Plastic resins are formed by heating hydrocarbons in a process known as the cracking process. It is used in various applications such as automotive, construction, electrical & electronics, packaging, and others. Growing demand for products such as pipe, windows, storage tanks and others due to increasing investment in construction by various governments coupled with increasing demand for lightweight and multi-utility vehicles are driving the growth in the market positively. For instance, the Indian government is aiming to build around 20 million affordable houses in urban areas by 2022. Furthermore, growing consumption in the healthcare sector through products such as mask gloves, Personal Protective Equipment (PPE) and others is expected to fuel the demand in coming years. However, volatile prices of raw materials of Plastic Resins may hamper the growth during the forecast period.
Global Plastic Resin Market is valued approximately at USD 711 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 4.40% over the forecast period 2021-2027 and is estimated to reach USD 948.3 billion by 2027.
Asia Pacific, North America, Europe, Latin America, and the Rest of the World are considered for the regional analysis of the global Plastic Resin Market. The Asia Pacific is the dominating region across the world in terms of market share due to the presence of growing automotive, transportation and packing industries. Whereas Europe is anticipated to exhibit the highest CAGR over the forecast period 2021-2027 due to increasing application in medical devices and equipment.
Major market players included in this report are Dow, Inc, Evonik Industries AG, Sumitomo Chemical, Teijin Ltd, Celanese Corp, Eastman Chemical Company, Chevron Phillips Chemical Co., LLC, Lotte Chemical Corp, Covestro AG, and Toray Industries, Inc.
The detailed segments and sub-segment of the market are explained below:
By Product: Crystalline Resin, Non-crystalline Resin, Engineering Plastic, Super Engineering Plastic
By Application: Packaging, Automotive, Construction, Electrical & Electronics, Logistics, Consumer Goods, Textiles & Clothing, Furniture & Bedding, Agriculture, Medical Devices, Others
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