Global Plastic Resins Market Size By Product, By Application, By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Global Plastic Resins Market Size By Product, By Application, By Geographic Scope And Forecast
Plastic Resins Market Size And Forecast
Plastic Resins Market size was valued at USD 417.7 Billion in 2024 and is projected to reach USD 589.49 Billion by 2031, growing at a CAGR of 4.40% during the forecast period 2024-2031.
Global Plastic Resins Market Drivers
The market drivers for the Plastic Resins Market can be influenced by various factors. These may include
Increasing Demand From End-Use Industries Plastic resins are widely used by the automotive, construction, electronics, and healthcare industries. The market is significantly driven by the demand from these industries.
Population Growth And Urbanisation Products manufactured of plastic resins, such as consumer goods, building materials, and packaging materials, are in greater demand as the world’s population continues to rise, especially in urban areas.
Technological Developments Continuous improvements in the processes used to make plastic resins result in better products in terms of performance, quality, and affordability, which propels market expansion.
Environmental Rules And Sustainability Concerns Demand for sustainable alternatives, such bio-based and biodegradable plastics, is driven by increased environmental consciousness and stringent rules on single-use plastics. This has an impact on market dynamics.
Transition To Lightweight And Fuel-Efficient Cars The automotive sector’s emphasis on lowering vehicle weight to improve fuel economy and comply with regulations raises demand for lightweight composites and polymers, which propels the Plastic Resins Market.
Consumer Preferences And Lifestyle Shifts Shifting consumer preferences towards sustainability, ease of use, and aesthetics affect the market for plastic resins by driving up demand for plastic items.
Infrastructure Development The need for building materials, such as plastic resins used in pipes, fittings, insulation, and other uses, is fueled by infrastructure development initiatives, particularly in rising nations.
Economic Development And Industrialization In developing nations, these factors promote infrastructural development and a rise in industry, which in turn increases demand for plastic resins.
Globalisation And Commerce Dynamics The dynamics of supply and demand for plastic resins are influenced by geopolitical considerations, tariffs, and patterns of global commerce, which in turn affects market expansion.
Prices And Availability Of Raw Materials The pricing and availability of raw materials like petrochemicals, natural gas, and crude oil have a direct impact on the costs associated with producing plastic resins, which in turn affects market dynamics.
Global Plastic Resins Market Restraints
Several factors can act as restraints or challenges for the Plastic Resins Market. These may include
Environmental Concerns Growing public awareness of the harm plastics, particularly single-use plastics, bring to the environment has resulted in new laws and a movement in consumer preferences towards more environmentally friendly options.
Regulations Governments all over the globe are putting more restrictions on the manufacture, use, and disposal of specific plastics. These restrictions may include outright bans on certain plastic goods or additives, which may have an impact on the market for plastic resins.
Substitution The market for plastic resins may not expand as quickly as it would if biodegradable and environmentally friendly materials were used instead of conventional plastics.
Price Volatility For Raw Materials The cost and accessibility of raw materials, which are the main sources of feedstock for plastic resins and include natural gas and crude oil, can vary, which can have an effect on the growth of the market and the profitability of producers.
Consumer Preference Shift The demand for plastic resins may decline if consumers start favouring products made of other materials or with less plastic packaging.
Trade Policies And Tariffs Supply chains can be disrupted and market dynamics can be impacted by trade disputes and tariffs on plastic resins or related items.
Technological Developments The market for conventional plastic resins may decline as a result of improvements in recycling technologies and the creation of bio-based or substitute materials.
Health Concerns As people become more aware of the possible health dangers connected to some plastic kinds, especially those that include dangerous compounds like bisphenol A (BPA), plastic usage and demand may decrease.
Global Plastic Resins Market Segmentation Analysis
The Global Plastic Resins Market is Segmented on the basis of Product, Application, And Geography.
Plastic Resins Market, By Product
Crystalline Resins Known for their strength, rigidity, and high melting point. Examples include Polyethylene (PE) with subcategories like High-Density PE (HDPE) and Low-Density PE (LDPE), and Polypropylene (PP).
Non-Crystalline Resins More flexible and transparent with a lower melting point. Examples include Polystyrene (PS) and Polyvinyl Chloride (PVC).
Engineering Plastics High-performance options offering superior strength, heat resistance, and chemical resistance. Used in demanding applications like car parts and electronics. Examples include Polyamide (PA), Polycarbonate (PC), and Acrylonitrile Butadiene Styrene (ABS).
Super Engineering Plastics The most advanced and expensive category with exceptional properties. Used in critical applications like aerospace and medical devices. Examples include Polyether Ether Ketone (PEEK) and Ultra-High Molecular Weight Polyethylene (UHMWPE).
Plastic Resins Market, By Application
Packaging The largest and fastest-growing segment, utilizing plastic resins for bottles, bags, films, and containers.
Automotive A wide range of applications including bumpers, fenders, instrument panels, and interior trim.
Construction Pipes, flooring, and roofing materials.
Electrical & Electronics Insulation, connectors, and housings.
Consumer Goods Toys, appliances, and furniture.
Furniture & Bedding Chairs, tables, and mattresses.
Others A category encompassing various applications like agriculture, medical devices, and sporting goods.
Plastic Resins Market, By Geography
North America Market conditions and demand in the United States, Canada, and Mexico.
Europe Analysis of the Plastic Resins Market in European countries.
Asia-Pacific Focusing on countries like China, India, Japan, South Korea, and others.
Middle East And Africa Examining market dynamics in the Middle East and African regions.
Latin America Covering market trends and developments in countries across Latin America.
Key Players
The key players in the plastic resins market include
SABIC
Dow Inc.
Arkema
BASF SE
Covestro AG
Teijin Limited
Celanese Corporation
Lotte Chemical Corporation
Sumitomo Chemical
Toray Industries Inc.
Exxon Mobil Corporation
Eastman Chemical Company
Chevron Phillips Chemical
Formosa Plastics
Evonik Industries
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2021-2031
BASE YEAR
2024
FORECAST PERIOD
2024-2031
HISTORICAL PERIOD
2021-2023
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
SABIC, Dow Inc., Arkema, BASF SE, Covestro AG, Celanese Corporation, Lotte Chemical Corporation, Sumitomo Chemical, Toray Industries Inc
SEGMENTS COVERED
By Product, By Application, And By Geography
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