Plastic Resins Market: Current Analysis and Forecast (2021-2027)

Global plastic resins production has grown relentlessly in recent decades. Plastics help us preserve food, insulate constructions, use electronics and make vehicles more fuel-efficient, among other things. Besides industries, plastic has become a part of daily life. For instance, increasing demand of on the way products and ready-to-eat food has increased the consumption of plastic in consumers' daily life. Further, due to its low cost and easy-to-carry properties, companies are using single-use plastic for packaging purposes. Around the world, one million plastic drinking bottles are purchased every minute, while 5 trillion single-use plastic bags are used worldwide every year.
In addition to this, investment in research & development of high-quality plastics has increased their usage in the medical industry. Improving standards and regulations mandating high-quality plastics used in medical applications is creating a market for specialty plastics in the medical industry. Specialty plastics like polyphthalamide (PPA) can be used in medical equipment due to their compatibility with disinfectants, high strength, and stiffness.
Based on type, the market is categorized into PP, LLDPE, HDPE, LDPE, PVC, PS, PET, and others. Among these, PP accounted for a significant share of the global plastics resins market. This can be attributed to its low cost, high impact resistance, flexibility, optical clarity, and is relatively easy to mold, due to which it has replaced metals, glass, wood, cellophane, and paper in countless applications. In addition, in many areas, it is preferred over HDPE.
Based on industry, the market is categorized into packaging, consumer goods, construction, textile, transport, electrical & electronics, and others. Among these, packaging accounted for a prominent share in the market and is expected to showcase bolstering growth during the forecast period. This is due to the large and growing demand from the packaging industry as plastic packaging helps the industry in maintaining the product cost. Further, they are light in weight, therefore, transportation of products becomes easy. Thus, helping the packaging industry in reducing the capital expenditure.
For a better understanding of the market adoption of plastic resins, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific accounted for a significant share in the market and is expected to showcase substantial growth during the forecast period owing to growing industrial production and increasing investment in setting up new facilities by western players in order to take advantage of lower labor rates and raw materials. Further, the growing population and increasing urbanization coupled with improving per-capita income boost the demand from the end-use industry, thereby increasing the demand for plastic resins.
Some of the major players operating in the market include BASF SE, SABIC, Dow Inc., Evonik Industries AG, LyondellBasell Industries N.V., Reliance Industries Limited, Exxon Mobil Corporation, INEOS Limited, Eni S.p.A., and LG Chem Ltd. These companies are taking various strategic decisions to increase their market presence and share.