New Developments In The Packaging Industry And Emerging Markets Growth Will Drive The Plastic Material And Resins Market
The global plastic materials and resins market is expected to grow from $490.5 billion in 2018 to $569.3 billion in 2022 at an annual growth rate of 3.8%. The growth of the market in the forecast period can be attributed to new developments in the packaging industry that will drive the demand for plastic materials, and growth in emerging markets that will increase the demand for packaging.
There are a number of new developments in the packaging industry that will drive the demand for plastic materials and resins. Convenience features, such as resalable packs, easy-to-open stand-up pouches, and smaller pack sizes for single-servings are being introduced, and more promotional packs and brand extensions are being developed to ensure customer loyalty. These developments in packaging will increase the consumption of plastics, thus driving the market.
During the forecast period, emerging markets will continue to experience higher growth levels than the developed markets. The economic growths in emerging markets such as China and India will be accompanied by a rise in disposable incomes and an increase in the demand for packaging, thus driving the market for plastic materials and resins. According to the World Bank, China’s GDP is expected to grow at 6.2% in 2020 and India’s GDP is expected to grow at 7.5% in 2020, which will support the growth of the plastic materials and resins market.
Players in this market manufacture plastic materials, resins, and nonvulcanizable thermoplastic elastomers, and mix and blend resins on a custom basis and/or manufacture noncustomized synthetic resins.
The global plastic material and resins market is segmented by product type into polypropylene, high-density polyethylene (HDPE), low-density polyethylene (LDPE), poly-vinyl chloride, polyethylene terephthalate (PET), polyurethane, polystyrene, and others. The others segment, which includes acrylic polymers, polyethers, polyamide, epoxide resins, amino resins, polycarbonates, elastomeric resins and fluro polymers, accounted for the largest share of the plastic materials and resins market in 2018 at 39.4% or $193.04 billion. The top opportunities in the global plastic materials and resins market will also arise in the others segment, which will gain $31.83 billion of global annual sales by 2022. The plastic materials and resins market size will gain the most by country in China, at $15.61 billion.
Plastic materials and resins market-trend-based strategies include focusing on the development of environmentally-friendly materials and increasing the use of recycled plastic products as raw materials. Player-adopted strategies in the plastic materials and resins industry include expanding the businesses through sustainable investments and expanding into emerging markets.