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Global Plastic Resins Market to Grow at a CAGR of 2.0% During 2022-2027, Aided by the Rising Demand for Plastic Resins Across Industries

According to a new report by EMR titled, ‘Global Plastic Resins Market Report and Forecast 2022-2027’, the market attained a value of around USD 613.4 billion in 2021. The industry is further expected to grow at a CAGR of 2.0% between 2022 and 2027 to reach a value of USD 826.0 billion by 2027.

The global plastic resins industry is being driven by the steadily increasing demand for plastic resins across industry verticals. For instance, the growing demand for plastic resins in the development of automotive interiors as well as its multifaceted applications in the construction sector have significantly contributed to the market growth. In addition, the increased production of plastics is also predicted to supplement the market growth. This is supported by the growing demand for plastics in the consumer goods and other industries. Furthermore, the rising demand for plastic solutions in the packaging and manufacturing industry is anticipated to propel the market growth in the forecast years.

The growing focus of leading market players in the development of innovative plastic resins to ensure its versatile applications is anticipated to contribute to the market growth in the coming years. For instance, in September 2021, Celanese Corporation (NYSE: CE) announced the launch of its  new Hostaform RF, a low permeation acetal copolymer designed for the application in marine fuel tanks, hydraulic reservoirs, and industrial bulk containers, among others. Furthermore, another leading vendor of plastic resins, Exxon Mobil Corporation (NYSE: XOM), in August 2021, announced the launch of new foamable grade polypropylene resins for high value applications in food and beverage packaging, industrial packaging, and automotive industry, among others. Such developments are expected to positively impact the growth of the plastic resins industry in the forecast period.

Market Breakup by Product, Application, and Region:

  • The market is divided, based on product, into polyethylene terephthalate (PET), high density polyethylene (HDPE), polyvinyl chloride (PVC), low density polyethylene (LDPE), polypropylene (PP), and polystyrene (PS), among others.
  • On the basis of application, the market can be distributed into packaging, automotive, construction, electrical and electronics, and consumer goods, among others.
  • Region-wise, the global market for plastic resins can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for plastic resins is being driven by the increasing demand for the product across industry verticals owing to its versatile applications.
  • The growing demand in the automotive, construction, and packaging industry has significantly contributed to the market expansion. 
  • The increased investments in research and development activities to develop innovative resins are also aiding the industry growth. 
  • The rising demand for a variety of plastic goods, owing to their cost-effectiveness and recyclability in certain applications, is further propelling the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for plastic resins for the periods (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) market information for the products, applications, and regions of plastic resins.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global plastic resins market are Arkema S.A., Celanese Corporation, DuPont de Nemours, Inc., Evonik Industries AG, and Formosa Plastics Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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