New York, March 29, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Plastic Resins Global Market Report 2023" - https://www.reportlinker.com/p06313450/?utm_source=GNW
LLC, Lotte Chemical Corporation, Covestro AG, Toray Industries Inc., Teijin Ltd., Exxon Mobil Corporation, and Mitsui and Co. Plastics Ltd.
The global plastic resins market grew from $672.79 billion in 2022 to $707.76 billion in 2023 at a compound annual growth rate (CAGR) of 5.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The plastic resins market is expected to grow to $840.22 billion in 2027 at a CAGR of 4.4%.
The plastic resins market consists of sales of xxx.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The plastic resins market consists of sales of plastic resins by entities (organizations, sole traders, and partnerships) that are used for making different varieties of plastic products.Plastic resins are the base for all kinds of plastics, they are made to go through different processes, be transformed, and make fit for specific needs.
They are mostly utilized by the electrical, and automotive industries for packaging and manufacturing of various parts.
Asia-Pacific was the largest region in the plastic resins market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the plastic resins market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main products of plastic resin are crystalline, non-crystalline, engineering plastic, and super engineering plastic.The engineering plastics constitute a group of plastics that distinguish themselves from the so-called commodity plastics by primarily demonstrating a greatly improved mechanical behavior over a wide range of temperatures, loads, and time.
The various resin types include polyethylene, polyvinyl chloride, acrylonitrile butadiene styrene, polycarbonate, polystyrene, polymethyl methacrylate, and polybutylene terephthalate that are used in applications such as packaging, automotive, construction, electrical and electronics, logistics, textiles and clothing, furniture and bedding and medical device.
The rise in the demand for lightweight materials in the automotive and aviation industries is driving the plastic resins market.The lightweight materials have a track record of high performance, achieving the same desired effect as aluminum and steel in terms of safety and durability, while also reducing weight and carbon dioxide emissions in automobiles and airplanes.
Plastic resins are a composite blend that is rotationally molded into robust and malleable items that may approximate the appearance of stone and metal materials for a fraction of the cost and weight and are used to manufacture different automotive and aviation parts such as door panels, flooring, and engine components.For instance, the lightweight materials market has its highest share in the aviation industry with 80% in 2020 and in the automotive industry, the lightweight materials share is expected to increase from 30% in 2020 to 70% by 2030.
Thus, the increasing demand for lightweight materials in the automotive and aviation industries is driving the growth of the plastic resins market.
Recycled plastic resin are shaping the plastic resins market.Companies in the plastic resins market are focusing on developing recycled plastic resins to help their customers in manufacturing sustainable products and hence, expand their market share.
For instance, in October 2020, Dow Inc., a US-based commodity chemical company, introduced its first post-consumer recycled (PCR)-rich resin for collation shrink film in North America, enabling companies to use additional post-consumer materials while still preserving application performance. This recycled plastic resin is designed specifically for retail and logistic shrink film applications, it contains shrink film with up to 40% PCR content.
In April 2021, Covestro AG, a Germany-based producer of advanced polymers and high-performance plastics has acquired the resins and functional materials business (RFM) from Royal DSM for an undisclosed amount.With the acquisition, Covestro’s range of sustainable coating resins has been significantly expanded making the company one of the world’s top providers in this fast-growing industry.
Royal DSM is a Netherland-based company that manufactures products for the health, nutrition, and materials market.
The countries covered in the plastic resins market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The plastic resins market research report is one of a series of new reports that provides plastic resins market statistics, including plastic resins industry global market size, regional shares, competitors with a plastic resins market share, detailed plastic resins market segments, market trends and opportunities, and any further data you may need to thrive in the plastic resins industry. This plastic resins market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06313450/?utm_source=GNW
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