Plastic Resins Market Set to Soar Past USD 1086.71 Billion by 2030
The global Plastic Resins market size is expected to reach USD 1086.71 billion by 2030 and exhibit a CAGR of 4.5% in the forecast period (2023−2030), according to Skyquest’s latest research report. The increasing demand from packaging and consumer goods industries, growing construction and infrastructure activities, expanding automotive and transportation sectors, favorable government regulations and initiatives, are fueling the market’s growth.
Westford USA, Aug. 09, 2023 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Plastic Resins market, growing demand for sustainable and biodegradable plastic alternatives, increased focus on recycling and circular economy practices, rising adoption of bio-based and renewable plastic resins, advancements in plastic resin technology and material properties, shifting consumer preferences towards eco-friendly packaging solutions, growing emphasis on reducing plastic waste and pollution, expansion of the packaging industry with innovative designs and materials, development of high-performance and specialized plastic resins, are the market trends promoting the growth.
Browse in-depth TOC on “Plastic Resins Market”
- Pages – 242
- Tables – 72
- Figures – 75
Plastic resins are synthetic substances made from organic materials like coal, natural gas, salt, cellulose, and notably crude oil. They are the basic building blocks of plastic products. Plastic resins are made by polymerizing monomers, which are small molecules that are linked together to form long chains. The properties of plastic resins can be varied by changing the type of monomer used, the length of the polymer chains, and the presence of additives.
Prominent Players in Plastic Resins Market
- BASF
- Chevron Phillips Chemical
- Dow
- Eastman Chemical
- ExxonMobil
- Formosa Plastics Corporation
- Lanxess
- LyondellBasell Industries
- Mitsubishi Chemical Holdings Corporation
- Nippon Shokubai Corporation
- SABIC
- Solvay
- Sumitomo Chemical Company
- TotalEnergies
- Toray Industries
- Unilever
- Vinnolit
- Westlake Chemical
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Polyethylene Demand to Grow Substantially in the Forecast Period
Polyethylene dominated the global market owing to its high versatility. The packaging industry is a major consumer of polyethylene resins. The increasing demand for flexible packaging, bottles, containers, and films drives the dominance of polyethylene. Its excellent barrier properties, durability, and cost-effectiveness make it a preferred choice for packaging applications.
Packaging is the Leading Application Segment
In terms of application, packaging is the leading segment due to the increasing demand. In addition, The packaging industry is increasingly focusing on sustainable packaging solutions, including recyclable and biodegradable materials. Plastic resins are evolving to meet these sustainability requirements, driving the development of eco-friendly alternatives such as bio-based and recycled resins.
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North America is the leading Market Due to the Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on industrial infrastructure. The region has a robust demand for plastic resins from various industries, such as packaging, automotive, construction, consumer goods, and healthcare. These industries are major consumers of plastic resins, driving the market growth in North America.
A recent report thoroughly analyzes the major players operating within the Plastic Resins market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Plastic Resins.
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Key Developments in Plastic Resins Market
- In January 2023, INEOS acquired LyondellBasell’s polypropylene business for $2.5 billion. This acquisition will give INEOS a significant market share in the polypropylene market, which is a key plastic resin used in a variety of applications, including packaging, automotive, and construction.
- In March 2023, SABIC acquired Borealis for $9 billion. This acquisition will create a global leader in the production of polyolefins, which are a type of plastic resin used in a variety of applications, including packaging, automotive, and construction.
Key Questions Answered in Plastic Resins Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
Related Reports in SkyQuest’s Library:
Global Ammonium Sulphate Market
Global Bio-based Polypropylene Market
Global Dimethyl Carbonate DMC market
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