Plastic Resins Market Industry Share Growth with Industry Study Pandemic Future Prospects WITH Impact of Analysis, In Depth Insight, Growth & Research Finding

Press Release from Future Market Insights

The global plastic resins market is expected to reach a market valuation of  US$ 764 Billion  by the year 2022, accelerating with a moderate CAGR of 4.5%  by 2022-2032.  Plastic Resins market size  is anticipated to be valued at about  US$ 1186 Billion  by 2032 end.

Due to the rising demand for packaged food and beverages, the plastic resins industry is anticipated to experience significant expansion. Perishables are given a longer shelf life by plastic packaging, which also shields them from outside elements that can compromise the product's quality.

The need for packaged foodstuff is being driven by hectic work and personal schedules, which is pushing up demand for plastic resins. Moreover, the plastic resins market will benefit from the rising demand for consumer goods.

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The primary aspect influencing the plastic resins market expansion is rising item interest from the automotive, electrical, and electronics industries. It is expected that the rapidly expanding global auto industry will spur interest in certain products, such as those used in applications like engine parts, automobile exteriors, and interiors and increase the adoption of plastic resins.

The demand for small, lightweight multi-utility vehicle models that prioritize comfort and style has prompted an increase in the use of resins in the automotive industry. This has also changed the plastic resins market outlook.

The significant demand from the food and beverage industry is likely to cause the demand for plastic resins to rise rapidly throughout the forecast period. The demand for processed, ready-to-eat, and ready-to-cook food products has significantly increased as a result of the growing population and an increase in disposable income.

The growing awareness of waste and its associated costs is another factor influencing the demand for packaged foods and increasing the sales of plastic resins.

In the past few decades, packing techniques and materials have seen substantial improvement. One of the most significant technological developments in the plastic resins industry is the creation of bioplastic. Businesses have begun using bioplastic and other plant-based packaging techniques. For instance, to promote the use of PHA, a biodegradable polymer, in single-use packaging applications, Milliken and Company joined the global organisation of PHA (GO! PHA).

Key Takeaways from Market Study

  • P lastic 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 .
  • With about 45% of the revenue share in the  plastic resins market  worldwide in 2020, Asia Pacific is the market leader.

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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.

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.

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

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East and Africa

Table of Content

  1. Executive Summary

    1.1. Global Market Outlook

    1.2. Demand-side Trends

    1.3. Supply-side Trends

    1.4. Technology Roadmap Analysis

    1.5. Analysis and Recommendations

  1. Market Overview

    2.1. Market Coverage / Taxonomy

    2.2. Market Definition / Scope / Limitations

  1. Market Background

    3.1. Market Dynamics

        3.1.1. Drivers

        3.1.2. Restraints

        3.1.3. Opportunity 

        3.1.4. Trends

    3.2. Scenario Forecast

        3.2.1. Demand in Optimistic Scenario

        3.2.2. Demand in Likely Scenario

To Continue TOC…

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Future Market Insights (ESOMAR certified 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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