The “Plastic Resins Market” 2023-2031 Research Report affords qualitative and quantitative insights into the principal drivers, constraints, opportunities, and challenges influencing world markets growth. The find out about offers complete statistical market records on the leading players, as nicely as income predictions. This market lookup additionally presents statistics on the income boom of numerous regional and country-level markets, as properly as the opposition panorama and unique organization analyses for the projected period. The Plastic Resins Market Report covers potential improvement drivers as properly as the modern-day kingdom of market share, penetration of a number of kinds, technologies, applications, and areas thru 2031.
The global plastic resins market size was US$ 401,305.6 million in 2021. The global plastic resins market is forecast to grow to US$ 591,503.4 million by 2030 by registering a compound annual growth rate (CAGR) of 5.2% during the forecast period from 2022 to 2030.
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Competitors in the Market, Celanese Corporation, Dow, Dupont, Formosa Plastics Corporation, Evonik Industries AG, Lyondell Basell Industries Holdings B.V., Sabic, Sumitomo Chemical Co., Ltd., Arkema S.A., Toray Industries Inc., Other Prominent Players.
COVID-19 Impact Analysis
The global plastic resin market was most likely affected by a demand-supply mismatch, disruptions in raw material procurement, pricing instability, and other concerns. Plastic resins have wide applications in packaging, automotive, construction, electronics, consumer goods, etc. However, the nationwide lockdown dropped the growth potential of these industries, which ultimately affected the global plastic resins market. On the contrary, the demand for resin-related consumer items, such as packaging and hygiene products, grew swiftly and it substantially increased the demand for plastic resins.
Factors Influencing the Market
Plastic resins find a wide range of applications in the construction industry, electronics industry, packaging industry, and automotive industry. Thus, all of these industries will drive the growth of the plastic resins market.
The benefits of using plastic resins, such as good mechanical properties, superior electrical properties, corrosive liquid resistance, and low shrinkage, will fuel the growth of the overall market.
Growing disposable income and rising demand for packed food items will also drive the demand for plastic resins for packaging purposes.
The demand for light-weight automotive is expected to witness steep growth. Thus, it will contribute to the plastic resin market growth. On the contrary, the expensive and complex process of manufacturing plastic resins may limit the growth of the market.
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Regional Analysis
Globally, North America is forecast to hold the highest share in the plastic resin market, as the region has the prominent packaging, automotive, and electronics industries. Furthermore, the growing demand for the packed food & beverages industry will surge the demand for efficient packaging. Therefore, it will boost the growth of the plastic resins market. In addition, the region is home to some renowned multinational giants, such as PepsiCo, Tyson Foods, Nestle, etc. Thus, it will also propel the plastic resin market forward.
In terms of plastic production, the Asia-Pacific plastic resins market is forecast to record considerable growth. The production capacity for plastic resins is growing in China. Moreover, the region is home to various automotive manufacturers, such as Honda, Toyota, etc. Furthermore, due to its enormous manufacturing base, China exports a variety of plastics to neighboring countries, which will contribute to the market growth.
Market Segmentation
The global plastic resins market segmentation focuses on Product, Application, and Region.
By Product Outlook
- Polyethylene Terephthalate (PET)
- High-Density Polyethylene (HDPE)
- Polyvinyl Chloride (PVC)
- Low-Density Polyethylene (LDPE)
- Polypropylene (PP)
- Polystyrene (PS)
- Others
By Application Outlook
- Packaging
- Automotive
- Construction
- Electrical & Electronics
- Consumer Goods
- Furniture & Bedding
- Others
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By Regional Outlook
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What factors are taken into consideration when assessing the key market players?
- The report analyzes companies across the globe in detail.
- The report provides an overview of major vendors in the market, including key players.
- Reports include information about each manufacturer, such as profiles, revenue, product pricing, and other pertinent information about the manufactured products.
- This report includes a comparison of market competitors and a discussion of the standpoints of the major players.
- Market reports provide information regarding recent developments, mergers, and acquisitions involving key players.
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