The global plastic resins market has gained significant traction over the recent past owing to burgeoning demand from industries such as automotive, packaging, construction, and electronics. Plastic resins including polyethylene, polypropylene, polyvinyl chloride, polystyrene, polyethylene terephthalate are some of the extensively used synthetic polymers. They offer advantages such as resistance to corrosion, durability, and versatility across a wide range of temperatures. Plastic resins find extensive application in manufacturing of containers, bottles, films, fibers, tubes, and pipes due to their lightweight and flexible nature. The growing need for durable and cost-effective materials across industries has augmented the consumption of plastic resins substantially.
The Global plastic resins market is estimated to be valued at US$ 1,127.35 Bn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the plastic resins market are Dow, DuPont, BASF SE, SABIC, Sumitomo Chemical Co., Ltd., Evonik Industries AG, Celanese Corporation, Eastman Chemical Company, Chevron Phillips Chemical Co., LLC, LOTTE Chemical Corporation, Exxon Mobil Corporation, Formosa Plastics Corporation, TORAY INDUSTRIES, INC., MITSUI & CO. LTD, TEIJIN LIMITED, LG Chem, and Avient Corporation.
Key opportunities in the market include growing demand for lightweight and high-performance materials from the automotive industry and increasing application of plastic resins in medical devices and consumer electronics sectors. Technological advancements such as development of bio-based resins and nanotechnology-based resins are further expected to support the market growth over the forecast period.
Market drivers
The growing automotive production across the world is a key factor driving the growth of the Plastic Resins Market Size . Plastic resins such as polypropylene, polycarbonate, acrylonitrile butadiene styrene, and nylon are extensively used in manufacturing of automotive components owing to properties such as corrosion resistance, durability, and lightweight. Increasing demand for packaged food and beverages globally has also augmented the consumption of plastic resins which are widely used in packaging applications such as bottles, containers, and films.
Challenges in the Plastic Resins Market
The plastic resins market is facing challenges due to growing environmental concerns regarding plastic waste. stringent environmental regulations prohibiting single-use plastic are limiting the growth prospects of plastic manufacturers. Another major challenge is the availability of alternative materials like bioplastics which are more environment-friendly. High dependency on crude oil price volatility is also affecting the stability and costs in the plastic resins market.
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