The plastic resins market is anticipated to reach US$ 764 billion by 2022 and expand at a moderate CAGR of 4.5% from 2022 to 2032. The market is anticipated to be valued approximately US$ 1186 billion by the end of 2032.
The global industry that manufactures and sells various kinds of plastic materials, which are used to create a wide variety of products, is referred to as the plastic resins market. Numerous plastic products are produced using these resins, which are sourced from fossil, renewable, or petroleum-based sources.
The rising demand for plastic products across numerous industries, including as packaging, construction, automotive, and electronics, has resulted in a rapid expansion of the market for plastic resins in recent years. Urbanisation is increasing, industrialization, and population growth of emerging nations, the industry is expected to rise over the coming years.
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Types, uses, and geographical areas can be used to segment the plastic resin market. The most widely used plastic resins are polyethylene, polypropylene, polystyrene, PVC, PET, and other varieties. These resins have a variety of characteristics, including strength, flexibility, and chemical resistance, which make them suitable for specific applications.
The market for plastic resins as a whole is a substantial and developing industry that produces a broad range of plastic goods that are used in different applications. The market is expected to grow even more in the following years as a result of the increased demand for plastic products across numerous sectors. Although many companies are investing in developing more sustainable and environmentally friendly products, the sector is also struggling with problems related to sustainability and waste reduction.
Competitive Landscape For The Plastic Resins Market
The existence of a significant number of regional and international companies has led to the highly fragmented nature of the global market. Due to a higher level of product type susceptibility, industry participants compete fiercely with one another.
Government regulations that are strict on the use of plastic items also control the level of competition and market expansion. To slow the rate of contamination, however, market companies are concentrating on biodegradable plastics.
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Global Plastic Resins Market Key Players
- SABIC
- BASF SE
- Dow Inc.
- Sumitomo Chemical
- Evonik Industries
- Arkema
- Teijin Limited
- Eastman Chemical Company
Plastic Resins Market By Segmentation
By Product:
- Crystalline
- Non-crystalline
- Engineering Plastic
- Super Engineering Plastic
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By Application:
- Packaging
- Automotive
- Construction
- Electrical & Electronics
- Logistics
- Consumer Goods
- Textiles & Clothing
- Furniture & Bedding
- Agriculture
- Medical Devices
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
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