Plastic resins market size to exceed US $ 960 billion by now
Ottawa, August 24, 2021 (GLOBE NEWSWIRE) – Ottawa, August 24, 2021 (GLOBE NEWSWIRE) – The Global plastic resins market size was valued at US $ 682.50 billion in 2020. Plastic resins refer to a diverse class of polymers that consist of a wide range of synthetic and semi-synthetic compounds that are malleable and can be molded into a solid product of different shapes. The basic structure of different plastic resins is determined by the process of chain formulation from monomer units through chemical reactions. Different properties of plastic polymers are determined by the chain structure of the carbon-hydrogen bond.
The increasing demand for lighter weight materials in the manufacturing process of automobiles is significantly driving the growth of the global plastic resins market. In addition, the growing demand for electric vehicles and autonomous vehicles has dramatically increased the number of electronic components in the vehicle, which in turn increases the overall weight of the vehicle. Therefore, lighter materials for automotive components help to reduce and maintain body size and vehicle weight ratio. Plastic resins are very effective in reducing vehicle weight to a significant level. Polyvinyl chloride (PVC), polypropylene, polyamide, acrylonitrile butadiene styrene (ABS) and polybutylene terephthalate (PBT) are some of the plastic resins frequently used in the automotive industry.
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Additionally, the introduction of biodegradable plastics has revolutionized the plastics industry as almost all manufacturers focus on making biodegradable plastics. Governments in various regions have also introduced strict regulations for the use of biodegradable plastics which again give manufacturers an advantage in the mass production of biodegradable plastics.
Developed regions such as North America and Europe show significant growth in packaged food and beverage due to sedentary lifestyle and eating habits which are driving the growth of plastic resins market. In addition, strict government regulations for the safe use of plastics, especially in the food industry, are likely to support the growth of the market in the coming years.
Highlights of the report
- Asia-Pacific dominated the global plastic resins market in 2020 due to the highest production of plastics concentrated in the region
- North America and Europe show moderate growth during forecast period due to strict government-imposed regulations on plastic use
- On the basis of product, crystalline segment dominated the global plastic resins market and accounted for market revenue of around 61% in 2020
- Engineering Plastics Products Segment Grows Exponentially During Analysis Period Due to Its Extensive Application in Semiconductor Packaging
- The packaging application captured the largest revenue share of over 35% in 2020 due to the growing demand for packaged food and beverage
- Automotive application has experienced accelerated growth in the coming period due to the increasing demand for light vehicles
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Asia-Pacific is the market leader in terms of revenue for the global plastic resins market in 2020 and is expected to maintain its dominance during the forecast period. China is the leader in the Asia-Pacific region, with the largest production capacity in the region and the world. The region captures nearly 51% of the world’s total plastic production, with China accounting for 28% of the production share. Plastics production in the region is expected to increase at a significant rate due to strict government regulations regarding the use of plastics in the coming year.
On the contrary, North America and Europe are experiencing moderate growth in the global plastic resins market due to various regulatory policies framed by government agencies such as Food & Drug Administration (FDA), Environmental Protection Agency ( EPA) and many others. These organisms limit the growth of plastics and their related products in order to protect the environment from further degradation. However, these organizations encourage manufacturers to focus more on the production of biodegradable products.
Key players and strategies
The major industry players in the global plastic resins market are witnessing intense competition among themselves due to the higher degree of market vulnerability for new entrants. The market is very niche and does not require significant investments in its initial phase, as well as biodegradable technologies in plastic products encourage a large number of market players to expand their field of activity, which encourages new actors to invest in this area.
The major players in the industry are significantly focusing on strengthening their presence in emerging markets such as the Middle East and Africa, Asia-Pacific and Latin America. For example, in December 2018, DowDuPont announced plans to invest US $ 80 million for the establishment of its new manufacturing facility in Shanghai, China and plans to start operating the new plant from here. 2021. The new manufacturing plant is dedicated to the production of plastics and adhesives
Some of the major players in the global plastic resins market are 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, and Mitsui & Co. Plastics Ltd., among others.
By product Perspectives
2. Engineering plastic
- Polycarbonate (PC)
- Polybutylene terephthalate (PBT)
- Polystyrene (PS)
- Polyvinyl Chloride (PVC)
- Polymethyl methacrylate (PMMA)
- Acrylonitrile Butadiene Styrene (ABS)
4. Super engineering plastic
- Polyether Ether Ketone (PEEK)
- Polyphenylene sulfide (PPS)
- Liquid Crystal Polymer (LCP)
By Outlook Application
Electricity and electronics
Textiles and clothing
- Industrial use
Furniture and bedding
By regional perspectives
- South Korea
Rest of the world
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