The plastic materials and resins market consists of the sales of plastic materials and resins by entities (organizations, sole traders or partnerships) that manufacture plastic materials, resins, and nonvulcanizable thermoplastic elastomers, and mix and blend resins on a custom basis and/or manufacture noncustomized synthetic resins. The plastic materials and resins market is segmented into polypropylene; high-density polyethylene; poly-vinyl chloride; polyethylene terephthalate; polyurethane; low-density polyethylene; polystyrene and other plastic material and resins.
The global plastic material and resins market is expected to grow from $466.15 billion in 2020 to $562.07 billion in 2021 at a compound annual growth rate (CAGR) of 20.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $659.21 billion in 2025 at a CAGR of 4%.
