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Plastic Material and Resins, Market Expansion, Global Opportunities, Forecast 2024
Global Plastic Material and Resins, Market Trends, Growth Insights, Analysis 2024
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According to The Business Research Company's, The plastic material and resins market size has grown rapidly in recent years. It will grow from $898.26 billion in 2023 to $998.8 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to increased demand for industrial packaging products, growth of motor vehicles, and growth in the construction industry.
The plastic material and resins market size is expected to see rapid growth in the next few years. It will grow to $1498.73 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to new developments in packaging will drive the growth in the plastic material and resins market. Major trends in the forecast period include new technological developments in the manufacturing process and trying to develop products with improved attributes and new characteristics, focusing on the research and development of new materials that are environmentally friendly and also have widespread use, investing in automation and robotics in factories to increase productivity, using recycled plastic products as raw materials to reduce their carbon footprint, and focusing on collaborating with technology-based companies and research organizations in development activities of advanced polymers.
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Market Drivers and Trends:
New developments in the packaging industry, such as CO2RE foaming technology, big data, and IoT integration, are expected to drive the market going forward. Convenience features, such as resealable packs, easy-opening, stand-up pouches, and smaller pack sizes for single-servings, are being introduced, and more promotional packs and brand extensions are being developed to ensure customer loyalty. Similarly, the recent development of biodegradable plastics, which degrade naturally from the actions of microorganisms such as bacteria, algae, and fungi, is gaining traction. These developments in packaging will increase the consumption of plastics, which will drive the market's growth.
The search for new characteristics for plastic materials and innovations in the manufacturing process have led to the development of various high-performance plastics. For example, smart polymers are materials that can change based on external environmental stimuli. A product that is a result of a combination of nanotechnology and plastic engineering. These products have high electrical conductivity, dimensional stability, and are also flame retardant, along with resistance to scratches, dents, and heat. These new high-performance plastics have gained rapid acceptance and find their applications in the medical, electronics, food packaging, automotive, and aerospace sectors. For instance, some of the major developments in plastic materials include plastics from potatoes and virgin PET from discarded textile fabric and waste bottles.
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• 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, Ashland Global Holdings, Evonik Industries AG, International Flavors & Fragrances, Inc, Roquette Frères, Archer Daniels Midland Company, Lubrizol Corporation, Croda International Plc, Kerry Group, DuPont de Nemours, Inc., Sun Pharmaceuticals Industries Ltd, Cipla Ltd, Amster Microcell Private Limited, Finar Limited, P. D. Polychem Private Limited, CAD Pharma Inc, Maas Pharma Chemicals, Aeon Procare Private Limited, CSPC Pharmaceutical Group Ltd, Allen & Hanburys Ltd, Actelion Pharmaceuticals UK Ltd, Colorcon, MEGGLE GmbH & Co. KG, Boehringer Ingelheim International GmbH, Alexion Pharma, DMV-Fonterra Excipients GmbH & Co. KG, Alpen Pharma AG, Avantor Inc, JRS PHARMA GmbH & Co. KG, The Dow Chemical Co, Pfizer, AbbVie Inc, EMS Pharma, Biolab Farmaceutica, Medist FZE, W.R. Grace, Univar Solutions, Nitika Pharma, DFE Pharma, Cargill, Sensient Pharma.
Plastic Material And Resins Market 2024 Key Insights:
• The plastic material and resins market size is expected to see rapid growth in the next few years. It will grow to $1498.73 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%.
• Increase The Consumption Of Plastics Fueling The Surge In Plastic Material And Resins Market Growth.
• Advancements In Smart Polymers And Sustainable Solutions Boost Plastic Material And Resin Market Growth
• Asia-Pacific was the largest region in the plastic material and resins market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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Learn More About The Business Research Company
The Business Research Company ( https://www.thebusinessresearchcompany.com ) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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