Plastic Resin Market 2020 and Forecast 2021-2027

                                          
Report Overview: Global Plastic Resin Market


The global plastic resin market size was valued at USD 582.6 billion in 2020 and is projected to expand at a compound annual growth rate (CAGR) of 3.9% from 2021 to 2027. Surging demand from the construction, automotive, and electrical and electronics sectors are the key factors expected to have a positive impact on market growth.

Rapidly developing automotive industry is expected to trigger the demand for plastic resins in underhood components, exteriors, and interiors of automobiles. Increasing application of resins in automotive industry is spurred by demand for lightweight and inexpensive multi-utility vehicle models with high fuel efficiency and emphasis on aesthetics and comfort.

Consumption of plastic resins is expected to observe a significant growth in the healthcare sector owing to the increasing production of personal protective equipment such as face masks, face shields, medical gowns, and various medical devices supported by COVID-19 pandemic across the globe.

Increasing construction spending by governments, especially in India and China is expected to push the demand in infrastructure and construction applications. In, 2019, 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 2021-2027.

Type Insights: Global Plastic Resin Market

In 2019, crystalline resins segment held the maximum share of 61.7% in plastic resin market 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, among others.

Non-crystalline resin segment accounted for around 1/5th of the overall revenue share in 2019. However, the demand is expected to decline over the forecast period, owing to the increasing utilization of other polymers such as polyamide, polyether ether ketone, and liquid crystal polymers.

Engineering plastic segment accounted for small shares in the market, however, it is expected to witness above average CAGR during the forecast period owing to their better mechanical and thermal properties. These types of plastics possess good mechanical properties, wear resistance, chemical resistance, and dimensional stability.
Super engineering plastic segment was valued at USD 58.1 billion in 2020 and looks set to grow at a CAGR of 3.6% during the forecast period. This can be primarily attributed to their better electrical and thermal properties. They are widely utilized in semiconductor packaging, high-speed connectors, packaging, and medical applications, etc.

Application Insights: Global Plastic Resin Market

Considering application segment, packaging segment accounted for 36.5% of overall market in 2019. and is further expected to witness below-average growth rate over the forecast period.
Growing packaging industry supported by increasing consumer inclination towards consumption of packaged (food and beverage) products. Further, various governmental bodies have laid down stringent guidelines regarding safe usage of plastic materials in food and beverage applications.

Automotive application sector is expected to witness prominent growth in the forthcoming years supported by increasing utilization of plastics in automotive components coupled with a rise in the manufacturing of passenger cars as well as heavy-duty vehicles, particularly in Asia Pacific and Central and South America.
Medical devices application sector accounted for low market share, however, their demand is expected to witness maximum growth. Resins are increasingly utilized for manufacturing medical devices and also gaining popularity as they offer better clarity, cost-effectiveness, and biocompatibility. Various polymers such as polyethylene and polystyrene are blended to achieve desirable properties for use in medical devices.

Regional Insights: Global Plastic Resin Market

Considering regions, Asia Pacific (excluding China) accounted for a 19.5% share of global revenue in 2019. China is self-sufficient in terms of plastic production with an adequate number of plants and production capacity required to fulfill the local demand. China exports various types of plastics to neighboring countries owing to the presence of a large production base.

North America is anticipated to witness moderate growth over the forecast years. Regulatory policies framed by the Food and Drug Administration (FDA), Environmental Protection Agency (EPA), and other agencies are likely to act as a restraint, however, the impact of this factor is expected to be mitigated by alternative production processes and sustainability through the life cycle of the product.

Europe is expected to register below average CAGR 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 in collaboration with the European Commission intends to bring residual waste to zero.

Key Companies & Market Share Insights: Global Plastic Resin Market

The market is significantly fragmented in nature owing to the presence of large number of local as well as regional players. The global players face intense competition from each other as well as from regional players who have strong distribution networks and good knowledge about regulations and suppliers.
Key manufacturers continue focusing on strengthening their market positions in the emerging markets in Asia Pacific and Middle East and Africa through different 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 in order to cater to ascending demand for the same in various industries including transportation, electronics, consumer and industrial goods

Owing to the outbreak of COVID-19 pandemic across the globe, various companies have taken initiatives for the plastic resins utilized in the medical sector. For instance, in March 2020, Eastman Chemical Company donated over 1,000 feet of PETG film to the Austin Peay State University in Clarksville for making 3D printed face shields. Some prominent players in plastic resin market include:

Key companies Profiled: Global Plastic Resin Market Report

 	
BASF SE
 	
Dow
 	
DuPont
 	
SABIC
 	
Evonik Industries AG
 	
Sumitomo Chemical
 	
Arkema
 	
Celanese Corporation
 	
Eastman Chemical Company
 	
Chevron Phillips Chemical Co. LLC
 	
Lotte Chemical Corporation
 	
Exxon Mobil Corporation
 	
Formosa Plastics Corporation
 	
Covestro AG
 	
Toray Industries, Inc
 	
Mitsui & Co. Plastics Ltd.
 	
Teijin Limited

This 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 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global plastic resin market report on the basis of product, application, and region:

Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

 	
Crystalline Resin
 	
Epoxy
 	
Polyethylene
 	
Polypropylene
 	
Non-crystalline Resin
 	
Polyvinyl Chloride (PVC)
 	
Polystyrene (PS)
 	
Acrylonitrile Butadiene Styrene (ABS)
 	
Polymethyl Methacrylate (PMMA)
 	
Engineering Plastic
 	
Nylon
 	
Polybutylene Terephthalate (PBT)
 	
Polycarbonate (PC)
 	
Polyamide
 	
Super Engineering Plastic
 	
Polyphenylene Sulfide (PPS)
 	
Polyether Ether Ketone (PEEK)
 	
Liquid Crystal Polymer (LCP)

Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)

 	
Packaging
 	
Food
 	
Beverage
 	
Medical
 	
Retail
 	
Others
 	
Automotive
 	
Construction
 	
Electrical & Electronics
 	
OA Equipment and Home Appliances
 	
Electronic Materials
 	
Others
 	
Logistics
 	
Consumer Goods
 	
Textiles & Clothing
 	
Clothing
 	
Industrial Use
 	
Others
 	
Furniture & Bedding
 	
Agriculture
 	
Medical Devices
 	
Others