The plastic resins market is projected to reach a market valuation of US$764 billion by 2022, with a moderate CAGR of 4.5% from 2022 to 2032. By the end of 2032, the market size is expected to be approximately US$1,186 billion.
The demand for plastic resins is being driven by the increasing need for packaged food and beverages. Plastic packaging provides perishable items with a longer shelf life and protection from external elements, thereby maintaining product quality.
Busy work schedules and personal lifestyles have led to a higher demand for packaged food, further fueling the demand for plastic resins. Additionally, the rising demand for consumer goods contributes to the growth of the plastic resins market.
One of the primary factors driving the expansion of the plastic resins market is the growing demand from industries such as automotive, electrical, and electronics. The global automotive industry’s rapid growth is expected to drive the demand for specific products, including those used in engine parts, automobile exteriors, and interiors, resulting in increased adoption of plastic resins.
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The automotive industry’s shift towards smaller, lightweight, multi-utility vehicle models that prioritize comfort and style has also impacted the outlook of the plastic resins market.
The food and beverage industry’s significant demand is expected to lead to a rapid increase in the demand for plastic resins throughout the forecast period. The growing population and rising disposable income have resulted in increased demand for processed, ready-to-eat, and ready-to-cook food products.
Increasing awareness of waste and associated costs is another factor influencing the demand for packaged foods and driving sales of plastic resins.
Technological advancements have significantly improved packaging techniques and materials in recent decades. The development of bioplastics stands out as one of the most notable advancements in the plastic resins industry. Businesses have started adopting bioplastics and other plant-based packaging methods.
For example, in an effort to promote the use of PHA (a biodegradable polymer) in single-use packaging applications, Milliken and Company joined the Global Organization for PHA (GO!PHA). These initiatives contribute to the growing use of sustainable packaging materials in 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.
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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.
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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
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