Plastic Resins Market Size Worth $982.3 Billion By 2028 | CAGR: 4.2%: Polaris Market Research
NEW YORK, Aug. 25, 2021 /PRNewswire/ -- The global plastic resins market size is expected to reach USD 982.3 billion by 2028 according to a new study conducted by Polaris Market Research. the market is anticipated to register a CAGR of 4.2% from 2021 – 2028. Increasing product demand from the construction and electrical & electronics industries emerges as the key driver for the market growth. Moreover, the rapidly developing automotive sector is anticipated to trigger the product demand in numerous applications, such as interiors, exteriors, and under-the-hood components of automobiles. Furthermore, the growing popularity of electric vehicles worldwide is driving the need for lightweight materials, thereby driving the growth of the plastic resins market.
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Key Highlights of Plastic Resins Market
- Based on product, the crystalline resins segment contributed the highest revenue share and is anticipated to increase its share contribution over the forecast period. The polyethylene crystalline resins sub-segment is predicted to account for the largest share in the plastic resins market, on account of rising demand from medical applications.
- In terms of application, the packaging segment dominated the market and is expected to further increase its dominance during the forecast period. The rapidly progressing packaging sector supported by a growing preference for food and beverages will propel the segment growth.
- Amid the COVID-19 pandemic, there is a significant demand for medical safety equipment such as medical gowns, Personal Protective Equipment (PPE), face shields, and other medical devices, resulted in huge demand for plastic resins in COVID-19 affected countries.
- SABIC, a leading chemical manufacturing company has recently launched its certified circular polycarbonate resin & blends formed using upcycling of post-consumer mixed plastic. This newly developed solution which is based on advanced recycling targeted at increasing the growth of the circular economy for plastics by bringing more sustainable products.
Government agencies such as National Highway Traffic Safety Administration and Environmental Protection Agency have collaborated with European Union and have imposed favorable regulations regarding carbon emission will likely boost the industry demand over the coming years.
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Regional Developments
The Asia Pacific is projected to dominate the plastic resins market and account for the highest revenue share over the forecast period. Major developed Asia countries such as China are self-sufficient for plastic production, with the availability of adequate production plants required to meet the local demand. Increasing population, rising urbanization, and growing preference for suitable engineering plastics across industries will boost the market growth in the region. On the other side, the regional market of North America is expected to garner moderate growth owing to stringent regulations imposed by the FDA and EPA regarding the usage of plastic.
Competitive Outlook
The global market for plastic resins is highly fragmented with the active presence of numerous regional and international players. The market is witnessing strong competition among players as regional players have formed strong distribution networks and adhering to standards. Leading manufacturers operating in the market are targeting regional expansions to increase their presence and grow their customer base.
Prominent players present in the plastic resins market include:
Arkema S.A., Chevron Phillips Chemical Co., DuPont, LLC, Celanese Corporation, Dow Chemical, Evonik Industries AG, LyondellBasell, Formosa Plastic Group, SABIC, Teijin Ltd., Sumitomo Chemical Company, and Toray Industries, Inc and others:
Target Audience
- Supply Side: Chemical Company
- Demand Side: Automotive and Construction Industry
- Regulatory Side: Environmental Protection Agency, Food and Drug Administration
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Polaris Market Research has segmented the plastic resins market report on the basis of product, application, and region:
Plastic Resins, Product Outlook (Revenue – USD Million, 2016 – 2028)
- Crystalline
- Epoxy
- Polyethylene
- Polypropylene
- Non-crystalline
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Acrylonitrile Butadiene Styrene (ABS)
- Polymethyl Methacrylate (PMMA)
- Engineering Plastic
- Nylon
- Polybutylene Terephthalate (PBT)
- Polycarbonate (PC)
- Polyamide
- Super Engineering Plastic
- Polyphenylene Sulfide (PPS)
- Polyether Ether Ketone (PEEK)
- Liquid Crystal Polymer (LCP)
Plastic Resins, Application Outlook (Revenue – USD Million, 2016 – 2028)
- Packaging
- Food & Beverage
- Medical
- Retail
- Others
- Automotive
- Construction
- Electrical & Electronics
- Office Automation Equipment
- Electronic Materials
- Others
- Logistics
- Textiles & Clothing
- Clothing
- Industrial Use
- Others
- Furniture & Bedding
- Medical Devices
- Others
Plastic Resins, Regional Outlook (Revenue – USD Million, 2016 – 2028)
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Spain, Netherlands, Austria)
- Asia Pacific (China, India, Japan, South Korea, Singapore, Philippines, Malaysia, Indonesia)
- Latin America (Brazil, Argentina, Mexico)
- Middle East & Africa (South Africa, UAE, Saudi Arabia, Israel)
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About Polaris Market Research
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