through 2034?
The commodity plastic market is set to witness a CAGR of 6.7% from 2024 to 2034.
What was the historical CAGR of the commodity plastic market?
The commodity plastic market witnessed a 7.9% CAGR from 2019 to 2023.
Which is the leading end-use industry in the commodity plastic market?
Packaging is expected to lead by showcasing a CAGR of 6.4% through 2034.
How much is Japan’s commodity plastic market worth?
Japan’s commodity plastic market is set to be worth USD 122.1 billion by 2034.
What is a commodity plastic?
It is a type of plastic that is utilized in high volumes in a wide range of applications.
Is plastic a traded commodity?
Yes, plastic is a traded commodity.
What is the largest market for plastic?
Asia Pacific is the largest market for plastic.
What is engineering vs commodity plastics?
Engineering plastic can withstand environmental and mechanical conditions, while commodities cannot.
