Global plastic resins market was worth USD 7111.0 billion in 2020. It is projected to grow at a compound annual rate (CAGR of 4.2%) between 2021 and 2028. The key driver of market growth is rising product demand in the construction, automotive and electrical & electronic sectors. Global automotive industry growth is expected to drive product demand for applications such as exteriors and interiors of automobiles, under-the-hood parts, and exteriors. The demand for light and affordable multi-utility vehicles with high fuel efficiency, aesthetics and comfort is driving the increasing use of resins in automotive.
Due to rising COVID-19 cases around the world, the healthcare industry is expected to see an increase in product consumption. The rising spending of various governments in the construction sector, particularly in India and China is expected to increase product demand for infrastructure and other construction applications.
The Asia Pacific region was the fastest growing construction market in 2020. The countries that are expected to see significant growth in the construction market over the forecast period include Australia, Japan, Indonesia, China, and Japan.
In 2020, the crystalline resins product category accounted for 61% of the total revenue and will continue to dominate the forecast period. Due to the increasing demand for polyethylene resins in medical applications and food packaging, as well as stretch wrap and other products, the Polyethylene (PE), sub-segment made up a significant portion of the crystalline type segment. In 2020, the non-crystalline resin segment was responsible for approximately 1/5th of overall revenue share. The increasing use of polyamide, polyetherether ketone and liquid crystal polymers is expected to decrease the demand for these products over the next few years.
A small portion of the market was occupied by engineering plastics. It is predicted to grow at an above-average rate during the forecast period. These plastics have excellent mechanical and thermal properties, wear & chemicals resistance, and dimension stability. The super engineering segment of plastics is expected to grow at 4.1% CAGR during the forecast period. These products are used extensively in semiconductor packaging and high-speed connectors packaging. They also have medical applications due to their high thermal and electrical properties.
In 2020, the packaging segment was responsible for more than 36% of the total revenue. It is expected to grow at a steady CAGR during the forecast period. Segment growth will be supported by a growing packaging industry and increasing demand for packaged food and beverages. Segment growth is also likely to be supported by the fact that several government agencies have established strict guidelines for safe plastic material use in food and beverage applications.
The market for automotive applications is expected to grow significantly in the next few years due to the increased use of plastics in automotive parts and a rise of production of passenger cars and heavy-duty vehicles, especially in the Asia Pacific region. From 2021 to 2028, the medical device application sector is expected to experience the highest CAGR. Because of their clarity, cost-effectiveness and biocompatibility, resins are used in medical device manufacturing. To achieve the desired properties for medical devices, polymers such as Polyethylene and Polystyrene are mixed.
China was responsible for 33% of the total revenue in 2020. China has sufficient plastic production capacity and plants to meet local demand. This makes it self-sufficient. China has a large plastics production base, which means that it exports many types of plastics to its neighboring countries. North America will experience moderate growth in the coming years. The FDA, EPA and other agencies will likely impose restrictions on the production of food products. However, this restriction is expected to be offset by sustainable production methods and long-term sustainability.
Europe will experience a lower-than-average rate of growth in the next few years. The European market is characterized by stringent environmental regulations from regulatory bodies such as the European Chemicals Agency and the European Commission. Many European countries have had landfill bans for decades, including France, Germany and Austria. The high landfill tipping fees, dumping rates, waste management and closing costs of landfills has encouraged Europeans to use recycled products. Zero Waste Europe, an organization that works to eliminate waste in society, is working with the European Commission to reduce residual waste.
Due to the presence of many local and regional players, the global market is highly fragmented. Global players are constantly in competition with each other, as well as regional players who have strong distribution channels and are knowledgeable about regulations and suppliers. Through various expansion strategies, key manufacturers continue to focus on increasing their presence in emerging markets like Asia Pacific and the Middle East & Africa.
DowDuPont, for example, invested USD 80 million in December 2018 to build a new manufacturing plant in Shanghai, China. It is expected to be operational by 2021. This facility will be used to produce adhesives and plastics to meet the growing demand in different industries, including electronics and consumer and industrial goods.
Companies have taken various initiatives in response to the pandemic. Eastman Chemical Company donated more than 1,000 feet of PETG to Austin Peay State University, Clarksville, in March 2021 for the production of 3D-printed facial shields. The following are some of the major players in the global market for plastic resins:
BASF SE
SABIC
Dow, Inc.
Evonik Industries AG
Sumitomo Chemical
Arkema
Celanese Corp.
Eastman Chemical Company
Chevron Phillips Chemical Co. LLC
Lotte Chemical Corp.
Covestro AG
Toray Industries, Inc.
Teijin Ltd.
Up Market Research published a new report titled “Plastic Resins Market research report which is segmented by Application (Medical Devices, Packaging), by Product (Engineering Plastic, Crystalline Resin), By Players/Companies Lotte Chemical Corp, Arkema, Chevron Phillips Chemical Co LLC, BASF SE, Teijin Ltd, SABIC, Toray Industries Inc, Eastman Chemical Company, Celanese Corp, Dow Inc, Sumitomo Chemical, Evonik Industries AG, Covestro AG”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Plastic Resins Market Research Report |
By Application | Medical Devices, Packaging |
By Product | Engineering Plastic, Crystalline Resin |
By Companies | Lotte Chemical Corp, Arkema, Chevron Phillips Chemical Co LLC, BASF SE, Teijin Ltd, SABIC, Toray Industries Inc, Eastman Chemical Company, Celanese Corp, Dow Inc, Sumitomo Chemical, Evonik Industries AG, Covestro AG |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 235 |
Number of Tables & Figures | 165 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Application (Medical Devices, Packaging), by Product (Engineering Plastic, Crystalline Resin).
Plastic Resins Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Plastic Resins Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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