According to the report published by Allied Market Research, the global market for standard plastics generated $469.4 billion in 2020 and is expected to reach $858.4 billion by 2030 CAGR of 6.3% from 2021 to 2030. The report provides a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape and competitive scenario.

The growth of the packaging industry, high demand for consumer goods and the increase in production of light electric vehicles, as well as metal prices are driving the growth of the global plastics market. However, increasing environmental concerns related to plastic waste are hampering the market growth. On the other hand, untapped potential in developing countries offers lucrative opportunities for market participants in the future.

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Leading Players of the global raw material plastics market analyzed in the study Exxon Mobil, Sumitomo Chemical, LG Chem, Sabic, The Dow Chemical Company, Sinopec, Ineos, Lyondellbasell, BASF SE and Formosa Plastics.

Covid-19 scenario:

• Production plants for commodity plastics have been shut down around the world due to lockdown measures, disrupted supply chains and labor shortages. This affected the production volumes of standard plastics.
• Demand from sectors such as construction, textile and automotive fell significantly due to disruptions in daily operations during the lockdown. However, demand is expected to recover during the post-lockdown period.
• Market players have revamped their business strategies to enable continuity and adopt rapid response strategies to restore supply chain.

The report provides detailed segmentation of the global commodity plastics market by type, end-use industry, and region.

By type, the polyethylene (PE) segment contributed the largest share in 2020 with almost a third…