Plastic Resins

Plastic Resins Market Size Valuation Will Reach to US$ 960 Billion by 2030 Plastic Resins Market Size, Share and Growth Analysis - Global Industry Analysis, Trends, Regional Outlook, and Forecast 2021 - 2030

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[150+ Pages Report] The plastic resins market size in terms of value is projected to reach $ 960 billion by 2030, at a CAGR of 4.7% between 2021 and 2030, according to a 2021 study by Precedence Research, the Canada based market insight company.

The study provides the overall revenue of the global plastic resins market from 2017 to 2030, considering 2020 as the base year and 2030 as the forecast year.

The global plastic resins market research report gives a brief summary of definitions, size analysis, and place of production, sales, applications, types, and major players/key vendors of the plastic resins industry. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post-COVID-19 marketplace. This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.

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Growth Factors

Rising demand for lighter materials in the manufacturing process of automobiles significantly drives the market growth for the global plastic resins. Further, increasing demand for electric vehicles and autonomous vehicles has prominently increased the number of electronic components in the vehicle that in turn escalates the overall weight of the vehicle. Hence, lighter materials for automotive components helps in reducing and maintain the vehicle’s body size and weight ratio. Plastic resins are highly efficient in reducing the weight of the vehicle to a significant level. Poly-Vinyl Chloride (PVC), polypropylene, polyamide, Acrylonitrile Butadiene Styrene (ABS), and Polybutylene Terephthalate (PBT) are some of the frequently used plastic resins in the automotive industry.

Moreover, the introduction of bio-degradable plastics has revolutionized the plastic industry as almost all manufacturers are focused towards the manufacturing of bio-degradable plastics. Governments of various regions have also introduced stringent regulations for the use of bio-degradable plastics that again give advantage to the manufacturers in huge production of bio-degradable plastics.

Developed regions such as North America and Europe exhibit prominent growth in the packaged foods & beverages owing to sedentary lifestyle and food habits that spurs the market growth for plastic resins. In addition, stringent government regulations for safe usage of plastic materials especially in the food & beverage industry are likely to support the market growth during the upcoming years.

Report Highlights

  • The Asia Pacific dominated the global plastics resins market in the year 2020 owing to highest plastics production concentrated in the region
  • North America and Europe exhibit moderate growth during the forecast period because of stringent regulation imposed by the government on plastic usage
  • Based on product, crystalline segment led the global plastic resins market and accounted for a market revenue of approximately 61% in the year 2020
  • Engineering plastic product segment exhibit exponential growth over the analysis period because of its significant application in semiconductor packaging
  • Packaging application captured the largest revenue share of more than 35% in the year 2020 owing to rising demand for packaged food & beverages
  • Automotive application experienced accelerating growth during the upcoming time period because of increasing demand for light weight vehicles

Regional Snapshots

The Asia Pacific is the market leader in terms of revenue for the global plastic resins market in the year 2020 and predicted to retain its dominance during the forecast period. China is the front-runner in the Asia Pacific region accounting for the largest production capacity across the region as well as the world. The region captured nearly 51% of the total plastic production across the world with China accounting for 28% of the production share. The plastic production in the region anticipated to rise at a significant rate owing to strict government regulation towards the usage of plastics in the coming year.

On the contrary, North America and Europe witness moderate growth in the global plastic resins market owing to various regulatory policies framed by the government bodies such as Food & Drug Administration (FDA), Environmental Protection Agency (EPA) and many others. These bodies restrict the growth of plastics and their related products in order to protect the environment from being more degraded. Although, these bodies encourage manufacturers to increase their focus towards the production of bio-degradable products.

Report Coverage:

Report Highlights Details
Market Size US$ 960 Billion by 2030
Growth Rate CAGR of 4.7% from 2021 to 2030
Base Year 2020
Forecast Period 2021 to 2030
Segments Covered Product, Application, Region
Companies Mentioned SABIC, BASF SE, Dow Inc., Sumitomo Chemical, Evonik Industries, Arkema, Teijin Limited, Eastman Chemical Company, Celanese Corporation

Top Players Contending in the Market:

The key companies are aiming towards advanced innovations and are predictable to dominate the target market. Foremost players inspiring in the global plastic resins market are as follows:

  • 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.

Market Segmentation

By Product Outlook

  • Crystalline
    • Polyethylene
    • Epoxy
    • Polypropylene
  • Engineering Plastic
    • Nylon
    • Polycarbonate (PC)
    • Polybutylene Terephthalate (PBT)
    • Polyamide
  • Non-crystalline
    • Polystyrene (PS)
    • Polyvinyl Chloride (PVC)
    • Polymethyl Methacrylate (PMMA)
    • Acrylonitrile Butadiene Styrene (ABS)
  • Super Engineering Plastic
    • Polyether Ether Ketone (PEEK)
    • Polyphenylene Sulfide (PPS)
    • Liquid Crystal Polymer (LCP)

By Application Outlook

  • Automotive
  • Packaging
    • Beverage
    • Retail
    • Food
    • Medical
    • Others
  • Construction
  • Consumer Goods
  • Logistics
  • Electrical & Electronics
    • Electronic Materials
    • OA Equipment & Home Appliances
    • Others
  • Textiles & Clothing
    • Industrial use
    • Clothing
    • Others
  • Agriculture
  • Furniture & Bedding
  • Medical Devices
  • Others

Regional Segmentation

  • North America (U.S. and Canada)
  • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, Japan, India, Southeast Asia and Rest of APAC)
  • Latin America (Brazil and Rest of Latin America)
  • Middle East and Africa (GCC, North Africa, South Africa, Rest of MEA)

Some of the key highlights of the report are:

  • Market Demand Outlook – The report offers refined forecasts on potential growth prospects for the market. Based on data derived after thorough research by a team of expert analysis, Precedence Research presents the most precise rate of growth for the market for the assessment period starting from 2021 – 2030.
  • Supply Chain Analysis – The purpose of the survey is to help companies identify potential scope for supply chain expansion. The study also presents analysis of unprecedented threats.
  • Competitive Landscape Analysis – Some of the leading companies operating in the plastic resins market are profiled in the market study. The report also underscores winning strategies adopted over the last few years and gauges impact of the same on growth trajectory exhibited by the market over the last few years.

Why should you invest in this report?

If you are aiming to enter the global plastic resins market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for plastic resins are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

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Precedence Research

Precedence Research is a worldwide market research and consulting organization. We give unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings.

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