Focus on producing more cost-effective and reliable packaging materials, increasing use of plastic resins in injection molding processes, and improvements in performance of plastics are some key factors expected to drive market growth
NEW YORK, Jan. 5, 2022 /PRNewswire/ — Reports and Data has published its latest report titled “Plastic Resins Market, By Product (Engineering Plastic, Crystalline, Non-crystalline, Super Engineering Plastic), By Application (Packaging, Electrical & Electronics, Automotive, Construction, Consumer Goods), and By Region Forecast to 2028.”
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According to the latest report by Reports and Data, the global plastic resins market size was USD 419.88 billion in 2020 and is expected to reach USD 588.02 Billion in 2028 and register a CAGR of 4.3% during the forecast period, 2021-2028.
Drivers, Restraints, and Opportunities
Plastic is used for production of a majority of products used in countries across the globe and has enabled manufacturers to create products with robust packaging. Plastic resins form the base of all plastics and are transformed through different processes to cater to specific needs. Plastic resins have a wide range of applications across a wide range of end-use industries and every plastic resin has unique properties. Plastic resins are largely used in pharmaceutical industry for packaging of medical products that require good dimensional and heat stability and this is a key factor expected to drive market revenue growth over the forecast period. In addition, plastic resins are extensively used for packaging materials for food and beverages and this is another factor expected to contribute to market growth over the forecast period.
Plastic resins have been gaining preference for manufacturing of packaging materials due to numerous benefits and advantages. Plastic resins undergo cracking processes wherein the resins are created with high heat that breaks down and cracks the hydrocarbons. After cracking, different compounds created are then formed into chain and these different chains of polymers enabler resin manufacturers to create plastics with different characteristics. This further expands the application scope of plastic resins such as Polyethylene Terephthalate (PET) is used for manufacturing soft drink bottles and higher density polyethylene is used for thicker bottles. Plastic resins, such as PET, are widely used in pharmaceutical and biotechnology industry owing to durability, scratch resistance, and excellent barrier properties. Majority of plastic containers used in clinical settings made from PET are lightweight and safe. Plastic resins are also used in the fibers that are used to manufacture carpets, microwavable containers, credit cards, bumpers of vehicles, and wallpapers, among others. In addition, increasing investment in building and infrastructure development has further boosted demand for plastic resins for production of materials and products such as insulation, roofing, and piping, among others are expected to contribute to revenue growth of the market going ahead. Plastic resins can be easily recycled and this has further boosted use across various end-use industries and is expected to further contribute to revenue growth of the market over the forecast period.
However, volatility of raw materials prices due to variation in crude oil prices and challenges with the global supply chain of plastic resins are some key factors expected to restrain market revenue growth to some extent over the forecast period.
To identify the key trends in the industry, research study at https://www.reportsanddata.com/report-detail/plastic-resins-market
COVID-19 Impact Analysis
Social distancing and restrictions severely disrupted businesses and operations
Lockdowns caused disruptions in transportation and logistics
Impacted manufacturing activities and mining operations globally
Took a toll on economy of various countries
Caused sudden and drastic downturn in economic activity
Disrupted agriculture, fisheries, dairy, and other sectors
Caused loss of employment and financial crisis
Supply impacts were further compounded owing to reduced disposable income
Emergence of variants continue to cause concerns and impact normal routines
Crystalline Segment to Account for Largest Revenue Share:
Crystalline segment is expected to dominate other product segments in terms of revenue share over the forecast period, attributable to increasing use of crystalline plastic resins such as polyethylene in packaging industry, for producing cable materials for insulation, and pipes and tubes. Polypropylene is used in food packaging due to its excellent barrier properties and ability to preserve quality and taste of food products and this is another factor contributing to revenue growth of the segment.
Packaging Segment to Register Significant Revenue Growth:
Packaging segment is expected to register significantly rapid revenue growth over the forecast period owing to increasing demand for plastic packaging from healthcare, pharmaceutical, and food industries, increasing purchase of products through online channels, and rapid increase in e-Commerce shipments. In addition, plastic resin packaging is durable, tough, flexible, resistant to impact, have excellent gas and moisture barrier properties, and these factors are further boosting its adoption in the packaging industry.
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Asia Pacific Market Revenue to Expand Significantly:
Asia Pacific is expected to register significantly robust revenue growth rate over the forecast period, attributable to increasing demand for plastic packaging materials for food products and pharmaceutical products, rising preference for shopping through e-Commerce platforms, increasing construction activities, rising focus on more energy -efficient buildings, and growing use of plastic resins in packaging of medical supplies.
North America to Account for a Significantly Large Revenue Share:
North America is expected to account for a significantly large revenue share over the forecast period, attributable increasing use of plastic resins in packaging and healthcare sectors, growing demand for strong and resilient plastic packaging materials due to increasing retail sales and robust presence of key market players in countries in the region.
Major Companies in the Market Include:
Saudi Basic Industries Corporation (SABIC)
Evonik Industries AG
Eastman Chemical Company
Chevron Phillips Chemical Company, LLC
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For the purpose of this report, Reports and Data has segmented the global plastic resins market on the basis of product, application, and region:
Product Outlook (Revenue, USD Billion; 2018-2028)
Application Outlook (Revenue, USD Billion; 2018-2028)
Electrical & Electronics
Furniture & Bedding
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Regional Outlook (Revenue, USD Billion; 2018-2028)
Middle East & Africa
Some points on how the report benefits stakeholders:
The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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