Plastic resins are utilized in the automotive industry for applications such as under-the-hood components, interiors, and exteriors. Market growth is driven by product usage in the construction, automotive, electrical, and electronics industries. The use of resins as a substitute for steel and aluminum in the fabrication of automotive components has resulted from regulatory intervention to reduce gross vehicle weight to increase fuel efficiency and reduce carbon emissions.
Convenience features such as easy-opening, resalable packs, smaller pack sizes for single-servings, and stand-up pouches are introduced, along with more promotional packs to attract customers. Similarly, recent advances in the development of biodegradable polymers that degrade spontaneously as a result of the activity of microorganisms such as bacteria, algae, and fungi are gaining attention.
Major Growth Factors for Plastic Resins Market
Plastic resin demand is expected to rise in the healthcare sector due to the increased production of Personal Protective Equipment (PPE) kits, face masks, medical gowns, face shields, and other medical devices. This is primarily due to the sudden outbreak of COVID-19. Increased production of passenger vehicles and heavy commercial vehicles, owing to increased demand from the e-commerce transportation and logistics industry. Furthermore, the rising demand for electric and self-driving vehicles drives an increase in passenger vehicle production, which drives the growth of the plastic resins market.
Key Insights for Plastic Resins Market
- The crystalline resin product accounted for the majority of revenue and is expected to maintain its dominance in the coming years. Because of rising demand from food and packaging, medical, and stretch wraps applications, polyethylene (PE) resin is the market leader in the crystalline resin sub-segments.
- Engineering plastic products accounted for a smaller share of the global plastic resins market in comparison to other products, but are expected to grow rapidly in the coming years due to their superior thermal and mechanical properties, dimensional stability, and wear and chemical resistance.
- There was a huge surge in demand for resin-related consumer items such as packing materials and hygiene products during the early stages of the COVID-19 pandemic. Demand for resin-related consumer items used in the automotive, construction, and other industry sectors, on the other hand, fell significantly. Amid pandemic governments of several countries-imposed lockdowns. This has created a demand-supply imbalance, price volatility emerged, and a scarcity of raw materials took place.
- Asia Pacific’s regional market is expected to witness substantial growth in the coming years, on account of increased investments by public and private manufacturers in the region coupled with rising demand from various end-use industrial verticals.
Competitive Scenario for Plastic Resins Market
The global plastic resins market is highly fragmented with the presence of several regional and international participants. With the higher level of vulnerability in product type, industry participants face intense competition among themselves. Furthermore, stringent government laws governing the use of plastic products limit the degree of competition and market growth. Prominent players present in the market are Evonik Industries AG, Celanese Corporation, Toray Industries, Inc., Arkema S.A., Formosa Plastic Group, Chevron Phillips Chemical Co., Sumitomo Chemical Company, and DuPont, LLC.
Deep-dive Insights on Plastic Resins Market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/plastic-resins-market/request-for-sample