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Industry Insights, Market Size, CAGR, High-Level Analysis: Global Plastic Resins MarketThe global plastic resins market size was valued at USD 671.01 billion in 2018 and is projected to expand at a CAGR of 4.0% from 2018 to 2025. Surging demand from construction, automotive and electrical and electronics sector is expected to drive the growth. Regulatory intervention to reduce gross vehicle weight to improve fuel efficiency as well as to reduce carbon emission has driven automotive OEMs to adopt resins as a substitute to steel and aluminum for manufacturing automotive components. This factor is projected to further fuel the growth. Rapidly developing automotive industry is expected to fuel the demand for plastic resins in under hood components, exteriors and interiors of automobiles. Increasing application in automotive industry spurred by high demand for lightweight and inexpensive multi-utility vehicle models with high fuel efficiency and emphasis on aesthetics and comfort is expected to bode well for the market growth. Increasing construction spending by governments, especially in India and China is expected to push the demand in infrastructure and construction applications. In 2018, Asia Pacific emerged as one of the fastest-growing construction markets. China, Japan, Indonesia, and Australia are among the prominent countries where construction market is expected to witness prominent growth over the forecast period. This factor is expected to drive the demand for plastic resins over the forecast period. Favorable federal regulations laid down by agencies such as the National Highway Traffic Safety Administration and the Environmental Protection Agency (EPA) regarding carbon emissions along with the initiatives by the European Union (EU) to develop plastics application for light-weight and fuel-efficient cars are likely to augment the growth of the plastic resins market.
Type Insights of Global Plastic Resins MarketCrystalline resins segment held the largest market share in 2018 and is expected to maintain its dominance throughout the forecast period. Polyethylene resin accounted for a prominent share in the crystalline resin segment owing to their increasing demand from food packaging, stretch wrap, hygiene and medical applications, and others. Non-crystalline resin segment accounted for around 1/5th of the overall share in terms of revenue in 2018. However, their demand is expected to decline in the forthcoming years, owing to the increasing utilization of polyamide, polyether ether ketone, liquid crystal, and other such polymers. Engineering plastic segment accounted for a small market share in 2018, however it is expected to witness above average CAGR during the forecast period owing to better mechanical and thermal properties of the resin. These types of plastics possess good mechanical properties, wear-resistance, chemical resistance, and dimensional stability. Super engineering plastic segment was valued at USD 58.6 billion in 2018 and is expected to expand at a CAGR of 3.5% during the forecast period. This can be primarily attributed to thee better electrical and thermal properties of the resins. They are widely utilized in semiconductor packaging, high-speed connectors, and packaging and medical applications.
Application Insights of Global Plastic Resins MarketPackaging segment accounted for more than one-third of the overall market share in 2018 and is expected to witness below average growth rate over the forecast period. Growing packaging industry supported by increasing consumer inclination toward consumption of packaged products, such as food and beverages. Various governmental bodies have laid down stringent guidelines regarding safe usage of plastic materials in food and beverage applications, which is expected to bode well for the growth of the segment. Automotive application sector is expected to witness prominent growth in the polymer resins market in the forthcoming years supported by increasing utilization of plastics in automotive components coupled with a rise in the production of passenger cars as well as heavy-duty vehicles, particularly in Asia Pacific and Central and South America. Medical devices application sector accounted for a smaller market share in 2018, however is expected to witness maximum growth over the forecast period. Resins are increasingly utilized for manufacturing medical devices. Their popularity owing to better clarity, cost-effectiveness, and biocompatibility is expected to further fuel the demand in near future. Various polymers, such as polyethylene and polystyrene are blended to achieve desirable properties for application in medical devices.
Regional Insights of Global Plastic Resins MarketConsidering regions, Asia-Pacific (excluding China) accounted for nearly 1/3rd of the overall market share in 2018. China is self-sufficient in terms of plastic production with the adequate number of plants and production capacity required to fulfill the local demand. China exports various types of plastics to neighboring countries owing to a large production base. North America is anticipated to witness moderate growth over the forecast years. Regulatory policies framed by FDA, EPA, and other agencies are likely to act as a restraint. However, alternative production processes and sustainability through the life cycle of the product are expected to mitigate the impact of these limitations on the market for plastic resins. Europe is expected to witness below average growth over the forecast period. Stringent environmental regulations by regulatory bodies, such as the European Chemicals Agency (ECHA) and the European Commission among other federal-level agencies characterize the market in Europe. Landfill bans have existed for decades in many European countries, such as Denmark, France, Germany, and Austria. High landfill tipping fees, dumping tariffs, waste management, and closing costs of landfills have encouraged the European population to switch to recycled products. Zero Waste Europe, an organization involved in eliminating waste in the society is working in collaboration with the European Commission with the intention to bring residual waste to zero.
Plastic Resins Market Share InsightsThe global market is found to be significantly fragmented in nature owing to the presence of a large number of local as well as regional players across the globe. Some of the key plastic resin manufacturers include BASF SE; SABIC; DowDuPont, Inc.; Evonik Industries AG; Sumitomo Chemical; Arkema; Celanese Corporation; Eastman Chemical Company; and others. The global market players face intense competition from each other as well as from the regional players who have strong distribution networks and good knowledge about the regulations and suppliers. Key manufacturers focus on strengthening their market positions in the emerging markets from Asia Pacific and Middle East and Africa through various geographical expansion strategies. For instance, in December 2018, DowDuPont invested USD 80 million to set up a new manufacturing facility in Shanghai, China, which is likely to be operational by 2020. The facility is expected to be used for manufacturing adhesives and plastics to cater to ascending demand for the same from various industries including transportation, electronics, consumer and industrial goods. Strategic partnerships and new product developments are the popular strategies adopted by majority of the market players. For instance, in February 2019, SABIC partnered with Amco Polymers LLC, a third-party authorized distributor based in North America, for distributing specialty engineering thermoplastics and other services in U.S., Canada, and Mexico.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Global Plastic Resins Market Research ReportThis report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global plastic resins market report on the basis of type, application, and region:
Product Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
- Crystalline Resin
- Non-crystalline Resin
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Acrylonitrile Butadiene Styrene (ABS)
- Polymethyl Methacrylate (PMMA)
- Engineering Plastic
- Polybutylene Terephthalate (PBT)
- Polycarbonate (PC)
- Super Engineering Plastic
- Polyphenylene Sulfide (PPS)
- Polyether Ether Ketone (PEEK)
- Liquid Crystal Polymer (LCP)
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
- Electrical & Electronics
- OA Equipment and Home Appliances
- Electronic Materials
- Consumer Goods
- Textiles & Clothing
- Industrial use
Furniture & Bedding
- Medical Devices
Table of Contents Chapter 1 Methodology and Scope 1.1 Market Definition 1.1.1 Information Procurement 1.1.2 Purchased Database 1.1.3 GVR’s Internal Database 1.1.4 Secondary Sources & Third-Party Perspectives 1.1.5 Primary Research 1.2 Information Analysis 1.2.1 Data Analysis Models 1.3 Market Formulation & Data Visualization 1.4 Data Validation & PublishingChapter 2 Executive Summary 2.1 Market Su | read more...