Ottawa, Aug. 24, 2021 (GLOBE NEWSWIRE) — Ottawa, Aug 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 wide range of synthetic and semi-synthetic compounds that are malleable and can be molded into solid product of different shapes. Basic structure of different plastic resins is decided by the chain formulation process from monomer units by chemical reactions. Different properties of plastic polymers are decided by the chain structure of the carbon-hydrogen bond.
Rising demand for lighter materials in the manufacturing process of automobiles significantly drives the market growth for the global plastic resins. Further, increasing demand for electric vehicles and autonomous vehicles has prominently increased the number of electronic components in the vehicle that in turn escalates the overall weight of the vehicle. Hence, lighter materials for automotive components helps in reducing and maintain the vehicle’s body size and weight ratio. Plastic resins are highly efficient in reducing the weight of the vehicle to a significant level. Poly-Vinyl Chloride (PVC), polypropylene, polyamide, Acrylonitrile Butadiene Styrene (ABS), and Polybutylene Terephthalate (PBT) are some of the frequently used plastic resins in the automotive industry.
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Moreover, the introduction of bio-degradable plastics has revolutionized the plastic industry as almost all manufacturers are focused towards the manufacturing of bio-degradable plastics. Governments of various regions have also introduced stringent regulations for the use of bio-degradable plastics that again give advantage to the manufacturers in huge production of bio-degradable plastics.
Developed regions such as North America and Europe exhibit prominent growth in the packaged foods & beverages owing to sedentary lifestyle and food habits that spurs the market growth for plastic resins. In addition, stringent government regulations for safe usage of plastic materials especially in the food & beverage industry are likely to support the market growth during the upcoming years.
- The Asia Pacific dominated the global plastics resins market in the year 2020 owing to highest plastics production concentrated in the region
- North America and Europe exhibit moderate growth during the forecast period because of stringent regulation imposed by the government on plastic usage
- Based on product, crystalline segment led the global plastic resins market and accounted for a market revenue of approximately 61% in the year 2020
- Engineering plastic product segment exhibit exponential growth over the analysis period because of its significant application in semiconductor packaging
- Packaging application captured the largest revenue share of more than 35% in the year 2020 owing to rising demand for packaged food & beverages
- Automotive application experienced accelerating growth during the upcoming time period because of increasing demand for light weight vehicles
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The Asia Pacific is the market leader in terms of revenue for the global plastic resins market in the year 2020 and predicted to retain its dominance during the forecast period. China is the front-runner in the Asia Pacific region accounting for the largest production capacity across the region as well as the world. The region captured nearly 51% of the total plastic production across the world with China accounting for 28% of the production share. The plastic production in the region anticipated to rise at a significant rate owing to strict government regulation towards the usage of plastics in the coming year.
On the contrary, North America and Europe witness moderate growth in the global plastic resins market owing to various regulatory policies framed by the government bodies such as Food & Drug Administration (FDA), Environmental Protection Agency (EPA) and many others. These bodies restrict the growth of plastics and their related products in order to protect the environment from being more degraded. Although, these bodies encourage manufacturers to increase their focus towards the production of bio-degradable products.
Key Players & Strategies
The prominent industry players in the global plastic resins market witness intense competition among each other because of higher degree of market vulnerability for the new entrants. The market is very niche and does not require large amount of investment in its initial phase as well as bio-degradable technologies in plastics products influence large number of market participants to expand their business area along with this encourages new players to invest in this area.
Key industry players are significantly focused towards strengthening their presence in the emerging markets such as Middle East & Africa, Asia Pacific, and Latin America. For example, in December 2018, DowDuPont announced to invest US$ 80 million for establishing its new manufacturing facility in Shanghai, China and predicted to start the operation of the new plant by the year 2021. The new manufacturing plant is dedicated for the production of plastics and adhesives
Some of the key 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 Outlook
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 Application Outlook
Electrical & Electronics
- Electronic Materials
- OA Equipment & Home Appliances
Textiles & Clothing
- Industrial use
Furniture & Bedding
By Regional Outlook
- South Korea
Rest of the World
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