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Plastic Resins Market Key Trends, Forecast, and Strategies for Expansion 2024-2033
Plastic Resins Market Key Trends
As per the report, the plastic resins market size has grown strongly in recent years. It will grow from $710.21 billion in 2023 to $747.86 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The plastic resins market size is expected to see strong growth in the next few years. It will grow to $936.96 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
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Demand For Lightweight Materials In Automotive And Aviation Industries Boosts Plastic Resins Market
The rise in the demand for lightweight materials in the automotive and aviation industries is driving the plastic resins market. The lightweight materials have a track record of high performance, achieving the same desired effect as aluminum and steel in terms of safety and durability, while also reducing weight and carbon dioxide emissions in automobiles and airplanes. Plastic resins are a composite blend that is rotationally molded into robust and malleable items that may approximate the appearance of stone and metal materials for a fraction of the cost and weight and are used to manufacture different automotive and aviation parts such as door panels, flooring, and engine components. For instance, in March 2023, Jamco Corporation, a Japan-based aircraft engines and engine parts company, highlighted its Venture Premium Class Seat, designed with sustainability in mind, while minimizing operational costs for airlines. Jamco's Venture seat is made with a high amount of recycled material, is lighter than traditional seats, is easy to install and requires less overall maintenance. Thus, the increasing demand for lightweight materials in the automotive and aviation industries is driving the growth of the plastic resins market.
Plastic Resins Market Embraces Sustainable Manufacturing With Recycled Plastic Resins
Recycled plastic resin are shaping the plastic resins market. Companies in the plastic resins market are focusing on developing recycled plastic resins to help their customers in manufacturing sustainable products and hence, expand their market share. For instance, In October 2022, NOVA Chemicals Corporation, a Canadian-based producer of polyethylene resins, announced the launch of its new, mechanically recycled polyethylene resin, EX-PCR-NC4. Incorporating this product allows converters and brand owners to meet their sustainability goals without compromising package performance in applications such as shrink, e-commerce, heavy-duty sacks, and protective packaging.
The plastic resins market covered in this report is segmented -
1) By Product: Crystalline, Non-Crystalline, Engineering Plastic, Super Engineering Plastic
2) By Resin Type: Polyethylene, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polycarbonate, Polystyrene, Polymethyl Methacrylate, Polybutylene Terephthalate
3) By Application: Packaging, Automotive, Construction, Electrical And Electronics, Logistics, Textiles And Clothing, Furniture And Bedding, Medical Device
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Major companies operating in the plastic resins market include BASF SE, Saudi Basic Industries Corporation., Dow Inc., Evonik Industries AG, Sumitomo Chemical Co. Ltd., Arkema S.A., Celanese Corporation, Eastman Chemical Company, Chevron Phillips Chemical Co. LLC, Lotte Chemical Corporation, Covestro AG, Toray Industries Inc., Teijin Ltd., Exxon Mobil Corporation, Mitsui And Co. Plastics Ltd., Braskem Sa, LyondellBasell Industries, LG Chem Ltd., E. I. du Pont de Nemours and Company, INEOS Group Limited, Formosa Plastics Corporation, Total Petrochemicals & Refining USA Inc., Mitsubishi Chemical Corporation, Asahi Kasei Corporation, Mitsui Chemicals Inc., Reliance Industries Limited, Sinopec Corp., China National Chemical Corporation, Nova Chemicals Corporation
Contents of the report:
1. Executive Summary
2. Plastic Resins Market Report Structure
3. Plastic Resins Market Trends And Strategies
4. Plastic Resins Market - Macro Economic Scenario
5. Plastic Resins Market Size And Growth
…..
27. Plastic Resins Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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