Virgin Resin Market Gaining Momentum with Positive External Factors

Allied Market Research recently published a report titled "Virgin Resin Market by Resin Type (Polyethylene, Polypropylene, PET, Polystyrene, Others) and by Application (Building and Construction, Packaging, Textile, Automotive, Medical, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to this report, the global virgin resin industry had a market value of $375.7 billion in 2021 and is expected to reach $528.9 billion by 2031, growing at a Compound Annual Growth Rate (CAGR) of 3.5% from 2022 to 2031.

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The growth of the global virgin resin market is being driven by increased awareness about hygiene, extensive use of virgin resins as a substitute for metals in sectors like building and construction, automotive, and electronics, and the advantageous properties of virgin resins such as corrosion resistance, flexibility, and superior adhesion. However, fluctuations in the prices of raw materials are impeding market growth. Additionally, the increase in infrastructure investments in countries like the U.S., China, Japan, Mexico, and India is expected to present new opportunities for the market in the coming years.

The Covid-19 pandemic had a negative impact on the global virgin resin market, causing a decrease in resin prices due to the drop in crude oil prices. Furthermore, the pandemic disrupted production units, led to the closure of manufacturing factories, caused cutbacks in service sectors, and disrupted global logistics and supply chains for plastic-based products. In 2020, global plastics production fell by 0.3% compared to 2019 due to the pandemic. However, the reopening of manufacturing units and the increasing demand for virgin resin from various end-use industries propelled market growth since mid-2021.

Polyethylene was the leading segment by resin type in 2021, holding nearly one-third of the global virgin resin market. However, the polypropylene segment is projected to have the highest CAGR of 3.9% from 2022 to 2031, due to the expanding automotive sector and increased usage of polypropylene-based virgin resin for manufacturing automobile components like automotive bumpers, instrumental panels, door trims, and wheel covers.

For a detailed analysis of the statistical data and graphs, as well as key players' strategies, you can refer to the complete report at: https://www.alliedmarketresearch.com/virgin-resin-market/purchase-options

In terms of application, the packaging segment held the highest market share in 2021, accounting for nearly two-fifths of the global virgin resin market, and is expected to maintain its leadership status throughout the forecast period. The packaging industry is experiencing growth due to an increase in disposable income, busy schedules, and higher consumption of packaged food. However, the automotive segment is projected to have the highest CAGR of 4.0% from 2022 to 2031, attributed to the rise in the usage of virgin resin for manufacturing automobile components.

Geographically, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly half of the global virgin resin market, and is expected to dominate the market throughout the forecast period. The Asia-Pacific region is expected to experience the fastest CAGR of 4.0% from 2022 to 2031. China is a major contributor to plastic production and consumption, with the capacity to produce 60 billion tons of plastic in 2020. Furthermore, countries like India, Japan, China, and Australia are witnessing rapid growth in the automotive sector, where virgin resin is used to manufacture auto components like instrumental panels, glass interlayers, interior trims, door handles, and more. Other regions discussed in the report include North America, Europe, and LAMEA.

Key players in the global virgin resin market include SABIC, ISONO CO. LTD., Dow Inc., Lyondellbasell, Reliance Industries Ltd, Plastipak Packaging Inc., Domo Chemicals, A 1 IMPEX, Toray Industries Inc., and Nimtada Co. Ltd.

Obtain Report Details: https://www.alliedmarketresearch.com/virgin-resin-market-A31754

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