Plastic resins are the raw materials used in the production of a variety of plastic products. They are widely used in various industries, including packaging, automotive, construction, electronics, and textiles. The plastic resins market is expected to grow significantly over the next few years, driven by the increasing demand for plastic products.
By 2022, the market for plastic resins is projected to be worth US$ 764 billion, growing at a moderate CAGR of 4.5% between 2022 and 2032. By the end of 2032, the market is projected to be worth roughly US$ 1186 billion.
The demand for plastic resins is driven by several factors, including the increasing demand for lightweight and durable materials, the growing population, and the rising disposable income levels. The packaging industry is one of the major end-users of plastic resins, accounting for over 40% of the global demand.
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The demand for plastic packaging is driven by the growing popularity of convenience foods, online shopping, and home delivery services. The automotive industry is also a significant end-user of plastic resins, with the demand for lightweight and fuel-efficient vehicles driving the demand for plastic parts.
The Asia-Pacific region is the largest market for plastic resins, accounting for over 40% of the global demand. The region is expected to witness significant growth over the next few years, driven by the increasing demand from China and India. The North American and European markets are also expected to grow, driven by the growing demand for sustainable and eco-friendly materials.
Competitive Landscape For The Plastic Resins Market
The existence of a significant number of regional and international companies has led to the highly fragmented nature of the global market. Due to a higher level of product type susceptibility, industry participants compete fiercely with one another.
Government regulations that are strict on the use of plastic items also control the level of competition and market expansion. To slow the rate of contamination, however, market companies are concentrating on biodegradable plastics.
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Global Plastic Resins Market Key Players
- SABIC
- BASF SE
- Dow Inc.
- Sumitomo Chemical
- Evonik Industries
- Arkema
Plastic Resins Market By Segmentation
By Product:
- Crystalline
- Epoxy
- Polyethylene
- Polypropylene
- Non-crystalline
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Acrylonitrile Butadiene Styrene (ABS)
- Polymethyl Methacrylate (PMMA)
- Engineering Plastic
- Nylon
- Polybutylene Terephthalate (PBT)
- Polycarbonate (PC)
- Polyamide
- Super Engineering Plastic
- Polyphenylene Sulfide (PPS)
- Polyether Ether Ketone (PEEK)
- Liquid Crystal Polymer (LCP)
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By Application:
- Packaging
- Automotive
- Construction
- Electrical & Electronics
- Logistics
- Consumer Goods
- Textiles & Clothing
- Furniture & Bedding
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
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