The market size is estimated using a top-down approach, where data for various end-user segments was recorded and forecasted for the future years.
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.
Rising demand for lightweight vehicles, increased need for fuel-efficiency, low emissions, and need for improvements in performance, creativity, flexibility in designs is driving demand for plastic resins in the automotive industry. Plastics and polymer composites provide high performance, safety, and aesthetic breakthroughs in cars, SUVs, and minivans. Some companies such as BASF SE, SABIC, Evonik Industries AG, Sumitomo Chemical, and Celanese Corporation are investing in research development activities to produce high-performance plastic resins. These companies are doing so to meet the growing demand for gloves, PPE, protective barriers, and other medical supplies. High-performance plastic resins offer greater chemical thermal resistance and strength properties.
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Over the recent past, chemical and materials industry has observed rapid digital transformation, innovations and advancements in chemical processing, globalization, sustainability, and development of robust supply chain. Increasing incidence of uncertainties in chemical production and development have further increased focus on risk management solutions. Chemical and materials industry supplies raw materials to a number of end-use industries such as petrochemicals, solvents, manufacturing and construction, and healthcare, among others. Increasing integration of advanced technology in the manufacturing and production processes along with a growing focus on producing environmentally sustainable chemicals and materials is further expected to revolutionize the Plastic Resins market over the forecast period.
The report further offers key insights into strategic alliances and ventures undertaken by key companies in the market to cater to the growing global demand, capitalize on lucrative opportunities, and gain a robust footing in the market. It focuses on mergers and acquisitions, joint ventures, collaborations, product launches, brand promotions, and deals.
Key players operating in the market:
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.
The report further offers a regional segmentation of the Plastic Resins market with regards to production and consumption rate, revenue share, market share, trends, consumer preference, regulatory framework, economic factors, investment and funding opportunities, RD activities, technological advancements, product launches, import/export, supply and demand ratio, and presence of key players in each region. The report divides the Plastic Resins market into 5 key regions such as North America, Europe, Asia Pacific, Latin America, and Middle East Africa. The global Plastic Resins market report also offers a country-wise analysis to impart a clear picture of the growth of the Plastic Resins market in each region.
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Product Outlook
Engineering Plastic
Polycarbonate (PC)
Nylon
Polybutylene Terephthalate (PBT)
Polyamide
Crystalline
Polyethylene
Polypropylene
Epoxy
Non-crystalline
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
Packaging
Electrical Electronics
Automotive
Construction
Furniture Bedding
Consumer Goods
Others
Key Highlights in the Report:
A detailed analysis of the Plastic Resins market through the assessment of different market aspects such as product type, application, end-use verticals, and others.
Qualitative and quantitative analysis along with the market estimation for the forecast period 2021-2028
Detailed analysis of market dynamics such as drivers, restraints, opportunities, and threats
Insights into recent development, business expansion plans, and strategic alliances of the top companies in the market
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