The global plastic resin market size is expected to reach USD 993.7 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to expand at a 4.0% CAGR over the forecast period. Increasing consumption in construction, automotive, electrical and electronics application is anticipated to propel the market growth. Regulatory intervention to reduce gross vehicle weight in order to improve fuel efficiency as well as to reduce carbon emission has driven automotive OEMs to adopt resins as substitute to steel and aluminium for fabricating automotive components.
Favorable federal regulations laid down by agencies such as National Highway Traffic Safety Administration and Environmental Protection Agency (EPA) regarding carbon emissions along with the EU initiatives to develop plastics application for creation of light and fuel-efficient cars are likely to augment the growth of global market.
However, the ongoing health crisis and lockdown imposed by various governments to contain the spread of coronavirus pandemic has led to decline in the consumption of plastic resins and is further expected to negatively impact the market growth in coming years.
Stringent regulations pertaining to recyclability and depletion of conventional materials, such as metal and wood, are expected to push the demand for material in pipes, windows, cables, storage tanks, and other uses in the construction industries. Plastics are durable and energy saving with cost effectiveness and safe properties, which promotes their application in construction purposes.
The global market is segmented based on type into crystalline resin, non-crystalline resin, engineering plastic and super engineering plastic. Crystalline resin was the largest segment and accounted for 61.7% of the global revenue in year 2019. Crystalline resin segment mainly includes epoxy, polyethylene, and polypropylene resins.
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Crystalline resins (epoxy, polyethylene, and propylene) segment accounted for prominent market share in 2019 and is expected to witness maximum growth over the forecast period
In 2019, China accounted for maximum revenue share. Rising consumer disposable income in the country and ascending demand for luxury cars are expected to have a positive impact on the automotive industry
Advent of bio-based plastic resins has played a prominent role in food and beverage, and pharmaceutical applications. Polymers such as PET and PC are increasingly utilized in beverages packaging and consumer goods sector
Grand View Research has segmented the global plastic resins market on the basis of product, application, and region:
Plastic Resins Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Polyvinyl Chloride (PVC)
Acrylonitrile Butadiene Styrene (ABS)
Polymethyl Methacrylate (PMMA)
Polybutylene Terephthalate (PBT)
Super Engineering Plastic
Polyphenylene Sulfide (PPS)
Polyether Ether Ketone (PEEK)
Liquid Crystal Polymer (LCP)
Plastic Resins Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Electrical & Electronics
OA Equipment and Home Appliances
Textiles & Clothing
Furniture & Bedding
Plastic Resins Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
Central & South America
Middle East & Africa
United Arab Emirates (UAE)
List of Key Players in Plastic Resin Market
Evonik Industries AG
Sumitomo Chemical Company
Eastman Chemical Company
Chevron Phillips Chemical Co. LLC
Lotte Chemical Corporation
Exxon Mobil Corporation
Formosa Plastics Corporation
Toray Industries, Inc.
Mitsui & Co. Plastics Ltd.
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