The global plastic resins market is expected to reach a market valuation of US$ 764 Billion by the year 2022, accelerating with a moderate CAGR of 4.5% by 2022-2032. The Plastic Resins market size is anticipated to be valued at about US$ 1186 Billion by 2032 end.
Due to the rising demand for packaged food and beverages, the plastic resin industry is anticipated to experience significant expansion. Perishables are given a longer shelf life by plastic packaging, which also shields them from outside elements that can compromise the product’s quality.
The need for packaged foodstuff is being driven by hectic work and personal schedules, which is pushing up the demand for plastic resins. Moreover, the plastic resins market will benefit from the rising demand for consumer goods.
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The primary aspect influencing the plastic resins market expansion is rising item interest from the automotive, electrical, and electronics industries. It is expected that the rapidly expanding global auto industry will spur interest in certain products, such as those used in applications like engine parts, automobile exteriors, and interiors and increase the adoption of plastic resins.
The demand for small, lightweight multi-utility vehicle models that prioritize comfort and style has prompted an increase in the use of resins in the automotive industry. This has also changed the plastic resins market outlook.
The significant demand from the food and beverage industry is likely to cause the demand for plastic resins to rise rapidly throughout the forecast period. The demand for processed, ready-to-eat, and ready-to-cook food products has significantly increased as a result of the growing population and an increase in disposable income.
The growing awareness of waste and its associated costs is another factor influencing the demand for packaged foods and increasing the sales of plastic resins.
In the past few decades, packing techniques and materials have substantially improved. One of the most significant technological developments in the plastic resins industry is the creation of bioplastic. Businesses have begun using bioplastic and other plant-based packaging techniques. For instance, to promote the use of PHA, a biodegradable polymer, in single-use packaging applications, Milliken and Company joined the global organisation of PHA (GO! PHA).
Key Takeaways from Market Study
- Plastic resinsare growing in popularity in Europe due to lax packaging waste restrictions and attractive taxation.
- The product category of crystalline resins represented the highest revenue share of more than 62 percent in 2021, and it is anticipated that it will continue to dominate the plastic resinsmarket for the duration of the projection period.
- The packaging category had the biggest revenue share of over 36% in 2021 and is anticipated to grow at a consistent CAGR throughout the forecast period.
- China is the dominant country in the Asia Pacific region and accounted for around 35 percent of the worldwide plastic resins market.
- Asia Pacific is the market leader with about 45% of the revenue share in the plastic resins market worldwide in 2020.
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Competitive Landscape
The existence of a significant number of regional and international companies has led to the highly fragmented nature of the global plastic resins 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 plastic resins market expansion. To slow the rate of contamination, however, market companies are concentrating on biodegradable plastics.
Recent Developments in Global Polycarbonate Market
As part of its acquisition of Solvay’s PA66 business, BASF began marketing polyamide (PA) and polyphthalamides (PPA) grades in Europe on February 1, 2022. Under humid circumstances and high temperatures, Ultramid® One J (PA66/6T) has good mechanical and dielectric qualities.
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
- Middle East and Africa
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