The global plastic resins market size is expected to be worth around US$ 980.4 billion by 2030, according to a new report by Vision Research Reports.
The global plastic resins market size was valued at US$ 716.0 billion in 2020 and is anticipated to grow at a CAGR of 6.4% during forecast period 2021 to 2030.
|Market Size||USD 980.4 billion by 2030|
|Growth Rate||CAGR of 6.4% From 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Product, Application|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||BASF SE; Dow, Inc.; SABIC; Evonik Industries AG; Sumitomo Chemical; Arkema; Celanese Corp.; Eastman Chemical Company; Chevron Phillips Chemical Co., LLC; Lotte Chemical Corp.; Covestro AG; Toray Industries, Inc.; Teijin Ltd.|
Increasing product consumption in construction, automotive, and electrical & electronics applications is expected to propel the market growth. Regulatory intervention to reduce gross vehicle weight to improve fuel efficiency, as well as to reduce carbon emissions, has driven automotive OEMs to adopt resins as a substitute to steel and aluminum for fabricating automotive components. This, in turn, will boost the market growth.
The crystalline resins product segment dominated for the maximum revenue share of more than 62% in 2020 and is expected to maintain its dominance throughout the forecast period. The Polyethylene (PE) resin sub-segment accounted for a prominent share in the crystalline type segment owing to their increasing demand from food packaging, stretch wrap, medical applications, etc.
The engineering plastic segment held for a small share in the market. However, it is expected to witness an above-average growth during the forecast period as these plastics possess good mechanical & thermal properties, wear & chemical resistance, and dimensional stability. The super engineering plastic segment is expected to grow at a CAGR of 4.5% during the forecast period.
The packaging segment accounted for the largest revenue share of more than 36% in 2020 and is projected to expand further at a steady CAGR over the forecast period. The growing packaging industry supported by the increasing demand for packaged foods and beverages will boost the segment growth.
China accounted for the highest revenue share of 33% in 2020. China is self-sufficient in terms of plastic production, with an adequate number of plants and production capacity required to fulfill the local demand. Furthermore, China exports various types of plastics to neighboring countries owing to a large production base.
Europe is expected to witness a below-average growth rate over the coming years. Stringent environmental regulations by regulatory bodies, such as the European Chemicals Agency (ECHA) and the European Commission, characterize the market in Europe.
Plastic Resins market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Plastic Resins market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Plastic Resins market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Plastic Resins market. These factors have benefited the growth of the global market for Plastic Resins. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Plastic Resins. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Plastic Resins are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are: