Growth opportunities in the Plastic Resins market look promising over the next six years. This is mainly due to the increasing demand, especially from the electronic and automotive industry, along with the various benefits offered by plastic resins such as extremely lightweight, high cost-effective, and better comfort.
Plastic Resins Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The biggest factor that is contributing to the growth of the global plastic resin market includes the increasing demand, particularly from the automotive and electronic sectors. The expansion in the automotive industry has surged the application of plastic resin in the interior and exterior of vehicles. Plastic resins have various benefits such as lightweight, highly cost-effective, and have a better comfort level. The outbreak of the COVID-19 pandemic has increased the demand for plastic resins.
The growing production of personal protective equipment, which include face shields, face masks, medical gowns, and other devices, is further responsible for the market growth. Numerous government bodies have launched strategies to support the use of plastic resins. The National Highway Traffic Safety Administration and the Environment Protection Agency (EPA) have introduced federal regulations to reduce carbon emissions to enhance plastic applications for lightweight and fuel-efficient automotive. Therefore, the growing number of initiatives will surge the demand for plastic resins. Furthermore, the increasing spending on construction, especially in developing countries, including India and China, is further contributing to the growth. According to the IBEF, India is expected to become the world’s third-largest construction market by 2022. The country will require an investment of USD 777.73 billion by 2022 for the country’s development. Hence, the growing number of investments in the construction sector is one of the emerging plastic resin market trends that will boost market growth.
Regional Drivers
On the basis of regional coverage, North American is projected to have a faster CAGR over the forecast period. This region’s market is one of the leading plastic resin markets around the world. The increasing application of plastic resin in the construction, packaging, and automotive sectors, is surging the market growth. According to the American Chemistry Council (ACC) Plastics Industry Producer’s’ Statistics (PIPS) Group, North American resin production has grown by 1.7% to 121.6 billion pounds in 2019, which was 119.6 billion pounds in 2018. Moreover, the increasing production of plastic resin is further propelling the market growth.
Plastic Resins Market’s Leading Manufacturers:
- BASF SE
- SABIC
- Dow
- Evonik Industries
- Sumitomo Chemical Co., Ltd.
- Arkema
- Celanese Corporation
- Eastman Chemical Company
- Chevron Phillips Chemical Company LLC
- LOTTE Chemical CORPORATION
Plastic Resins Market Segmentation:
Segmentation by Product Type:
- Polyethylene Terephthalate
- High Density Polyethylene
- Vinyl/Polyvinyl Chloride
- Low Density Polyethylene
- Polypropylene
- Polystyrene
- Others
Segmentation by Application:
- Packaging
- Automotive
- Electronics
- Logistics
- Consumer Goods
- Textiles & Clothing
- Furniture & Bedding
- Agriculture
- Medical Devices
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
About GMI Research
GMI Research is a market research and consulting company that offers business insights and market research reports for large and small & medium enterprises. Our detailed reports help the clients to make strategic business policies and achieve sustainable growth in the particular market domain. The company’s large team of seasoned analysts and industry experts with experience from different regions such as Asia-Pacific, Europe, North America, among others, provides a one-stop solution for the client. Our market research report has in-depth analysis, which includes refined forecasts, a bird’s eye view of the competitive landscape, key factors influencing the market growth, and various other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to helping our clients to stay ahead of the curve.
Media Contact
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: enquiry@gmiresearch.com
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com
