Plastic Material And Resins Market Characteristics
The plastic material and resins market consist of the sales of plastic material and resins by entities (organizations, sole traders or partnerships) that produce resins, plastic materials, and no vulcanizable thermoplastic elastomers and mix and blend resins on a custom basis and/or produce no customized synthetic resins.
Competitive Landscape of the Plastic Material And Resins Market
Major players in the global plastic material and resins market include LyondellBasell Industries, Dow Chemical Company, BASF SE, Bayer Material Science, Total SA.
Plastic Material And Resins Market Size
The plastic material and resins market size is expected to reach $500 billion by 2022, significantly growing at a CAGR of around 4.5% during the forecast period. The growth in the plastic material and resins market is due to new development in packaging and technological development.
However, the market for plastic material and resins is expected to face certain restraints from several factors such as price pressure and reduction of free trade.
Plastic Material And Resins Market Segmentation
The global plastic material and resins market is further segmented based on type and geography.
By Type - The plastic material and resins market is segmented into polypropylene-plastic material and resins, high-density polyethylene, poly-vinyl chloride, polyethylene terephthalate, polyurethane, low-density polyethylene, polystyrene-plastic material and resins. Among these segments, the polypropylene-plastic material market accounts for the largest share in the global plastic material and resins market.
By Geography - The global plastic material and resins is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific accounted for the largest region in the global plastic material and resins market.
Trends in the Plastic Material And Resins Market
The world population is increasingly becoming aware about the adverse impact of plastic materials on the environment. This has led to a rapid increase in demand for eco-friendly plastics: bioplastics that are manufactured from polymer resins derived from plants and plastics that can be decomposed with the help of bacteria. For instance, global bio plastics production capacity is estimated to be around 6.2 million tons in 2017 and the global market for bio plastics and biopolymers is expected to be around $5.0 billion in 2022, thus indicating high demand for eco-friendly plastic products.
Potential Opportunities in the Plastic Material And Resins Market
With increase in growth of key end-use markets for plastics and increased demand for industrial packaging products the scope and potential for the global plastic material and resins manufacturing market is expected to significantly rise in the forecast period.