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Plastic Resins Market Report 2024: Key Developments, Demand Dynamics, and Regional Analysis
Plastic Resins Market Report
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According to The Business Research Company's, 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 growth in the historic period can be attributed to growth in plastics and polymer industries, expansion of manufacturing and injection molding, demand for versatile and lightweight materials, development of high-performance resins, increase in automotive and transportation applications..
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%. The growth in the forecast period can be attributed to sustainable and eco-friendly resin formulations, growth in electric vehicle production, customized resin solutions for specific applications, demand for high-temperature and chemical-resistant resins, expansion in 3d printing and additive manufacturing.. Major trends in the forecast period include bio-based and biodegradable plastic resins, regulatory compliance in resin safety, nanocomposite and reinforced plastic materials, smart resins for self-healing and shape-memory applications, circular economy practices in resin production..
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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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
Plastic Resins Market 2024 Key Insights:
• 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%.
• Demand For Lightweight Materials In Automotive And Aviation Industries Boosts Plastic Resins Market
• Plastic Resins Market Embraces Sustainable Manufacturing With Recycled Plastic Resins
• Asia-Pacific was the largest region in the plastic resins market in 2023
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