Plastic Resins Market: Current Analysis and Forecast (2021-2027)

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The global plastic resins market is likely to showcase a growth of around 5% during the forecast period. Over the years, plastics have made strong upheld in a large number of industries owing to their characteristics like good chemical and temperature resistance; providing strength, toughness, stiffness; and resist wear and abrasion. Industries like automobiles including transportation, electrical & electronics, construction, and packaging are some of the major consumers of plastic owing to its industry-preferred properties like lower weight couple with help in reducing the cost without compromising on quality. According to industry experts, there are about 30,000 parts in a vehicle, out of which 1/3 are made of plastic. In total, about 39 different types of basic plastics and polymers are used to make an automobile. The use of plastic in an automobile helps in cost-cutting, weight reduction, and higher fuel efficiency.

Moreover, plastic is widely used in the packaging industry. In countries like India, where around 40% of the food items perished before reaching the market. This issue presents a huge opportunity for plastic packaging manufacturers. However, currently, most plastics are derived using crude-oil-based raw materials owing to which the price of plastic raw materials is highly dependent on the international crude-oil market, which is highly fluctuating, thus manufacturers find difficulty in maintaining profit margins.

Insights Presented in the Report

“Amongst type, PP resins held a prominent share in the market in 2020”

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.

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“Amongst industry, packaging accounted for significant share in 2020”

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.

“Asia-Pacific accounted for a considerable share in the global plastic resins market”

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.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive country-level analysis of the industry

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The global plastic resins market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for Global Plastic Resins Market Analysis (2019-2027)

Analyzing the historical market, estimating the current market, and forecasting the future market of plastic resins, three major steps are undertaken to create and analyze its adoption across the globe. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the plastic resins industry. Post assumption and validation of market numbers through primary interviews, we employed a bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of plastic resins through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the plastic resins market, we conducted a detailed secondary analysis to gather current market insights and share for different segments & sub-segments for major regions. The major segment is included in the report by type and industry. Further regional and country-level analyses were conducted to evaluate the overall adoption of plastic resins globally.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of plastic resins. Further, we conducted factor analysis using dependent and independent variables such as the fluctuating crude oil price and the growing adoption of plastic-based products. A thorough analysis was conducted for demand and supply-side scenarios considering an increasing investment, top partnerships, mergers and acquisitions, business expansion, and product launches in the Plastic Resins industry.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Plastic Resins market, and market shares of each segment. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the bottom-up approach were applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Plastic Resins across the major markets
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Plastic Resins market. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants by Stakeholders and Regions

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Plastic Resins market. Data was split into several segments & sub-segments post studying various parameters and trends in the area of type and industry.

The main objective of the Plastic Resins market study

The current & future market trends of global Plastic Resins were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends would determine the overall attractiveness of the market at a country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of plastic resins in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segment in the study include the area of type and industry
• Defined analysis of the regulatory framework for the plastic resins industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of plastic resins for the major countries
• Major regions/countries analyzed in the report include North America (US, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific), and Rest of World
• Company profiles of the plastic resins market players and the growth strategies adopted by them to sustain in the growing market

Deep dive country-level analysis of the industry

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