Plastic Resins Market to Garner $522.5 Billion, Globally, By 2027 at 4.5% CAGR, Says Allied Market Research

News provided by

Nov 05, 2020, 08:00 ET

PORTLAND, Ore., Nov. 5, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Plastic Resins Market by Product (Polyethylene Terephthalate (PET), High Density Polyethylene (HDPE), Polyvinyl Chloride (PVC), Low Density Polyethylene (LDPE), Polypropylene (PP), Polystyrene (PS), and Others) and Application (Packaging, Automotive, Construction, Electrical & Electronics, Consumer Goods, Furniture & Bedding, and Others): Global Opportunity Analysis and Industry Forecast 2020–2027."According to the report, the global plastic resins industry was estimated at $403.1 billion in 2019, and is expected to hit $522.5 billion by 2027, registering a CAGR of 4.5% from 2020 to 2027.

Drivers, restraints, and opportunities-

Increasing use of plastics in automotive industry, rise in the usage of polyethylene terephthalate (PET) resins, and emerging end-use applications of plastic resins fuel the growth of the global plastic resins market. On the other hand, expensive and complex plastic resins manufacturing process impede the growth to some extent. However, surge in use of composites and PMMA in car production is expected to create multiple opportunities in the industry.

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/7937

Covid-19 scenario-

The outbreak of the pandemic led to price volatility, shortage in raw materials, and disruptions in the supply chain, thereby affecting the global market for plastic resins to a significant extent.
Also, there's been a steep decline in demand for plastic resins from the automotive sector during Covid-19.

The Polypropylene (PP) segment to dominate by 2027-

Based on product, the polypropylene (PP) segment contributed to more than one-fourth of the global plastic resins market share in 2019 and is expected to rule the roost by the end of 2027. Its high operational temperature, high fatigue life, high resistance to cracking, and excellent resistance to stress drive the growth of the segment. The Polyvinyl chloride (PVC) segment, on the other hand, would manifest the fastest CAGR of 5.1% throughout the forecast period, owing to increase in its usage in building and construction sector for various applications such as pipes & fittings, cable insulation, floor covering, etc.

Get Detailed COVID-19 Impact Analysis on the Plastic Resins Market @ https://www.alliedmarketresearch.com/request-for-customization/7937?reqfor=covid

The packaging segment to lead the trail-

Based on application, the packaging segment accounted for more than one-third of the global plastic resins market revenue in 2019 and is expected to retain its dominance till 2027, due to the fact that demand for packaging continues to grow in both developed economies and in emerging markets. Simultaneously, the automotive segment would portray the fastest CAGR of 5.2% from 2019 to 2027. Plastic resins are essential in the automotive sector as they guarantee increased safety, improvements in performance, fuel efficiency, and emission reduction. This factor propels the segment growth.

Asia-Pacific, followed by Europe and North America, had the major share in 2019-

Based on geography, Asia-Pacific, followed by Europe, held the major share in 2019, garnering nearly two-fifths of the global plastic resins market. Growing population, increasing urbanization, and substitution of many metals by suitable engineering plastics in various industries, such as packaging and automotive accelerate the market growth in this region. At the same time, North America would showcase the fastest CAGR of 5.0% during the forecast period. Growing food and beverage industry and increasing demand for sustainable and recyclable material are expected to boost the market growth in this province.

Frontrunners in the industry-

Celanese Corporation
Toray Industries, Inc.
Dow Chemical
DuPont
SABIC
Evonik Industries AG
LyondellBasell
Arkema S.A.
Sumitomo Chemical Company
Formosa Plastic Group

Interested in Procuring this Report? Visit Here: https://www.alliedmarketresearch.com/plastic-resins-market/purchase-options

Avenue Basic Plan | Library Access | 1 Year Subscription |

Sign up for Avenue subscription to access more than 12,000+ company profiles and 2,000+ niche industry market research reports at $699 per month, per seat. For a year, the client needs to purchase minimum 2 seat plan.

Avenue Library Subscription | Request for 14 days free trial of before buying: https://www.alliedmarketresearch.com/avenue/trial/starter

Get more information: https://www.alliedmarketresearch.com/library-access

About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
[email protected]
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter