The global plastic resins market size is expected to reach USD 982.3 billion by 2028 according to a new study by Polaris Market Research. The report “Plastic Resins Market Share, Size, Trends, Industry Analysis Report, By Product (Crystalline, Non-Crystalline, Engineering Plastic, Super Engineering Plastic); By Application; By Region; Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The major factors propelling the resins market growth include increasing demand from the automotive, construction, packaging, and electrical & electronics sector. Increasing demand for contamination-free, long-turn, and eco-friendly packaging is anticipated to fuel the market growth for these resins.
Increasing adoption of electric vehicles and regulatory agencies' intervention to reduce carbon emission as well as to reduce gross vehicle weight to improve fuel efficiency is expected to boost the market growth of these resins over the coming years.
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Polymers are widely used in various applications such as textiles and packaging due to their durability, cost-effective & energy-efficient material, and recyclability properties, which in turn is anticipated to fuel the market growth during the forecast period.
Government agencies such as National Highway Traffic Safety Administration and Environmental Protection Agency have collaborated with European Union and have imposed favorable regulations regarding carbon emission will likely boost the industry demand over the coming years.
In the initial stages of the COVID-19 outbreak, resin-related consumer products along with items such as hygiene and packaging products experienced a dramatic and rapid increase in demand; however, these products started experiencing stubborn decline due to lockdown imposed by several governments and disturbance in the supply chain.
Asia Pacific region is projected to dominate the resins industry during the forecast period due to the presence of major manufacturers in countries such as China. Additionally, factors such as rapid urbanization and a growing economy are also responsible for the industry growth in the region.
Key players operating in the resins industry are Arkema S.A., Chevron Phillips Chemical Co., DuPont, LLC, Celanese Corporation, Dow Chemical, Evonik Industries AG, LyondellBasell, Formosa Plastic Group, SABIC, Teijin Ltd., Sumitomo Chemical Company, and Toray Industries, Inc.
Polaris Market Research has segmented the plastic resins market report on the basis of product, application, and region:
Plastic Resins, Product Outlook (Revenue - USD Million, 2016 - 2028)
Plastic Resins, Application Outlook (Revenue - USD Million, 2016 - 2028)
Plastic Resins, Regional Outlook (Revenue - USD Million, 2016 - 2028)