The global plastic resins market is primarily driven by the increasing demand for plastic in various end-use industries including packaging, automotive, construction, electrical & electronics, and consumer goods. Plastic resins find wide applications in manufacturing of plastic products owing to properties such as durability, flexibility, lightweight and resistance to corrosion. They provide an effective barrier against moisture, air and other gases, thus increasing their utilization in food packaging and foodservice disposables. Moreover, growing infrastructure development activities and rising disposable incomes of consumers are augmenting the sales of home furnishings, furnishings as well as consumer appliances, thereby favoring market growth.
The Global plastic resins market is estimated to be valued at US$ 1,127.35 Bn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031. Key Takeaways Key players operating in the plastic resins market are Dow, DuPont, BASF SE, SABIC, Sumitomo Chemical Co., Ltd., Evonik Industries AG, Celanese Corporation, Eastman Chemical Company, Chevron Phillips Chemical Co., LLC, LOTTE Chemical Corporation, Exxon Mobil Corporation, Formosa Plastics Corporation, TORAY INDUSTRIES, INC., MITSUI & CO. LTD, TEIJIN LIMITED, LG Chem, and Avient Corporation. These players are focusing on capacity expansion and new product launches to meet the growing demand for plastic resins and strengthen their presence across major economies. The Plastic Resins Market Demand is anticipated to witness lucrative growth opportunities owing to increasing production of plastics across developing nations of Asia Pacific and Middle East & Africa. Moreover, the rising demand for sustainable and eco-friendly resins from end-use industries is expected to drive the market. Key players are investing heavily in global expansion through mergers & acquisitions and joint ventures with local players. For instance, in 2021, DuPont completed the spin-off of its Nutrition & Biosciences segment to form an independent, publicly traded company under the name International Flavors & Fragrances. This helped both companies to focus more on their core businesses. Market Drivers One of the key drivers for the plastic resins market is the growth of the packaging industry. Plastic resins find extensive usage in manufacturing of flexible packaging, rigid packaging, and films & sheets. Flexible packaging solutions offer advantages like lightweight properties, durability and convenience. Growing e-commerce sector is also driving the demand for effective packaging solutions made using plastic resins. Market Restraints Stringent environmental regulations regarding single-use plastics by various governments around the world can hamper the market growth. Many countries have banned certain single-use plastic products or have imposed taxes on plastic packaging. This is expected to restrain the consumption of plastic resins in packaging applications. However, increasing adoption of sustainable packaging made from biodegradable and recyclable resins is expected to overcome this restraint. Segment Analysis Polyethylene terephthalate (PET) segment holds the major share of plastic resins market currently. PET is extensively used for packaging water bottles, carbonated soft drinks bottles, food packaging and other beverage bottles due to its mechanical strength and barrier properties. Rising demand for packaged food & beverages across the globe has been driving the PET segment. Low density polyethylene (LDPE) segment is also capturing significant share owing to its widespread application in manufacturing plastic bags & pouches, synthetic paper, bottle caps, squeeze bottles and other products. It provides excellent clarity, flexibility and barrier against moisture. Global Analysis Asia Pacific dominates the global plastic resins market with the largest share currently. The rapid growth of packaging, automotive and construction industries in emerging economies of China, India and Southeast Asian countries has been augmenting the demand for plastic resins in the region. High economic growth, rising population, growing middle class and increased industrial investments are some key factors propelling the plastic resins consumption in Asia Pacific. North America is another major regional market driven by well-established end-use industries along with focus on innovation and technological advancements of plastic resins. Initiatives towards sustainability and use of plastic resins are supporting the market expansion. Get more insights on – Plastic Resins Market About Author: Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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