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Plastic Material And Resins Market: Stellar Growth at a CAGR of 12.0%, Key Players, and Advanced Trends Propel Market Success
Plastic Material And Resins Market Growth
What Is The Projected Market Size Of The Global Plastic Material And Resins Market And Its Growth Rate?
The global plastic material and resins market is experiencing a swift rise.
• The market size was $1007.98 billion in 2024 and is expected to reach $1128.84 billion in 2025, growing at a CAGR of 12.0%
• The growth during the historic period was fueled by increased demand for industrial packaging products, growth of motor vehicles, and growth in the construction industry
• Furthermore, the market is projected to expand to $1693.99 billion in 2029 at a CAGR of 10.7%
• The growth in the forecast period can be attributed to new developments in the packaging industry which will drive market growth
What Is Driving The Growth In The Plastic Material And Resins Market?
Exciting developments in the packaging industry, such as CO2RE foaming technology, big data, and IoT integration, are expected to stimulate the growth of the plastic material and resins market. Introducing convenience features including resealable packs, easy-opening, stand-up pouches, and smaller pack sizes for single-servings promotes customer loyalty. Lastly, the recent advent of biodegradable plastics which disintegrate naturally due to the actions of microorganisms such as bacteria, algae, and fungi, is taking over the market. These improvements within the packaging industry will thus intensify the consumption of plastics, driving the market's growth.
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Who Are the Key Players Driving Plastic Material And Resins Market Growth?
The major players driving growth in the plastic material and resins market are:
• LyondellBasell Industries Holdings BV
• Total SE
• Ineos AG
• Lotte Chemical Corporation
• BASF SE
• Covestro AG
• Formosa Plastics Corp., Huntsman International LLC
• Westlake Chemical Corp
• Dow
• Sintex Industries Ltd (India)
• Chevron Phillips
• Formulated Resins Ltd
What Are The Key Trends In The Plastic Material And Resins Market?
Major trends observed in the market include:
• New technological developments in the manufacturing process and efforts to devise products with improved attributes and new characteristics
• A strong focus on the research and development of new materials that are environmentally friendly and also have widespread use
• Investments in automation and robotics in factories to increase productivity
• Usage of recycled plastic products as raw materials to reduce their carbon footprint
• Collaborations with technology-based companies and research organizations in development activities of advanced polymers
What Are The Segments Of The Global Plastic Material And Resins Market?
The global plastic material and resins market includes the following segments:
• By Type: Polypropylene-Plastic Material and Resins, High-Density Polyethylene, Poly-Vinyl Chloride, Polyethylene Terephthalate, Polyurethane, Low-Density Polyethylene, Polystyrene-Plastic Material and Resins, Other Plastic Material and Resins
• By Application: Packaging, Housewares, Bags, Sheets, Bottles, Fibers, Tapes, Films, Medical Materials, Other Applications
• By End User Industry: Chemical Industry, Coating & Printing Industry, Electronics Industry, Food & Pharmaceutical Industry, Other End-User Industries
Which Region Leads The Plastic Material And Resins Market?
Asia-Pacific was the largest region in the plastic material and resins market in 2024, followed by North America. These two regions show promising growth backed by increasing usage and demand for plastic material and resins.
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What Is Covered In The Plastic Material And Resins Market Global Market Report?
The Plastic material and resins market report covers key aspects including market size analysis, market segmentation analysis, key player focus, growth trends analysis, market contribution, growth drivers, industry challenges, and competitive developments.
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