Polymer Resin Market Growth Powered With Latest Development Scenario and Influencing Trends

Increase in application of polymer resin in the automotive industry and surge in adoption of polymer resin in the construction industry to produce door frames and base of countertops drive the global polymer resin market. In addition, rise in demand for polymer resin from packaging industry to produce uniquely shaped and durable packaging for products having irregular shape is expected to contribute toward the global market growth. However, volatile raw material prices owing to fluctuating global crude oil prices are anticipated to hamper the growth of the market.

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Allied Market Research published a new report, titled, "Polymer Resin Market: Global Opportunity Analysis and Industry Forecast, 2023-2030" The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The report offers the analysis of the global polymer resin industry along with current trends and future estimations to foresee imminent threats and take necessary actions accordingly.

This makes it important to understand the practical implications of the Polymer resin market. To gain a competitive advantage, the players must have something unique. By tapping into the untapped market segment, they can establish a relevant point of differentiation, and this report offers an extension analysis of untapped segments to benefit the market players and new entrants to gain the market share.

In December 2019, BASF SE launched MasterTop XTC, a high-performance flooring system for the construction industry. MasterTop XTC flooring system provides anexceptional resistance to impact and abrasion, and an easy-to-clean seamless floor surface.

KEY MARKET PLAYERS:

The report provides the SWOT analysis of the key market players BASF SE (Germany), Royal DSM (the Netherlands), DuPont (U.S.), Solvay SA (U.S.), SABIC (Saudi Arabia), LG Chem (South Korea), Covestro AG (Germany), Celanese Corporation (U.S.), Evonik Industries (Germany), Bayer AG (Germany). which gives the business overview, financial analysis, and portfolio analysis of products and services. The latest news related to industry developments in terms of market expansions, acquisitions, growth strategies, joint ventures, collaborations, product launches, market expansions etc. are included in the report for the better understanding of the stakeholders in framing strategic decisions to gain long term profitability and market share.

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Automobile manufacturing plants that manufacture spare parts and components for vehicles utilize polymer resin in a massive volume. Polymer resin is important in manufacturing of various automobile components, including seat belts and carpets, as it can reduce the overall weight of the vehicle, thus increasing the fuel efficiency. Polypropylene, polyurethane, and PVC are the three widely used polymer resins in the automotive industry. Owing to increase in demand for lightweight and fuel-efficient vehicles, the need for polymer resin is anticipated to augment across the globe.

NEED FOR THE REPORT:

The current situation of pandemic makes it very important for the stakeholders in the Polymer resin market to understand the market deeply, which will help them in taking sound decisions, to gain the competitive advantage. By exploring the unexplored areas of market, the key players can surely gain a larger market share.

In September2019, BASF SE and STR Automotive entered into a joint venture to launch a new material Elastolit R 8819. This lightweight material can be used in manufacturing of front and rear bumpers of automobiles. In addition, in October 2019, SABIC launched XENOY HTX resin, a polyester-based technology, for the production of impact resistant, and high-performance structural automotive applications.

KEY OFFERINGS OF THE REPORT:

Key drivers & Opportunities: An extensive analysis on key factors and opportunities available in different segments for strategizing.

Current trends & forecasts: A comprehensive analysis on latest trends, and forecasts for next few years to frame strategic decisions as a next step.

Segmental analysis: An extensive analysis of each segment and driving factors such as revenue and growth rate is offered.

Regional Analysis: A thorough analysis of each geographic region can help market players devise expansion strategies and gain from the opportunity.

Competitive Landscape: Useful insights on each of the leading market players for outlining competitive scenario and related strategies have been offered in the report.

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