Plastic Resins Market Size | Share | Industry Analysis 2022

The global plastic resins market size was valued at USD 783.5 billion in 2021 and is poised to grow at a significant CAGR of 3.2% during the forecast period 2022-28. The plastic resins market refers to the market for various types of plastic materials that are used to produce a wide range of products. Plastic resins are polymers that can be molded into different shapes and forms to create products such as packaging materials, automotive parts, electronic components, construction materials, and many other products. The plastic resins market is growing at a significant rate due to the increasing demand for plastic products across various industries. Some of the key factors driving the growth of the plastic resins market include the increasing use of plastic products in various applications, the growing demand for lightweight and durable materials, and the increasing focus on sustainability and recyclability. There are various types of plastic resins available in the market, including polyethylene, polypropylene, polyvinyl chloride, polystyrene, and others. The demand for each type of plastic resin varies depending on its properties, applications, and end-use industries.

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Plastic Resins Market Growth Factors:
The automotive industry is driving high demand for plastic resins in underground parts, exterior parts, and automotive interiors. Meanwhile, the construction industry is expected to drive demand for plastic resins in pipes, windows, wires, storage tanks, and other applications due to strict regulations on the recyclability and degradation of traditional materials like metal and wood. Plastics are favored due to their robustness, cost-effectiveness, energy-saving properties, and safety features for construction purposes. Federal regulations by agencies like the National Highway Traffic Safety Administration and the Environmental Protection Agency, as well as initiatives by the European Union, to promote plastics' use for lightweight and fuel-efficient vehicles are further expected to boost demand for plastic resins.

However, the ongoing health crisis and lockdown measures implemented by various governments to control the spread of COVID-19 have resulted in reduced usage of plastic resins. This is predicted to have a negative impact on demand growth in the coming years.

The global plastic resins market segmentation:
1) By Product: Polyethylene Terephthalate (PET), High Density Polyethylene (HDPE), Polyvinyl chloride (PVC), Low Density Polyethylene (LDPE), Polypropylene (PP), Polystyrene (PS), Others
2) By Application: Packaging, Automotive, Construction, Electrical & Electronics, Consumer Goods, Furniture & Bedding, Others

Plastic Resins Market Regional Analysis:
In 2022, China held the highest revenue share of 35% in the plastic resins market, primarily due to its self-sufficiency in plastic production. The country has ample plants and production capacity to cater to local demand and even export various types of plastics to neighboring countries. Meanwhile, North America is expected to experience moderate growth during the forecast period. Regulatory policies implemented by agencies such as the FDA and EPA may pose a hindrance to growth. However, the impact of these policies is likely to be alleviated by the adoption of alternative production processes and efforts towards sustainability throughout the product's lifecycle.

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Key players profiles in the plastic resins market report are Celanese Corporation, Toray Industries, Inc., Dow Chemical, DuPont, SABIC, Evonik Industries AG, LyondellBasell, Arkema S.A., Sumitomo Chemical Company, Formosa Plastic Group

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