Plastic Resins Market worth USD 522,503.4 million by 2027

The Market Statsville Group (MSG) publishes the new report on the "Plastic Resins Market by Product (Polyethylene Terephthalate, High-Density Polyethylene, Polyvinyl Chloride, Low-Density Polyethylene, Polypropylene, Polystyrene, and Others), by Application (Packaging, Automotive, Construction, Electrical & Electronics, Consumer Goods, Furniture & Bedding, and Others), by Region - Global Share and Forecast to 2027". The global plastic resins market size is expected to grow from USD 383,305.6 million in 2020 to USD 522,503.4 million by 2027, at a CAGR of 4.5% during the forecast period. The global market for PET resin has witnessed substantial growth in the past few years, which is projected to continue in all applications over the coming years. This is attributed to the fact that polyethylene terephthalate resin substitutes conventional packaging applications and decreases atmospheric emissions. The upsurge in demand for PET resin is due to its thermal stability, high heat resistance, and superior electrical properties. Increased demand for recyclable PET and innovative packaging are the main factors influencing the market for PET resin, emphasizing various applications.

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Global Plastic Resins Market Segmentation
The overall plastic resins market has been segmented into product, application, and region.

By Product (Polyethylene Terephthalate, High-Density Polyethylene, Polyvinyl Chloride, Low-Density Polyethylene, Polypropylene, Polystyrene, and Others)
By Application (Packaging, Automotive, Construction, Electrical & Electronics, Consumer Goods, Furniture & Bedding, and Others)
By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)
Packaging, by application, is estimated to hold the largest market share during the forecast period

Based on application, the global plastic resins market is segmented into packaging, automotive, construction, electrical & electronics, consumer goods, furniture & bedding, and others. The packaging method segment generated the highest revenue of 34.2% of the global plastic resins market in 2020, and it is expected to register a significant CAGR from 2021 to 2027. Plastics are energy-efficient to make and are light in weight relative to other materials. Their use in almost all industries is because their designs and properties give advantages to consumers irrespective of any product. Traditional types of packaging are being replaced by plastic packaging such as metal cans. An increase in customer preference for compact packaging, increase in demand from the food & healthcare industry, lightweight design, and the ease of use of the product escalate the demand for plastic packaging, which is expected to drive the plastic resins market for packaging.

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The biggest market for plastic resins is the packaging. In both developed economies and emerging markets, demand for packaging continued to grow due to urbanization and increased wealth. In the coming years, growth in external markets, particularly in emerging economies, is expected to be a significant driver for the plastic resins market. Therefore, it is important to preserve and extend the market access for North American resin exports. In consumer and industrial applications, plastic packaging is important. A large portion of consumer products produced is accounted for by food & beverages. Plastic packaging is essential in food services for raising living standards and providing functions, such as food insulation, that can improve quality and reduce waste. Packaging used in retail is also in demand. True retail sales in North America (retail sales adjusted for inflation) are a strong measure of resin demand in North America as they are usually associated with packaging resin.

The Asia Pacific accounts for the largest market share in the plastic resins market 2020

Based on the regions, the global plastic resins market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific accounted for the highest market share of 41.4% in the global plastic resins market and was anticipated to maintain its dominance throughout the forecast period. The Asia-Pacific plastic resins market is analyzed across China, Japan, India, South Korea, Australia, and the rest of Asia-Pacific. The global demand for plastic resins is majorly from Asia-Pacific. Growth in the automotive, packaging and transportation industries is expected to drive the Asia-Pacific market in the short term. Furthermore, the increased popularity of plastic resins in lightweight automotive products is estimated to impact the demand for plastic resins positively.

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Furthermore, the rise in population has increased urbanization. The replacement of many metals by suitable engineering plastics in different industries, such as packaging and automotive, has increased plastic resins in China. Electronic goods, such as smartphones, OLED TVs, and tablets, have the fastest growth in the industry in the consumer electronics sector. Additionally, the demand for electronic products is projected to increase in the near future as the disposable income of the middle-class population increases, thereby increasing the demand for plastic resins such as polyethylene terephthalate (PET) and high-density polyethylene (HDPE).

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the plastic resins market. It also consists of leading companies such as Dupont, Formosa Plastics Corporation, Evonik Industries AG, LyondellBasell Industries Holdings B.V., Sabic, Sumitomo Chemical Co., Ltd., Arkema S.A., Celanese Corporation, Dow, and Toray Industries Inc.

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