Virgin Resin Market Demand, In-depth Analysis and Estimated Revenue Forecast Till 2031

Allied Market Research recently released a comprehensive report titled "Virgin Resin Market by Resin Type, Application, and Region - Global Opportunity Analysis and Industry Forecast, 2021-2031". The report provides valuable insights into the current scenario and future prospects of the virgin resin industry.

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Market Overview:

The global virgin resin industry generated $375.7 billion in 2021 and is projected to reach $528.9 billion by 2031, with a CAGR of 3.5% from 2022 to 2031.

Key Growth Drivers:

Increased awareness about hygiene-related activities, the substitution of metals with virgin resins in various sectors such as construction, automotive, and electronics, and the advantageous properties of virgin resins like corrosion resistance and flexibility are driving market growth.

However, fluctuating raw material prices pose a challenge to market expansion. Nevertheless, increased investments in building infrastructure, particularly in countries like the U.S., China, Japan, Mexico, and India, offer new opportunities for market players.

Impact of COVID-19:

The COVID-19 pandemic negatively affected the global virgin resin market initially, with a decline in resin prices due to reduced demand for crude oil.

Disruptions in production units, factory closures, and challenges in logistics and supply chain services further hampered the market.

Despite these challenges, the market witnessed a recovery driven by the gradual reopening of manufacturing units and increasing demand from various industries since mid-2021.

Segment Analysis:

Polyethylene emerged as the dominant resin type in 2021, accounting for a significant market share and expected to maintain its leadership status throughout the forecast period.

The polypropylene segment is projected to exhibit the highest CAGR of 3.9% from 2022 to 2031, driven by its extensive use in the automotive sector.

In terms of application, the packaging segment led the market in 2021 and is poised to maintain its dominance, fueled by factors such as rising disposable income and increased consumption of packaged food.

The automotive segment is expected to register the highest CAGR of 4.0% from 2022 to 2031, driven by the growing demand for automobile components.

Regional Insights:

- Asia-Pacific held the largest market share in 2021 and is anticipated to maintain its dominance by 2031, with China leading in plastic production and countries like India, Japan, and Australia witnessing significant growth in the automotive sector.

- Other regions covered in the report include North America, Europe, and LAMEA.

Leading Players:

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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