Plastic Resins Market Revenue To Surpass 970.2 billion By 2032

Plastic Resins Market Overview:

According to a recent report by Reports and Data, the global market size for plastic resins is expected to reach 970.2 billion by 2032, with a revenue compound annual growth rate (CAGR) of 4.3% over the forecast period. The primary factor driving this growth is the increasing utilization of plastic resins in the packaging industry. The food packaging, healthcare, and pharmaceuticals sectors, which are rapidly expanding, are contributing to the revenue growth of the packaging industry. During the pandemic, strict lockdown measures have resulted in increased purchases of packaged food and beverages, healthcare products, sanitizers, disinfectants, and other essential items that require packaging. Moreover, food service businesses have shifted to takeaway and home-delivery options from traditional operations, further boosting the demand for packaging. These factors are expected to drive the revenue growth of the plastic resins market during the forecast period.
The demand for plastic resins in the automotive industry is also increasing due to the rising need for lightweight vehicles, fuel efficiency, low emissions, and improvements in performance, creativity, and flexibility in designs. Plastics and polymer composites provide high performance, safety, and aesthetic benefits in cars, SUVs, and minivans. Companies such as BASF SE, SABIC, Evonik Industries AG, Sumitomo Chemical, and Celanese Corporation are investing in research and development activities to produce high-performance plastic resins. These companies aim to meet the growing demand for gloves, personal protective equipment (PPE), protective barriers, and other medical supplies. High-performance plastic resins offer greater chemical and thermal resistance and strength properties.

Plastic Resins Market Segments:

The estimation for the market size value in 2022 serves as the base year for this report, which covers historical data from 2020-2021 and extends to the forecast period of 2022-2032. The report includes coverage of revenue forecasts, company rankings, competitive landscapes, growth factors, and trends. Segments covered in the report include Product Type Outlook, Application Outlook, and Regional Outlook.
The growth of the plastic resins market is expected to be driven by various factors, including the rising utilization of plastic resins in the packaging industry. The food packaging, healthcare, and pharmaceutical sectors are among the fastest-growing sectors, contributing to the revenue growth of the packaging industry. Moreover, the demand for plastic resins in the automotive industry is expected to increase due to the rising need for lightweight vehicles, fuel efficiency, low emissions, and improvements in performance, creativity, and flexibility in designs. Companies are investing in research and development activities to produce high-performance plastic resins to meet the growing demand for personal protective equipment (PPE), gloves, protective barriers, and other medical supplies.

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Plastic Resins Market: Strategic Developments

ExxonMobil Corporation introduced its Exceed™ XP performance polymers in 2021, which are known for their excellent processability, good sealability, and enhanced toughness. These high-quality polymers are suitable for use in diverse applications, including packaging, agriculture, and automotive industries.
Dow Chemical Company, in 2020, announced its partnership with The Ocean Cleanup, a non-profit organization that is committed to cleaning up plastic waste from oceans. Dow is leveraging its advanced material expertise to develop new technologies for collecting and recycling ocean plastic waste.
SABIC launched its LNP™ Thermocomp™ AM materials in 2020, which are high-performance compounds designed for additive manufacturing applications. These materials are known for their improved mechanical properties, such as strength, toughness, and stiffness, making them ideal for use in various industries, including automotive, aerospace, and healthcare.
BASF SE announced its partnership with Huayi Brothers Chemical Co. Ltd., a leading chemical producer in China, in 2019. The partnership was aimed at building a world-scale production plant for engineering plastics in China, helping BASF to expand its presence in the Asia Pacific region.

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Plastic Resins Market: Competitive landscape

The report coverage for the plastic resins market includes revenue forecast, company ranking, competitive landscape, growth factors, and trends. The segments covered in the report are by product type outlook, application outlook, and regional outlook. This comprehensive coverage of the plastic resins market provides valuable insights for businesses, investors, and stakeholders to make informed decisions.
The growing demand for plastic resins in the packaging industry is one of the key drivers of market revenue growth. The rising utilization of plastic resins in food packaging, healthcare, and pharmaceuticals sectors is expected to boost the revenue growth of the packaging industry. Additionally, the strict lockdown measures imposed globally during the pandemic have led to an increase in the purchase of packed food and beverages, healthcare products, sanitizers, disinfectants, and other essential items requiring packaging. As food service businesses shifted to takeaway and home-delivery options from brick and mortar operations, this also contributed to the growth of the plastic resins market.
The automotive industry is also a major consumer of plastic resins due to the rising demand for lightweight vehicles, improved fuel efficiency, low emissions, and the need for improvements in performance, creativity, and flexibility in designs. Plastics and polymer composites provide high performance, safety, and aesthetic breakthroughs in cars, SUVs, and minivans. To meet this growing demand, some companies are investing in research and development activities to produce high-performance plastic resins. These resins offer greater chemical and thermal resistance and strength properties, making them suitable for a wide range of applications such as gloves, PPE, protective barriers, and other medical supplies.
Overall, the plastic resins market is expected to experience significant growth in the coming years, driven by the increasing demand from various industries and the development of new technologies and materials by leading companies.

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