The plastic resins market size is projected to be valued at US$ 798.38 billion in 2023 and is expected to rise to US$ 1,239.86 billion by 2033. The sales of plastic resins are expected to capture a significant CAGR of 4.5% during the forecast period.
Resins used in plastic packaging are incredibly strong, flexible, non-corrosive, safe, and long-lasting. Plastic resins’ strength offers defense against electronics and delicate things. Perishables have a long shelf life and are protected from pollutants and dust thanks to plastic packing.
One of the environment-friendly packaging options on the market is plastic resin, which uses less energy to produce than metals and other packaging substitutes. One of the main reasons for the rising demand for plastic resins is their ease of molding. The packaging resins industry might develop in the coming years as a result of these superior features and the relatively low cost than alternatives.
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Key Takeaways:
- In terms of application, the packaging category dominates the plastic resins market with a revenue share of over 36% in 2021. In addition, the growth of the packaging industry and the increasing demand for packaged goods and beverages contribute to the market’s performance.
- In North America, the plastic resins market is witnessing growth due to the region’s development, industrialization, and advancements in packaging technology. Further, the demand for plastic packaging is expected to increase in response to demographics and customer preferences.
- Asia Pacific leads the global plastic resins market with around 45% of the revenue share in 2020, and it is projected to maintain its dominance.
- China plays a significant role in the region, accounting for around 35% of the global plastic resin market. The country’s substantial production capacity and high density of plastic manufacturing facilities contribute to its market leadership.
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Recent Developments
- BASF began marketing polyamide (PA) and polyphthalamides (PPA) grades in Europe on February 1, 2022, as part of its acquisition of Solvay’s PA66 business. Under humid and high-temperature situations, Ultramid® One J (PA66/6T) offers good mechanical and dielectric qualities.
- Companies have also launched several initiatives in response to the worldwide epidemic. Eastman Chemical Company, for example, gave around 1,000 feet of PETG film to Austin Peay State University in Clarksville in March 2021 for the creation of 3D-printed face shields.
Key Segments Covered in the Plastic Resins Market Report
By Product:
- Crystalline
- Epoxy
- Polyethylene
- Polypropylene
- Non-crystalline
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Acrylonitrile Butadiene Styrene (ABS)
- Polymethyl Methacrylate (PMMA)
- Engineering Plastic
- Nylon
- Polybutylene Terephthalate (PBT)
- Polycarbonate (PC)
- Polyamide
- Super Engineering Plastic
- Polyphenylene Sulfide (PPS)
- Polyether Ether Ketone (PEEK)
- Liquid Crystal Polymer (LCP)
By Application:
- Packaging
- Food
- Beverage
- Medical
- Retail
- Others
- Automotive
- Construction
- Electrical & Electronics
- OA Equipment and Home Appliances
- Electronic Materials
- Others
- Logistics
- Consumer Goods
- Textiles & Clothing
- Clothing
- Industrial use
- Others
- Furniture & Bedding
- Agriculture
- Medical Devices
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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