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.

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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.

According to UnivDatos Market Insights (UMI)’ research report “Global Plastic Resins Market”, the market is expected to showcase a growth of around 5% during the forecast period. Increasing preference for plastic products from the end-use industry, large and growing base of end-use industry, and growing demand for high-performance plastics in healthcare sector are some of the key attributable factors to the growth of the market

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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.

Moreover, during the forecast period polyethylene terephthalate is expected to grow at a substantial CAGR. This can be mainly attributed to the high consumption of polyethylene terephthalate in the manufacturing of plastic bottles and jars. This is further, supported by the high polyethylene terephthalate recycling rate. For instance, as per US Environment Protection Agency, the recycling rate of PET bottles and jars was 29.1% in 2018, which is far higher than the 8.7% overall plastic recycling rate. Due to the high recycling rate, industry and end-user would prefer PET in order to boost the circular economy.

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.

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Asia-Pacific accounted for a considerable share of the plastic resins market

Asia-Pacific accounted for the prominent share in the global plastic resins market and is expected to retain its position during the forecast period. This can be attributed to the large and growing manufacturing sector in the region, rising population, improving the standard of living, and increasing foreign investment in the regional countries. The demand for plastic resins is mainly from packaging, automotive, textile, electrical & electronics, consumer goods, and industries. The region is the largest market for automotive both in terms of production and sales. Further, regional countries like China and Bangladesh are the hub of the global textile industry owing to their low labor cost and vast workforce. Further, to increase the local industrial production governments in many regional countries are taking various initiatives to lure the western companies in order to open facilities in the region. Owing to such factors, the demand for plastic resins is expected to rise during the foreseeable future.

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the global plastic resins market include BASF SE, SABIC, Dow Inc., Evonik Industries AG, LyondellBasell Industries N.V., Reliance Industries Limited, Exxon Mobil Corporation, INEOS Limited, Eni S.p.A., and LG Chem Ltd. These companies are taking several strategic decisions to meet the growing demand and increase their market share.

“Global Plastic Resins Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.      

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Market Segmentation:

  1. By Type (PP, LLDPE, HDPE, LDPE, PVC, PS, PET, and Others)
  2. By Industry (Packaging, Consumer Goods, Construction, Textile, Transport, Electrical & Electronics, and Others)
  3. By Region (North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and Rest of World)
  4. By Company (BASF SE, SABIC, Dow Inc., Evonik Industries AG, LyondellBasell Industries N.V., Reliance Industries Limited, Exxon Mobil Corporation, INEOS Limited, Eni S.p.A., and LG Chem Ltd.)

Key questions answered in the study:

  1. What are the current and future trends of the global plastic resins industry?
  2. How the industry has been evolving in terms of type and industry?
  3. How the competition has been shaping across the countries followed by their comparative factorial indexing?
  4. What are the key growth drivers and challenges for the global plastic resins industry?
  5. What are the customer orientation, purchase behavior, and expectations from the global plastic resins suppliers across various region and countries?

Table of Content –

  1. MARKET INTRODUCTION
  2. RESEARCH METHODOLOGY OR ASSUMPTION
  3. MARKET SYNOPSIS
  4. EXECUTIVE SUMMARY
  5. GLOBAL PLASTIC RESINS MARKET COVID-19 IMPACT
  6. GLOBAL PLASTIC RESINS MARKET REVENUE (USD MN), 2019-2027F
  7. MARKET INSIGHTS BY TYPE
  8. MARKET INSIGHTS BY INDUSTRY
  9. MARKET INSIGHTS BY REGION
  10. PLASTIC RESINS MARKET DYNAMICS
  11. PLASTIC RESINS MARKET OPPORTUNITIES
  12. PLASTIC RESINS MARKET TRENDS
  13. LEGAL & REGULATORY FRAMEWORK
  14. DEMAND AND SUPPLY-SIDE ANALYSIS
  15. VALUE CHAIN ANALYSIS
  16. COMPETITIVE SCENARIO
  17. COMPANY PROFILED
  18. DISCLAIMER

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