Increasing demand for plastic products is driving the plastic resins market

• Vikas Kumar
• July 11, 2022
• CHEMICAL, NEWS
• Plastic Resins Market, Plastic Resins Market Forecast, Plastic Resins Market Growth, Plastic Resins Market News, Plastic Resins Market Report, Plastic Resins Market Share, Plastic Resins Market Size, Plastic Resins Market Trend
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The global plastic resins market is likely to showcase a growth of around 5% during the forecast period. This can be ascribed to the increasing demand for plastic products from packaging, automotive, construction, and electrical & electronics to name a few due to its low cost, high impact resistance, and helps in reducing the weight without compromising with the performance.

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Global plastic resins production has grown relentlessly in recent decades. Plastics help us preserve food, insulate constructions, use electronics and make vehicles more fuel-efficient, among other things. Besides industries, plastic has become a part of daily life. For instance, increasing demand of on the way products and ready-to-eat food has increased the consumption of plastic in consumers’ daily life. Further, due to its low cost and easy-to-carry properties, companies are using single-use plastic for packaging purposes. Around the world, one million plastic drinking bottles are purchased every minute, while 5 trillion single-use plastic bags are used worldwide every year.

In addition to this, investment in research & development of high-quality plastics has increased their usage in the medical industry. Improving standards and regulations mandating high-quality plastics used in medical applications is creating a market for specialty plastics in the medical industry. Specialty plastics like polyphthalamide (PPA) can be used in medical equipment due to their compatibility with disinfectants, high strength, and stiffness.

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Based on type, the market is categorized into PP, LLDPE, HDPE, LDPE, PVC, PS, PET, and others. Among these, PP accounted for a significant share of the global plastics resins market. This can be attributed to its low cost, high impact resistance, flexibility, optical clarity, and is relatively easy to mold, due to which it has replaced metals, glass, wood, cellophane, and paper in countless applications. In addition, in many areas, it is preferred over HDPE.

Moreover, during the forecast period polyethylene terephthalate is expected to grow at a substantial CAGR. This can be mainly attributed to the high consumption of polyethylene terephthalate in the manufacturing of plastic bottles and jars. This is further, supported by the high polyethylene terephthalate recycling rate. For instance, as per US Environment Protection Agency, the recycling rate of PET bottles and jars was 29.1% in 2018, which is far higher than the 8.7% overall plastic recycling rate. Due to the high recycling rate, industry and end-user would prefer PET in order to boost the circular economy

Based on industry, the market is categorized into packaging, consumer goods, construction, textile, transport, electrical & electronics, and others. Among these, packaging accounted for a prominent share in the market and is expected to showcase bolstering growth during the forecast period. This is due to the large and growing demand from the packaging industry as plastic packaging helps the industry in maintaining the product cost. Further, they are light in weight, therefore, transportation of products becomes easy. Thus, helping the packaging industry in reducing the capital expenditure.

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For a better understanding of the market adoption of plastic resins, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific accounted for a significant share in the market and is expected to showcase substantial growth during the forecast period owing to growing industrial production and increasing investment in setting up new facilities by western players in order to take advantage of lower labor rates and raw materials. Further, the growing population and increasing urbanization coupled with improving per-capita income boost the demand from the end-use industry, thereby increasing the demand for plastic resins.

Global Plastic Resins Market Segmentation

Market Insight, by Type

• Polypropylene (PP)
• High-Density Polyethylene (HDPE)
• Linear Low-Density Polyethylene (LLDPE)
• Low-Density Polyethylene (LDPE)
• Polyvinyl chloride (PVC)
• Polystyrene (PS)
• Polyethylene terephthalate (PET)
• Others

Market Insight, by Industry

• Packaging
• Consumer Goods
• Construction
• Textile
• Transport
• Electrical & Electronics
• Others

Market Insight, by Region

• North America Plastic Resins Market
  • United States
  • Canada
  • Rest of North America
• Europe Plastic Resins Market
  • Germany
  • United Kingdom
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia-Pacific Plastic Resins Market
  • China
  • Japan
  • India
  • Australia
  • Rest of Asia-Pacific
• Rest of World Plastic Resins Market

Top Company Profiles

• BASF SE
• SABIC
• Dow Inc.
• Evonik Industries AG
• LyondellBasell Industries N.V.
• Reliance Industries Limited
• Exxon Mobil Corporation
• INEOS Limited
• Eni S.p.A.
• LG Chem Ltd.