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Global Plastic Resins Market: Surge in Demand, Key Trends, Market Growth and Forecast till 2029
Plastic Resins Market
The global plastic resin market has exhibited steady growth in recent years with promising forecasts. Let's take a look at the projected market size and growth rates:
• From $742.85 billion in 2024, the market is expected to grow at a CAGR of 5.0% to $779.85 billion in 2025.
• The market size is further projected to grow to $1013.4 billion in 2029, with a compound annual growth rate (CAGR) of 6.8%.
What Is Driving The Growth In The Plastic Resins Market?
The rise in the demand for lightweight materials in the automotive and aviation industries is driving the plastic resins market. These materials are effectively substituting metals like aluminum and steel due to their high performance and lighter weight, leading to reductions in carbon dioxide emissions. One of the advantages of plastic resins is being moldable into durable items that can approximate the appearance of stone and metal materials, yet at a fraction of the cost and weight. This is particularly beneficial in the manufacturing of automotive and aviation parts such as door panels, flooring, and engine components. An example can be found in Jamco Corporation's Venture Seat. This Japan-based company designed this seat primarily using recycled material, which is lighter than its conventional counterparts, easier to install, and requires minimal maintenance. Hence, the demand for lightweight materials in the automotive and aviation industries is driving the growth of the plastic resins market.
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Who Are the Key Players Driving Plastic Resins Market Growth?
Key players contributing significantly to the plastic resins market growth 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.
What Are The Key Trends In The Plastic Resins Market?
Major trends expected to shape the plastic resin market 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
What Are The Segments Of The Global Plastic Resins Market?
The global plastic resins market is categorized by:
1) Product: Crystalline, Non-Crystalline, Engineering Plastic, Super Engineering Plastic
2) Resin Type: Polyethylene, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polycarbonate, Polystyrene, Polymethyl Methacrylate, Polybutylene Terephthalate
3) Application: Packaging, Automotive, Construction, Electrical And Electronics, Logistics, Textiles And Clothing, Furniture And Bedding, Medical Device
Which Region Leads The Plastic Resins Market?
Asia-Pacific held the largest share of the plastic resins market in 2024 and is projected to be the fastest-growing region in the forecast period. The market report covers Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Plastic Resins Market Global Market Report?
- Market Size Analysis: Analyze the Plastic Resins Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Plastic Resins Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Plastic Resins Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Plastic Resins Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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