Anticipated to reach a valuation of US$ 798.38 billion in 2023, the plastic resins market is poised for substantial growth, with projections indicating a surge to US$ 1,239.86 billion by 2033. This trajectory reflects a noteworthy Compound Annual Growth Rate (CAGR) of 4.5% in plastic resin sales throughout the forecast period. The market’s upward momentum is driven by a confluence of factors, including increased demand across diverse industries. As the global economy continues to evolve, the plastic resins sector is positioned to play a pivotal role in meeting the rising requirements for versatile and sustainable materials.
In 2020, Asia Pacific held a substantial share of about 45% of the global plastic resins market revenue, firmly establishing itself as the market leader. This trend is anticipated to persist during the forecast period. China, a dominant force within the Asia Pacific region, played a pivotal role in this achievement by contributing approximately 35% to the worldwide plastic resins market. This substantial market share is largely attributed to China’s extensive production capacity and a high concentration of plastic manufacturing facilities. With more than 15,000 plastic manufacturers, China boasts roughly one-fourth of the world’s plastic production capacity. These factors collectively underscore Asia Pacific’s leadership in the global plastic resins market.
Request for a sample of this research report: https://www.futuremarketinsights.com/reports/sample/rep-gb-15161
Plastic resins play a crucial role in various industries, offering a wide range of applications and materials that are essential in manufacturing processes. Plastic resins, also known as polymers, are versatile materials with diverse properties that make them suitable for different applications.
The growing demand from the automotive sector is a significant driver of market growth. Plastic resins are widely used in the manufacturing of automotive components due to their lightweight, durability, and design flexibility. Further, the increasing focus on fuel efficiency and emission reduction has propelled the adoption of plastic resins in the automotive industry.
The construction industry relies on plastic resins for various applications, including pipes, cables, insulation materials, and flooring. The properties of plastic resins, such as corrosion resistance, thermal insulation, and ease of installation, make them ideal for construction purposes.
The electrical and electronics industry extensively utilizes plastic resins for the production of components, casings, insulation materials, and wiring. Also, the increasing demand for consumer electronics, appliances, and electrical devices drives the demand for plastic resins in this sector.
Furthermore, the packaging industry is a significant consumer of plastic resins. Plastic resins offer various advantages in packaging applications, including flexibility, durability, lightweight, and cost-effectiveness. Moreover, the rise in e-commerce, food and beverage consumption, and the need for efficient and sustainable packaging solutions contribute to the demand for plastic resins in the packaging industry.
Crystalline resins hold a high revenue share of over 62% in the global plastic resins market, with Polyethylene (PE) resin being a significant contributor due to its demand in food packaging and stretch wrap applications. On the other hand, the non-crystalline resin market accounted for around 20% of total sales in 2021 but is expected to decrease in demand due to the rising use of alternative polymers.
Market Drivers:
- Increasing Demand from End-Use Industries: Plastic resins are widely used in various industries such as packaging, automotive, construction, and electronics. The growth of these end-use industries can drive the demand for plastic resins.
- Technological Advancements: Advances in resin manufacturing technologies, such as the development of high-performance and sustainable resins, can enhance the market by meeting the evolving needs of industries and consumers.
- Growing Population and Urbanization: Population growth and urbanization often lead to increased demand for products made from plastic resins, including packaging materials, construction materials, and consumer goods.
- Rising Consumer Awareness of Sustainability: There is an increasing awareness among consumers about the environmental impact of plastics. This awareness can drive demand for eco-friendly and sustainable plastic resins, promoting the development of bio-based or recycled resins.
- Innovation in Packaging: The packaging industry is a significant consumer of plastic resins. Innovations in packaging design and materials, such as lightweight and flexible packaging, can drive the demand for certain types of plastic resins.
Market Restraints:
- Environmental Concerns: The environmental impact of plastic waste, particularly single-use plastics, has led to regulatory measures and consumer preferences favoring eco-friendly alternatives. This could restrain the growth of traditional plastic resins.
- Stringent Regulations: Governments and international bodies are increasingly implementing regulations to reduce the use of certain types of plastics and promote recycling. Compliance with these regulations may pose challenges for some segments of the plastic resins market.
- Fluctuating Raw Material Prices: The prices of raw materials, such as petrochemicals, can be volatile, impacting the production costs of plastic resins. Fluctuations in raw material prices can affect the profitability of resin manufacturers.
- Competition from Alternative Materials: The rise of alternative materials, such as biodegradable plastics, paper, and metal, may pose a threat to the market share of traditional plastic resins, especially in certain applications.
- Global Economic Factors: Economic downturns or uncertainties can influence consumer spending and industrial production, impacting the demand for products made from plastic resins.
Request Customization: https://www.futuremarketinsights.com/customization-available/rep-gb-15161
Key Takeaways:
- In terms of application, the packaging category dominates the plastic resins market with a revenue share of over 36% in 2021. In addition, the growth of the packaging industry and the increasing demand for packaged goods and beverages contribute to the market’s performance.
- In North America, the plastic resins market is witnessing growth due to the region’s development, industrialization, and advancements in packaging technology. Further, the demand for plastic packaging is expected to increase in response to demographics and customer preferences.
- Asia Pacific leads the global plastic resins market with around 45% of the revenue share in 2020, and it is projected to maintain its dominance.
- China plays a significant role in the region, accounting for around 35% of the global plastic resin market. The country’s substantial production capacity and high density of plastic manufacturing facilities contribute to its market leadership.
Recent Developments
- BASF began marketing polyamide (PA) and polyphthalamides (PPA) grades in Europe on February 1, 2022, as part of its acquisition of Solvay’s PA66 business. Under humid and high-temperature situations, Ultramid® One J (PA66/6T) offers good mechanical and dielectric qualities.
- Companies have also launched several initiatives in response to the worldwide epidemic. Eastman Chemical Company, for example, gave around 1,000 feet of PETG film to Austin Peay State University in Clarksville in March 2021 for the creation of 3D-printed face shields.
The Major Key Players Are:
- SABIC
- BASF SE
- Dow Inc.
- Sumitomo Chemical
- Evonik Industries
- Arkema
- Teijin Limited
- Eastman Chemical Company
- Celanese Corporation
- Chevron Phillips Chemical Co., LLC
- Exxon Mobil Corporation
- Lotte Chemical Corporation
- Formosa Plastics Corporation
- Toray Industries, Inc.
- Covestro AG
- Mitsui & Co. Plastics Ltd.
Ready to Learn About Our Approach? Explore Our Methodology: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-15161
Plastic Resins Market by Segmentation
By Product:
- Crystalline
- Non-crystalline
- Engineering Plastic
- Super Engineering Plastic
By Application:
- Packaging
- Automotive
- Construction
- Electrical & Electronics
- Logistics
- Consumer Goods
- Textiles & Clothing
- Furniture & Bedding
- Agriculture
- Medical Devices
- Others
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
