The plastic resins market is estimated to be valued at USD 833.98 Bn in 2024, exhibiting a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031. The plastic resins market has been growing steadily over the past few decades. Plastic resins refer to basic organic polymers that can be molded or shaped, usually by the application of heat and pressure. They are the primary raw materials used in the production of a wide variety of plastic products across industries. Some of the commonly used plastic resins include polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS), polyurethanes (PU), polyethylene terephthalate (PET), and polyamide (PA). They provide properties like durability, lightweight, and versatility making plastics substitution for traditional materials in many applications. Growing demand from the packaging, automotive, construction, and electronic industries is expected to drive further growth in the demand for plastic resins worldwide.
Market Dynamics:
The global plastic resins market is projected to witness significant growth over the forecast period owing to several factors like growing plastic consumption in emerging economies, rising demand from the packaging industry, and favorable government policies promoting plastics usage. However, environmental concerns pertaining to plastic waste and stringent regulations to curb carbon emissions pose challenges to market players. At the same time, ongoing research to develop bio-based and biodegradable resins as well as adoption of recycled plastics present new opportunities for sustainable market growth. Resin producers are investing in advanced recycling technologies and partnerships to leverage these opportunities. Adoption of lightweight but high performance resins in automotive manufacturing using innovative production processes is another key market trend.
Key Features of the Study:
Detailed Segmentation-
Table of Contents
* Browse 25 market data tables* and 20 figures* on “Global Plastic Resins Market” - Global forecast to 2031.
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