The global Plastic Resins Market size is expected to reach USD 975.4 billion by 2028, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 4.2% over the forecast period. Increasing product consumption in construction, automotive, and electrical & electronics applications is expected to propel the market growth. Regulatory intervention to reduce gross vehicle weight to improve fuel efficiency, as well as to reduce carbon emissions, has driven automotive OEMs to adopt resins as a substitute to steel and aluminum for fabricating automotive components. This, in turn, will boost the market growth.
Favorable federal regulations laid down by agencies, such as the National Highway Traffic Safety Administration and Environmental Protection Agency (EPA), regarding carbon emissions, along with the EU initiatives to develop plastics application for creating lightweight and fuel-efficient cars, are likely to augment the growth of the global market. However, the ongoing health crisis and lockdown imposed by various governments to contain the spread of the coronavirus have led to a decline in product consumption, adversely affecting the overall market growth.
Stringent regulations pertaining to recyclability and depletion of conventional materials, such as metal and wood, are expected to push the product demand in pipes, windows, cables, storage tanks, and other applications in the construction industry. Plastics are durable and cost- & energy-efficient material, which promotes their application in construction applications. The crystalline resin segment accounted for the highest revenue share of over 61% in 2020 and is projected to retain the leading position throughout the forecast period. The segment mainly includes epoxy, Polyethylene (PE), and Polypropylene (PP) resins.
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Plastic Resins Market Report Highlights
- The global market was valued at USD 711.0 billion in 2020 and is estimated to grow at a CAGR of 4.2% from 2021 to 2028
- China accounted for the maximum revenue share of 33.0% in 2020 due to increased consumer disposable income and demand for luxury cars
- The advent of bio-based plastic resins has played a prominent role in boosting product usage in food & beverage and pharmaceutical applications
- Polymers, such as PET and PC, are widely utilized in beverage packaging and the consumer goods sector
- The global market is highly competitive and fragmented with the presence of various regional and global players