Introduction of the Global Plastic Resin Market Report

Plastic Resin is formed by heating hydrocarbons in a process called the “cracking process”. They are a family of related materials with different properties that can be formed to meet the requirement for the bottles, caps, containers, and closures that are used for drugs, vitamins, and other pharmaceutical products

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Market Dynamic

Key Drivers and Emerging Trends

One of the major factors contributing to the growth of the global plastic resin market includes the strong demand from the automotive and electronic sectors. The continuous expansion in the automotive sector is increasing the application of plastic resin in the exterior and interiors of automobiles. Plastic resins are extremely light-weight, cost-effective, and offer a better comfort level.  Moreover, the emergence of the COVID-19 pandemic has further surged the demand for plastic resins. There has been an increase in the production of personal protective equipment such as face masks, face shields, medical gowns, and other medical devices. Various government bodies have been introducing initiatives to support the usage of plastic resins. The National Highway Traffic Safety Administration and the Environment Protection Agency (EPA) have launched federal regulations on carbon emissions to improve plastic applications for lightweight and fuel-efficient vehicles. Thus, the increasing number of strategies and initiatives will indirectly boost the demand for plastic resins. Additionally, the rising spending on construction, particularly in emerging economies such as India and China, is further boosting the market’s growth. As per IBEF, India is projected to become the world’s third-largest construction market by the end of 2022. The country will need an investment amounting to USD 777.73 billion by 2022 for sustainable development in the country. Thus, the increasing investment in construction sector is one of the emerging plastic resin market trends that will open new doors for the growth.

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Product Type – Segment Analysis

Based on the product type, the polyethylene terephthalate segment is projected to grow at a higher CAGR during the forecast period. Various remarkable benefits offered by PET, such as being lightweight, safe, flexible material, and non-toxic in nature, are attracting end-users towards this segment. It provides various features such as being shatterproof and non-reactivity to food and water, which is why it is increasingly used for flexible packaging applications.

Application Segment Analysis

Based on the applications, the automotive segment is anticipated to grow at a faster CAGR during the forecast period. The rising usage of plastic resins in automotive components, along with the increasing production of passenger cars and heavy-duty vehicles, are the two major factors that are propelling the growth of the segment in the market. On the other hand, medical devices application is expected to dominate the market over the forecast period. Resins are increasingly used for the manufacturing of medical devices as they provide cost-effectiveness, better clarity, and biocompatibility.

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Regional – Segment Analysis:

Based on the region, North American region is expected to witness a higher CAGR in the market during the forecast period. The North American market is one of the leading plastic resin market in the world. The growing application of plastic resin, especially in the packaging, construction, and automotive sectors, is a significant factor that is driving the regional market growth. As per the American Chemistry Council (ACC) Plastics Industry Producer’s’ Statistics (PIPS) Group, North American resin production increased by 1.7% to 121.6 billion pounds in 2019, which was 119.6 billion pounds in 2018. Furthermore, the rising production of plastic resin is further driving the growth of the market over the coming years.

Various notable players operating in the market include BASF SE, SABIC, Dow, Evonik Industries, Sumitomo Chemical Co., Ltd., Arkema, Celanese Corporation, Eastman Chemical Company, Chevron Phillips Chemical Company LLC, and LOTTE Chemical CORPORATION, among others.

Segments covered in the Report:

The global plastic resin market has been segmented on the basis of product type, application, and regions. Based on product type, the market is segmented into Polyethylene Terephthalate, High Density Polyethylene, Vinyl/Polyvinyl Chloride, Low Density Polyethylene, Polypropylene, Polystyrene, and Others. Based on application, the market is segmented packaging, automotive, electronics, logistics, consumer goods, textiles & clothing, furniture & bedding, agriculture, medical devices, and others. 

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Key questions answered in this research report:

• • At what pace is the global plastic resin market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global plastic resin market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global plastic resin market?
  • Which product type generated maximum revenues in 2019 and identify the most promising product type during the forecast period?
  • What are the various application areas of the global plastic resin market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Product Type, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	BASF SE, SABIC, Dow, Evonik Industries, Sumitomo Chemical Co., Ltd., Arkema, Celanese Corporation, Eastman Chemical Company, Chevron Phillips Chemical Company LLC, and LOTTE Chemical CORPORATION, among other; a total of 10 companies covered
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Plastic Resin Market by Product Type

• • Polyethylene Terephthalate
  • High Density Polyethylene
  • Vinyl/Polyvinyl Chloride
  • Low Density Polyethylene
  • Polypropylene
  • Polystyrene
  • Others

Global Plastic Resin Market by Application

• • Packaging
  • Automotive
  • Electronics
  • Logistics
  • Consumer Goods
  • Textiles & Clothing
  • Furniture & Bedding
  • Agriculture
  • Medical Devices
  • Others

Global Plastic Resin Market by Region

• • North America Plastic Resin Market (Option 1: As a part of the free 25% customization)
    • North America Plastic Resin Market by Product Type
    • North America Plastic Resin Market by Application
    • US Plastic Resin Market All-Up
    • Canada Plastic Resin Market All-Up
  • Europe Plastic Resin Market (Option 2: As a part of the free 25% customization)
    • Europe Plastic Resin Market by Product Type
    • Europe Plastic Resin Market by Application
    • UK Plastic Resin Market All-Up
    • Germany Plastic Resin Market All-Up
    • France Plastic Resin Market All-Up
    • Spain Plastic Resin Market All-Up
    • Rest of Europe Plastic Resin Market All-Up
  • Asia-Pacific Plastic Resin Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Plastic Resin Market by Product Type
    • Asia-Pacific Plastic Resin Market by Application
    • China Plastic Resin Market All-Up
    • India Plastic Resin Market All-Up
    • Japan Plastic Resin Market All-Up
    • Rest of APAC Plastic Resin Market All-Up
  • RoW Plastic Resin Market (Option 4: As a part of the free 25% customization)
    • RoW Plastic Resin Market by Product Type
    • RoW Plastic Resin Market by Application
    • Brazil Plastic Resin Market All-Up
    • South Africa Plastic Resin Market All-Up
    • Saudi Arabia Plastic Resin Market All-Up
    • UAE Plastic Resin Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Plastic Resin Market All-Up

Major Players Operating in the Global Plastic Resin Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • BASF SE
  • SABIC
  • Dow
  • Evonik Industries
  • Sumitomo Chemical Co., Ltd.
  • Arkema
  • Celanese Corporation
  • Eastman Chemical Company
  • Chevron Phillips Chemical Company LLC
  • LOTTE Chemical CORPORATION