Increasing utilization of plastic resins in the packaging industry and rising demand for lightweight vehicles are key factors driving market revenue growth
plastic resins Market Size – USD 419.88 Billion in 2020, Growth – at a CAGR of 4.3%, Trends – Rising demand for high-performance plastic resins
The global plastic resins market size is expected to reach USD 588.02 Billion in 2028 and register a revenue CAGR of 4.3% over the forecast period, according to a latest report by Reports and Data. Market revenue growth is primarily driven by rising utilization of plastic resins in the packaging industry. Rapidly growing sectors such as food packaging, healthcare, and pharmaceuticals is driving revenue growth of the packaging industry. In addition, strict lockdown measures imposed globally during pandemic is been resulting in increasing purchase of packed food beverages, healthcare products, sanitizers, disinfectants, and other essential items requiring packaging. Moreover, food service businesses shifted to takeaway and home-delivery options from ‘brick and mortar’ operations. These factors are expected to boost revenue growth of the plastic resins market during the forecast period.
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Top Companies: BASF SE, Saudi Basic Industries Corporation (SABIC), Dow Inc., Evonik Industries AG, Sumitomo Chemical, Arkema S.A., Celanese Corporation, Eastman Chemical Company, Chevron Phillips Chemical Company, LLC, and Covestro AG.
Further Key Finding from the Report Suggestion:
- In April 2021, Saudi Basic Industries Corporation (SABIC) introduced a new recycled resin which is partly made from ocean-bound plastics. This new recycled material is a Xenoy MC/PET compound comprising a minimum of 10% recycled ocean-bound PET blended with polycarbonate. It is part of SABIC’s TruCircle portfolio. The ocean-bound resin is mechanically recycled and converted into components for new consumer goods and electronic applications such as TV remote controls electronic razors. This new product is expected to minimize plastics ending up as wastes in the ocean.
- Crystalline segment is expected to account for largest revenue share in the global plastic resins market over the forecast period. Rising usage of polypropylene in food packaging is set to drive growth of this segment. Polypropylene has excellent clarity and strong vapor barrier properties. It is capable of preserving the taste and freshness of packaged food items.
- Packaging segment is expected to account for a considerable revenue share in the global plastic resins market. Consumers across the globe are increasingly inclining towards online platforms to purchase a number of products as per requirements. This factor is further leading to rapid expansion of e-commerce shipments and other home-delivery services. It is boosting growth of the packaging segment.
- The plastic resins market in Asia Pacific is expected to account for largest revenue share over the forecast period. Rising construction activities and high demand for energy-efficient buildings, owing to launch of new programs such as Energy Conservation Building Code (ECBC) in India, is projected to increase utilization of plastic resins in the construction industry in this region.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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The global Plastic Resins market is segmented into:
Product Outlook (Revenue, USD Billion; 2018-2028)
- Engineering Plastic
- Polycarbonate (PC)
- Polybutylene Terephthalate (PBT)
- Polystyrene (PS)
- Polyvinyl Chloride (PVC)
- Polymethyl Methacrylate (PMMA)
- Acrylonitrile Butadiene Styrene (ABS)
- Super Engineering Plastic
- Polyether Ether Ketone (PEEK)
- Polyphenylene Sulfide (PPS)
- Liquid Crystal Polymer (LCP)
Application Outlook (Revenue, USD Billion; 2018-2028)
- Electrical Electronics
- Furniture Bedding
- Consumer Goods
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market?
- What kind of strategic business plans have they made?
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