Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Plastic Resin market.
Trusted Business Insights presents an updated and Latest Study on Plastic Resin Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Plastic Resin market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Global Plastic Resin Market
The global plastic resin market size was valued at USD 582.6 billion in 2020 and is projected to expand at a compound annual growth rate (CAGR) of 3.9% from 2021 to 2027. Surging demand from the construction, automotive, and electrical and electronics sectors are the key factors expected to have a positive impact on market growth.
Rapidly developing automotive industry is expected to trigger the demand for plastic resins in underhood components, exteriors, and interiors of automobiles. Increasing application of resins in automotive industry is spurred by demand for lightweight and inexpensive multi-utility vehicle models with high fuel efficiency and emphasis on aesthetics and comfort.
Consumption of plastic resins is expected to observe a significant growth in the healthcare sector owing to the increasing production of personal protective equipment such as face masks, face shields, medical gowns, and various medical devices supported by COVID-19 pandemic across the globe.
Increasing construction spending by governments, especially in India and China is expected to push the demand in infrastructure and construction applications. In, 2019, Asia Pacific emerged as one of the fastest-growing construction markets. China, Japan, Indonesia, and Australia are among the prominent countries where construction market is expected to witness prominent growth over the forecast period 2021-2027.
Type Insights: Global Plastic Resin Market
In 2019, crystalline resins segment held the maximum share of 61.7% in plastic resin market and is expected to maintain its dominance throughout the forecast period. Polyethylene resin accounted for a prominent share in the crystalline resin segment owing to their increasing demand from food packaging, stretch wrap, hygiene, and medical applications, among others.
Non-crystalline resin segment accounted for around 1/5th of the overall revenue share in 2019. However, the demand is expected to decline over the forecast period, owing to the increasing utilization of other polymers such as polyamide, polyether ether ketone, and liquid crystal polymers.
Engineering plastic segment accounted for small shares in the market, however, it is expected to witness above average CAGR during the forecast period owing to their better mechanical and thermal properties. These types of plastics possess good mechanical properties, wear resistance, chemical resistance, and dimensional stability.
Super engineering plastic segment was valued at USD 58.1 billion in 2020 and looks set to grow at a CAGR of 3.6% during the forecast period. This can be primarily attributed to their better electrical and thermal properties. They are widely utilized in semiconductor packaging, high-speed connectors, packaging, and medical applications, etc.
Application Insights: Global Plastic Resin Market
Considering application segment, packaging segment accounted for 36.5% of overall market in 2019. and is further expected to witness below-average growth rate over the forecast period.
Growing packaging industry supported by increasing consumer inclination towards consumption of packaged (food and beverage) products. Further, various governmental bodies have laid down stringent guidelines regarding safe usage of plastic materials in food and beverage applications.
Automotive application sector is expected to witness prominent growth in the forthcoming years supported by increasing utilization of plastics in automotive components coupled with a rise in the manufacturing of passenger cars as well as heavy-duty vehicles, particularly in Asia Pacific and Central and South America.
Medical devices application sector accounted for low market share, however, their demand is expected to witness maximum growth. Resins are increasingly utilized for manufacturing medical devices and also gaining popularity as they offer better clarity, cost-effectiveness, and biocompatibility. Various polymers such as polyethylene and polystyrene are blended to achieve desirable properties for use in medical devices.
Regional Insights: Global Plastic Resin Market
Considering regions, Asia Pacific (excluding China) accounted for a 19.5% share of global revenue in 2019. China is self-sufficient in terms of plastic production with an adequate number of plants and production capacity required to fulfill the local demand. China exports various types of plastics to neighboring countries owing to the presence of a large production base.
North America is anticipated to witness moderate growth over the forecast years. Regulatory policies framed by the Food and Drug Administration (FDA), Environmental Protection Agency (EPA), and other agencies are likely to act as a restraint, however, the impact of this factor is expected to be mitigated by alternative production processes and sustainability through the life cycle of the product.
Europe is expected to register below average CAGR over the forecast period. Stringent environmental regulations by regulatory bodies such as the European Chemicals Agency (ECHA) and the European Commission among other federal-level agencies characterize the market in Europe. Landfill bans have existed for decades in many European countries such as Denmark, France, Germany, and Austria. High landfill tipping fees, dumping tariffs, waste management, and closing costs of landfills have encouraged the European population to switch to recycled products. Zero Waste Europe, an organization involved in eliminating waste in the society is in collaboration with the European Commission intends to bring residual waste to zero.
Key Companies & Market Share Insights: Global Plastic Resin Market
The market is significantly fragmented in nature owing to the presence of large number of local as well as regional players. The global players face intense competition from each other as well as from regional players who have strong distribution networks and good knowledge about regulations and suppliers.
Key manufacturers continue focusing on strengthening their market positions in the emerging markets in Asia Pacific and Middle East and Africa through different geographical expansion strategies. For instance, in December 2018, DowDuPont invested USD 80 Million to set up a new manufacturing facility in Shanghai, China, which is likely to be operational by 2020. The facility is expected to be used for manufacturing adhesives and plastics in order to cater to ascending demand for the same in various industries including transportation, electronics, consumer and industrial goods
Owing to the outbreak of COVID-19 pandemic across the globe, various companies have taken initiatives for the plastic resins utilized in the medical sector. For instance, in March 2020, Eastman Chemical Company donated over 1,000 feet of PETG film to the Austin Peay State University in Clarksville for making 3D printed face shields. Some prominent players in plastic resin market include:
Key companies Profiled: Global Plastic Resin Market Report
- BASF SE
- Evonik Industries AG
- Sumitomo Chemical
- Celanese Corporation
- Eastman Chemical Company
- Chevron Phillips Chemical Co. LLC
- Lotte Chemical Corporation
- Exxon Mobil Corporation
- Formosa Plastics Corporation
- Covestro AG
- Toray Industries, Inc
- Mitsui & Co. Plastics Ltd.
- Teijin Limited
This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global plastic resin market report on the basis of product, application, and region:
Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- Crystalline Resin
- Non-crystalline Resin
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Acrylonitrile Butadiene Styrene (ABS)
- Polymethyl Methacrylate (PMMA)
- Engineering Plastic
- Polybutylene Terephthalate (PBT)
- Polycarbonate (PC)
- Super Engineering Plastic
- Polyphenylene Sulfide (PPS)
- Polyether Ether Ketone (PEEK)
- Liquid Crystal Polymer (LCP)
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- Electrical & Electronics
- OA Equipment and Home Appliances
- Electronic Materials
- Consumer Goods
- Textiles & Clothing
- Industrial Use
- Furniture & Bedding
- Medical Devices
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