The global Plastic Resins Market size is expected to reach
USD 1.07 trillion by 2030, according to a new report by Grand View Research,
Inc. It is projected to expand at a 4.5% CAGR over the forecast period. The
increasing consumption of plastic resins in construction, automotive,
electrical, and electronics applications is boosting the market growth.
Government intervention to reduce overall vehicle weight to improve fuel
efficiency and reduce carbon emissions has prompted automakers to use resins to
replace steel and aluminum in automotive components.
Favorable federal regulations on CO2 emissions set by
agencies such as the National Highway Traffic Safety Administration and the
Environmental Protection Agency (EPA), as well as EU initiatives to develop
plastics applications for light-weight and fuel-efficient cars, are expected to
fuel global growth and promote the market. However, the ongoing health crisis
and the lockdown imposed by various governments to contain the spread of the
coronavirus pandemic have led to a decline in the consumption of plastic
resins. It is expected to further negatively impact the market growth in the
years to come.
Strict restrictions governing the recyclability and
deterioration of traditional building materials like metal and wood are likely
to boost the demand for textiles in pipes, windows, cables, storage tanks, and
other uses. Plastics are long-lasting and energy-efficient, as well as
cost-effective and safe, which encourages their usage in construction. The
global market is segmented into crystalline resin, non-crystalline resin,
engineering plastics, and super engineering plastics by type. The crystalline
resin was the largest segment, accounting for 61.9% of global sales in 2021.
The crystalline resin segment mainly includes epoxy, polyethylene, and
polypropylene resins.
Related Press Release@ Plastic Resins Market Report
Plastic Resins Market Report
Highlights
- The global plastic resins market was valued at USD 731.25 billion
in 2021 and is estimated to grow at a CAGR of 4.5% from 2022 to 2030
- Crystalline resins (epoxy, polyethylene, and propylene) segment
accounted for a prominent share in the market by the end of 2021 and is
further expected to witness maximum growth over the forecast period
- As of 2021, China accounted for the maximum revenue share in the
market, with 33.0%. Rising consumer disposable income in the country and
ascending demand for luxury cars are expected to have a positive impact on
the automotive industry
- The 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 the beverages packaging and
consumer goods sector
About Us:
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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Grand View Research, Inc
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