The global plastic resins market is poised for significant growth, with a projected market valuation of US$ 764 billion by 2022, and a moderate compound annual growth rate (CAGR) of 4.5% from 2022 to 2032. By the end of 2032, the market size is expected to reach approximately US$ 1,186 billion.
The increasing demand for plastic resins is primarily fueled by the food and beverage industry’s need for packaging solutions. Plastic packaging offers perishable products a longer shelf life and protection from external elements, ensuring product quality. As consumers lead busier lifestyles, there is a higher demand for packaged food items, further driving the growth of the plastic resins market. Additionally, the rising demand for consumer goods is also positively impacting the market.
Industries such as automotive, electrical, and electronics are also key contributors to the expansion of the plastic resins market. The rapid growth of the global automotive industry is expected to drive the demand for specific plastic resin products used in engine parts, automobile exteriors, and interiors. The demand for resins in the automotive sector has surged due to the preference for small, lightweight, and versatile vehicle models that prioritize comfort and style.
Throughout the forecast period, the food and beverage industry will remain a significant driver of plastic resin demand. The growing global population and increased disposable income have led to a substantial rise in the demand for processed, ready-to-eat, and ready-to-cook food products. Furthermore, heightened awareness of waste and associated costs has contributed to the increased demand for packaged foods, further boosting the sales of plastic resins.
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Technological advancements, especially in the development of bioplastics, have played a pivotal role in the plastic resins industry. Companies are increasingly adopting bioplastic and plant-based packaging techniques. Notably, the use of PHA (a biodegradable polymer) in single-use packaging applications is being promoted by organizations like Milliken and Company, who have joined the global organization of PHA (GO! PHA). These innovations are expected to further propel the growth of the plastic resins market.
Key Takeaways from Market Study
- Plastic resinsare 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 resinsmarket 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.
- Asia Pacific is the market leader with about 45% of the revenue share in the plastic resins market worldwide in 2020.
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.
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Regional Analysis: Plastic Resins Market Performance
North America: Growing Demand for Plastic Resins in Packaging
The plastic resins market in North America is experiencing growth due to the region’s development and industrialization. Modern packaging technology and improvements in manufacturing processes are driving the demand for plastic resins. The projection period anticipates an increase in the need for plastic packaging, driven by demographics and customer preferences.
Asia Pacific: Market Leader in Plastic Resins
The Asia Pacific region holds the largest market share in the plastic resins market, accounting for about 45% of the revenue worldwide in 2020. It is predicted to continue dominating the market in the forecast period. China plays a significant role in the region, accounting for approximately 35% of the global plastic resin market.
China’s dominance can be attributed to its substantial production capacity and a high density of plastic manufacturing facilities. With over 15,000 plastic manufacturers, China possesses around one-fourth of the world’s plastic production capability.
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
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By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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