In 2021, the global Plastic Resins Market was valued at USD 741.19 Billion. It is projected to grow at a compound annual rate (CAGR of 4.6%) from 2022 to 2032.

Growing Demand:

The key driver of the market growth in plastic resins is increasing demand from various industries, such as construction, electrical, and electronics. The automotive industry uses plastic resins for interiors and exteriors and under-the-hood components. Plastic resins will be more in demand as multi-utility vehicles become affordable.

Due to the increase in the production of medical equipment such as face masks, medical gowns, and face shields, plastic resins are expected to be in high demand. This is mainly due to the sudden appearance of COVID-19 at the year’s beginning. A sudden rise in demand for PPEs led to a 140% increase in the market for PPE kit sales in 2020. This trend has also impacted the development of plastic resins in the same year. This trend is expected to continue for a few more years due to the lack of vaccines worldwide and rising incidences of COVID-19.

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Due to the increase in the production of medical equipment such as face masks, medical gowns, and face shields, plastic resins are expected to be in high demand. This is mainly due to the sudden appearance of COVID-19 at the year’s beginning. A sudden rise in demand for PPEs led to a 140% increase in the market for PPE kit sales in 2020. This trend has also impacted the development of plastic resins in the same year. This trend is expected to continue for a few more years due to the lack of vaccines worldwide and rising incidences of COVID-19.

Driving Factors:

Market Growth Driven by the Increasing Demand For Polypropylene

The growing demand for polypropylene in the construction, medical and automotive industries is driving the market. Due to its lightweight, chemical resistance, cost-effective nature, and cost-effectiveness, polypropylene is used primarily in auto parts. The preference for individual vehicles has increased with the increasing population and development of societies. This is supporting market growth. Due to its exceptional properties (e.g., moisture resistance, high strength, and ability to withstand extreme heat), polypropylene has been used in the medical sector for various medical devices. Technological advancements, research, and developments will also drive the adoption of polypropylene to make sustainable plastics. These factors will fuel market growth.

Restraining Factors:

Fluctuations of Crude Oil, Oil Prices to Hinder Growing

Fluctuations in crude oil prices significantly impact the price of resin. This is because the petrochemical feedstock for most plastics is made from oil byproducts and natural gas. Fluctuations in oil prices have an impact on feedstock prices. These are affected by supply, demand, natural disasters, and fluctuations in production costs. Plastics are also made of oil, natural gases, and coal chemicals. This is responsible for polluting. The strict environmental regulations that different governments have passed will affect the market to reduce plastic pollution. The ban on crude oil and petroleum overuse also restricts the market. These factors will hinder the market’s growth over the forecast period.

Market Key Trends:

The report analyzed significant factors that influence the growth and future prospects of the plastic resin industry. The driving factors that positively impact the demand for resins are also discussed, as are the restraining and encouraging factors that can affect the growth of plastic resin markets. In the report, trends shaping the market, as well as their impact on the market’s growth, are discussed. Other qualitative factors, such as risks related to operations and significant problems faced by market players, are also included in this report.

Plastics are commonly used for different packaging products in films, trays, or corrugated boxes. The market is expected to grow because of the growing demand from the pharmaceutical, food & drink, consumer goods, and e-commerce markets.

Recent development:

  • Toray opened a new technical facility in Munich, Germany (AMCEU) on July 20, 2021. Toray Resins Europe GmbH will get the benefit of the new facility. This company markets and sells high-performance compounds.
  • Arkema launched the production of Amino 11 and its flagship Rilsan high-performance polymers Rilsan polyamide 11 at its new Jurong Island, Singapore plant in April 2021. Arkema’s global polyamide 11 capacity will be increased by 50% thanks to this factory, whose production will be 100% sourced from renewable castor beans.

Some of the leading players in the Plastic Resins Industry include:

  • Dow
  • Lyondell Basell
  • Exxon Mobil
  • SABIC
  • INEOS
  • BASF
  • ENI
  • LG Chem
  • Chevron Phillips
  • Lanxess

Segmentation Overview:

Type

  • High-Density Polyethylene (HDPE)
  • Low-Density Polyethylene (LDPE)
  • Polyethylene Terephthalate (PET, PETE)
  • Polypropylene (PP)
  • Polystyrene
  • Polyvinyl Chloride (PVC, Vinyl)
  • Others

Application

  • Packaging
  • Building Materials
  • Automobiles
  • Furniture
  • Toys
  • Others

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Frequently Asked Questions (FAQ):

  • What is the current size and growth rate of the plastic resin market?
  • What are the major driving factors of the growth in the plastic resin market?
  • Which product segment had the highest revenue share in the plastic resins market?
  • How significant is the revenue share of the plastic resin market?
  • What region will account for the most significant percentage of the plastic resins market’s revenue in 2021?
  • Which are the major players in the global plastic resin market?

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