Commodity Plastics Market Regional Analysis:
APAC Market Insights
Asia Pacific industry is estimated to account for largest revenue share of 50% by 2035. Investments are being made by the government of emerging countries including China and India to build a strong base of skilled laborers for plastic manufacturing companies. This enables the key players to manufacture their products at a lower cost in this region. Therefore, the presence of countries with the cheapest manufacturing costs is set to drive the commodity plastics market expansion in the Asia Pacific region.
Rapid industrialization and urbanization in India are leading to the production of plastics in large volumes for various applications such as household products, packaging, and others. In addition, the rising investment in the construction sector under the automatic route is one of the major factors for commodity plastics market growth in the upcoming years. For instance, 100% foreign direct investment in the construction sector under the automatic route in India is permitted for the operations & management of malls, townships, and business construction.
The growing e-commerce sector, which uses plastics for shipping and packaging, is expected to boost the commodity plastic market growth in China. The well-established automobile industry in China will increase demand for commodity plastics as manufacturers use cheap plastics to make lightweight exterior, interior, and fuel-efficient components.
Japan’s retail growth, driven by changing consumer preferences and a strong tourism sector, is expected to increase commodity plastics consumption. The growing need for polymers in the packaging and medical & pharmaceutical industries, together with economic and healthcare advancements, are significant factors that are anticipated to elevate the expansion of the market in Japan.
North America Market Insights
By the end of 2035, North America region in commodity plastics market is anticipated to dominate around 25.3% share, owing to the growing need for innovative and renewable packaging materials. The increasing demand for specialized commodity plastics in the healthcare industry, specifically for the production of medical masks, gowns, and other safety kits, is also anticipated to drive commodity plastics market growth in the future.
The development of innovative packaging materials and the increased demand for sustainable packaging materials boost revenue growth in the United States. In addition, companies in the United States are introducing eco-friendly packaging in the market.
Innovations in the food and beverage industry across Canada are increasing demand for commodity plastic packaging solutions to meet tight standards, improve shelf life, and maintain safety. In addition, the changing consumer lifestyle along with the surging disposable income in the country is set to strengthen the market expansion.
