Plastic Resins Market: Current Analysis and Forecast (2021-2027)

The global plastic resins market is likely to showcase a growth of around 5% during the forecast period. Over the years, plastics have made strong upheld in a large number of industries owing to their characteristics like good chemical and temperature resistance; providing strength, toughness, stiffness; and resist wear and abrasion. Industries like automobiles including transportation, electrical & electronics, construction, and packaging are some of the major consumers of plastic owing to its industry-preferred properties like lower weight couple with help in reducing the cost without compromising on quality. According to industry experts, there are about 30,000 parts in a vehicle, out of which 1/3 are made of plastic. In total, about 39 different types of basic plastics and polymers are used to make an automobile. The use of plastic in an automobile helps in cost-cutting, weight reduction, and higher fuel efficiency.

Moreover, plastic is widely used in the packaging industry. In countries like India, where around 40% of the food items perished before reaching the market. This issue presents a huge opportunity for plastic packaging manufacturers. However, currently, most plastics are derived using crude-oil-based raw materials owing to which the price of plastic raw materials is highly dependent on the international crude-oil market, which is highly fluctuating, thus manufacturers find difficulty in maintaining profit margins.

Insights Presented in the Report

"Amongst type, PP resins held a prominent share in the market in 2020"

Based on type, the market is categorized into PP, LLDPE, HDPE, LDPE, PVC, PS, PET, and others. Among these, PP accounted for a significant share of the global plastics resins market. This can be attributed to its low cost, high impact resistance, flexibility, optical clarity, and is relatively easy to mold, due to which it has replaced metals, glass, wood, cellophane, and paper in countless applications. In addition, in many areas, it is preferred over HDPE. 

"Amongst industry, packaging accounted for significant share in 2020"

Based on industry, the market is categorized into packaging, consumer goods, construction, textile, transport, electrical & electronics, and others. Among these, packaging accounted for a prominent share in the market and is expected to showcase bolstering growth during the forecast period. This is due to the large and growing demand from the packaging industry as plastic packaging helps the industry in maintaining the product cost. Further, they are light in weight, therefore, transportation of products becomes easy. Thus, helping the packaging industry in reducing the capital expenditure.

"Asia-Pacific accounted for a considerable share in the global plastic resins market"

For a better understanding of the market adoption of plastic resins, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific accounted for a significant share in the market and is expected to showcase substantial growth during the forecast period owing to growing industrial production and increasing investment in setting up new facilities by western players in order to take advantage of lower labor rates and raw materials. Further, the growing population and increasing urbanization coupled with improving per-capita income boost the demand from the end-use industry, thereby increasing the demand for plastic resins.

Reasons to buy this report:

The study includes market sizing and forecasting analysis validated by authenticated key industry experts

The report presents a quick review of overall industry performance at one glance

The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments

Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry

The study comprehensively covers the market across different segments

Deep dive country-level analysis of the industry

Customization Options:

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