Introduction
In today’s rapidly evolving world, plastic resins play an integral role in shaping various industries. From packaging to automotive manufacturing, these versatile materials have become indispensable. This article delves deep into the Plastic Resins Market, shedding light on its growth trajectory, pivotal trends, and the myriad opportunities it presents.
Plastic Resins Market: A Powerhouse Industry
Plastic resins are the building blocks of countless everyday items. These polymer-based materials are molded into various shapes, sizes, and functionalities, making them a fundamental part of modern life. The Plastic Resins Market encompasses a wide array of resins, each with its unique properties, applications, and market dynamics.
By the year 2023, the plastic resins market is forecasted to attain a valuation of US$ 798.38 billion, with a subsequent surge to US$ 1,239.86 billion anticipated by 2033.
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Technological advancements, especially in the development of bioplastics, have played a pivotal role in the plastic resins industry. Companies are increasingly adopting bioplastic and plant-based packaging techniques. Notably, the use of PHA (a biodegradable polymer) in single-use packaging applications is being promoted by organizations like Milliken and Company, who have joined the global organization of PHA (GO! PHA). These innovations are expected to further propel the growth of the plastic resins market.
Key Takeaways from Market Study
- Plastic resins are 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 resins market 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.
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.
The Major Key Players Are:
- SABIC
- BASF SE
- Dow Inc.
- Sumitomo Chemical
- Evonik Industries
- Arkema
- Teijin Limited
- Eastman Chemical Company
- Celanese Corporation
- Chevron Phillips Chemical Co., LLC
- Exxon Mobil Corporation
- Lotte Chemical Corporation
- Formosa Plastics Corporation
- Toray Industries, Inc.
- Covestro AG
- Mitsui & Co. Plastics Ltd.
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.
Regional Analysis: Plastic Resins Market Performance
North America: Growing Demand for Plastic Resins in Packaging
The plastic resins market in North America is experiencing growth due to the region’s development and industrialization. Modern packaging technology and improvements in manufacturing processes are driving the demand for plastic resins. The projection period anticipates an increase in the need for plastic packaging, driven by demographics and customer preferences.
Asia Pacific: Market Leader in Plastic Resins
The Asia Pacific region holds the largest market share in the plastic resins market, accounting for about 45% of the revenue worldwide in 2020. It is predicted to continue dominating the market in the forecast period. China plays a significant role in the region, accounting for approximately 35% of the global plastic resin market.
China’s dominance can be attributed to its substantial production capacity and a high density of plastic manufacturing facilities. With over 15,000 plastic manufacturers, China possesses around one-fourth of the world’s plastic production capability.
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Plastic Resins Market by Segmentation
By Product:
- Crystalline
- Non-crystalline
- Engineering Plastic
- Super Engineering Plastic
By Application:
- Packaging
- Automotive
- Construction
- Electrical & Electronics
- Logistics
- Consumer Goods
- Textiles & Clothing
- Furniture & Bedding
- Agriculture
- Medical Devices
- Others
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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