Commodity Plastics Market worth $596.1 Billion by 2025
According to the new market research report "Commodity Plastics Market by Type (PE, PP, PVC, PS, ABS, PET, PMMA), End-use Industry (Packaging, Construction, Consumer Goods, Automotive, Electronics, Textiles, Medical & Pharmaceutical), and Region - Global Forecast to 2025," by MarketsandMarkets, the Commodity Plastics Market size is projected to grow from $468.3 billion in 2020 to $596.1 billion by 2025, at a CAGR of 6.0% between 2020 and 2025.
The report states that such plastics as polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS) and poly (methyl methacrylate) (PMMA), in addition to acrylonitrile butadiene styrene (ABS) and polyethylene terephthalate (PET) — which are also considered commodity plastics — are increasingly replacing metals due to their high tensile strength, low cost, high availability and easy processing properties.