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Plastic Resins Market Forecasted to Reach Value of Around US$ 960 Bn by 2030

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Plastic resins refer to a diverse class of polymers that consist of wide range of synthetic and semi-synthetic compounds that are malleable and can be molded into solid product of different shapes. Basic structure of different plastic resins is decided by the chain formulation process from monomer units by chemical reactions. Different properties of plastic polymers are decided by the chain structure of the carbon-hydrogen bond.

According to Precedence Research, the global plastic resins market was estimated at US$ 682.50 billion in 2020 and is projected to reach US$ 960 billion by 2030, registering a CAGR of 4.7% from 2021 to 2030. The report contains 150+ pages with detailed analysis.

The report provides the overall revenue of the global plastic resins market from 2017 to 2030, considering 2020 as the base year and 2030 as the forecast year. The study includes drivers and restraints of this global market. It offers a thorough analysis of the market revenue status, growth, future trends, and forecast of the global plastic resins market for the period from 2017 to 2030.

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Scope of the Study

This market report studies market dynamics, status and outlook especially in North America, Europe and Asia-Pacific, Latin America, Middle East and Africa. This research report offers scenario and forecast (revenue/volume), and categorizes market by players, product, application, and region. This report also studies global market prominence, competitive landscape, market share, growth rate market dynamics such as drivers, restraints and opportunities, and distributors and sales channel.

This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers competitive scenario which comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.

Growth Factors

Rising demand for lighter materials in the manufacturing process of automobiles significantly drives the market growth for the global plastic resins. Further, increasing demand for electric vehicles and autonomous vehicles has prominently increased the number of electronic components in the vehicle that in turn escalates the overall weight of the vehicle. Hence, lighter materials for automotive components helps in reducing and maintain the vehicle’s body size and weight ratio. Plastic resins are highly efficient in reducing the weight of the vehicle to a significant level. Poly-Vinyl Chloride (PVC), polypropylene, polyamide, Acrylonitrile Butadiene Styrene (ABS), and Polybutylene Terephthalate (PBT) are some of the frequently used plastic resins in the automotive industry.

Moreover, the introduction of bio-degradable plastics has revolutionized the plastic industry as almost all manufacturers are focused towards the manufacturing of bio-degradable plastics. Governments of various regions have also introduced stringent regulations for the use of bio-degradable plastics that again give advantage to the manufacturers in huge production of bio-degradable plastics.

Developed regions such as North America and Europe exhibit prominent growth in the packaged foods & beverages owing to sedentary lifestyle and food habits that spurs the market growth for plastic resins. In addition, stringent government regulations for safe usage of plastic materials especially in the food & beverage industry are likely to support the market growth during the upcoming years.

Report Highlights

  • The Asia Pacific dominated the global plastics resins market in the year 2020 owing to highest plastics production concentrated in the region
  • North America and Europe exhibit moderate growth during the forecast period because of stringent regulation imposed by the government on plastic usage
  • Based on product, crystalline segment led the global plastic resins market and accounted for a market revenue of approximately 61% in the year 2020
  • Engineering plastic product segment exhibit exponential growth over the analysis period because of its significant application in semiconductor packaging
  • Packaging application captured the largest revenue share of more than 35% in the year 2020 owing to rising demand for packaged food & beverages
  • Automotive application experienced accelerating growth during the upcoming time period because of increasing demand for light weight vehicles

Regional Snapshots

The Asia Pacific is the market leader in terms of revenue for the global plastic resins market in the year 2020 and predicted to retain its dominance during the forecast period. China is the front-runner in the Asia Pacific region accounting for the largest production capacity across the region as well as the world. The region captured nearly 51% of the total plastic production across the world with China accounting for 28% of the production share. The plastic production in the region anticipated to rise at a significant rate owing to strict government regulation towards the usage of plastics in the coming year.

On the contrary, North America and Europe witness moderate growth in the global plastic resins market owing to various regulatory policies framed by the government bodies such as Food & Drug Administration (FDA), Environmental Protection Agency (EPA) and many others. These bodies restrict the growth of plastics and their related products in order to protect the environment from being more degraded. Although, these bodies encourage manufacturers to increase their focus towards the production of bio-degradable products.

COVID-19 Impact:

The industrial report mentions the influence of the ongoing COVID-19 pandemic. The outbreak has caused disturbances in several industries and has hammered the logistics, resulting in delayed deliveries and cancellation of product demand. The plastic resins report proficiently explains the resulting factors and concerns of manufacturers. Researchers have also well-explained how the producers and providers will tackle the ongoing epidemic and the key strategies to be adopted post-pandemic for turning their businesses back to normal.

Key Players & Strategies

The prominent industry players in the global plastic resins market witness intense competition among each other because of higher degree of market vulnerability for the new entrants. The market is very niche and does not require large amount of investment in its initial phase as well as bio-degradable technologies in plastics products influence large number of market participants to expand their business area along with this encourages new players to invest in this area.

Key industry players are significantly focused towards strengthening their presence in the emerging markets such as Middle East & Africa, Asia Pacific, and Latin America. For example, in December 2018, DowDuPont announced to invest US$ 80 million for establishing its new manufacturing facility in Shanghai, China and predicted to start the operation of the new plant by the year 2021. The new manufacturing plant is dedicated for the production of plastics and adhesives

  • SABIC
  • BASF SE
  • Dow Inc.
  • Sumitomo Chemical
  • Evonik Industries
  • Arkema
  • Teijin Limited
  • Eastman Chemical Company
  • Celanese Corporation
  • Chevron Phillips Chemical Co., LLC
  • Exxon Mobil Corporation
  • Lotte Chemical Corporation
  • Formosa Plastics Corporation
  • Toray Industries, Inc.
  • Covestro AG
  • Mitsui & Co. Plastics Ltd.

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Precedence Research has segmented the global Plastic Resins Market report on the basis of product, application, and region:

By Product Outlook

  • Crystalline
    • Polyethylene
    • Epoxy
    • Polypropylene
  • Engineering Plastic
    • Nylon
    • Polycarbonate (PC)
    • Polybutylene Terephthalate (PBT)
    • Polyamide
  • Non-crystalline
    • Polystyrene (PS)
    • Polyvinyl Chloride (PVC)
    • Polymethyl Methacrylate (PMMA)
    • Acrylonitrile Butadiene Styrene (ABS)
  • Super Engineering Plastic
    • Polyether Ether Ketone (PEEK)
    • Polyphenylene Sulfide (PPS)
    • Liquid Crystal Polymer (LCP)

By Application Outlook

  • Automotive
  • Packaging
    • Beverage
    • Retail
    • Food
    • Medical
    • Others
  • Construction
  • Consumer Goods
  • Logistics
  • Electrical & Electronics
    • Electronic Materials
    • OA Equipment & Home Appliances
    • Others
  • Textiles & Clothing
    • Industrial use
    • Clothing
    • Others
  • Agriculture
  • Furniture & Bedding
  • Medical Devices
  • Others

By Regional Outlook

North America

  • U.S.
  • Canada

Europe

  • U.K.
  • Germany
  • France

Asia Pacific

  • China
  • India
  • Japan
  • South Korea

Rest of the World

Why should you invest in this report?

If you are aiming to enter the global plastic resins market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for plastic resins are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2030 so that you can plan your strategies to enter this market accordingly.

Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.

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