The global Plastic Resins Market size is expected to reach
USD 885.4 billion by 2025, according to a new report by Grand View Research,
Inc. It is projected to expand at a CAGR of 4.0% over the forecast period.
Increasing consumption of the product in construction, automotive, electrical
and electronics application is projected to propel 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.
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.
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 plastic resin market has been segmented, based on
product into crystalline resin, non-crystalline resin, engineering plastic and
super engineering plastic. Crystalline resin was the largest segment and
accounted for 61.4% of the market share in terms of revenue in 2018.
Crystalline resin segment mainly includes epoxy, polyethylene, and
polypropylene resins.
Browse Details of Report @ https://www.grandviewresearch.com/industry-analysis/plastic-resins-market
Further key findings from the report suggest:
- Crystalline
resin (epoxy, polyethylene and propylene) segment accounted for the
prominent market share in 2018 and is expected to witness significant
growth over the forecast period
- In
2018, China accounted for the maximum market share in terms of revenue.
Rising consumer disposable income in the country and demand for luxury
cars are the factors expected to fuel the growth
- 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 beverage packaging and consumer goods sector
- Global
plastic resin market is highly competitive and fragmented in nature with
the presence of various key players, such as SABIC, BASE SE, Dow, DuPont,
Evonik Industries AG, Arkema, Celanese Corporation, and others
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
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