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Plastic Resins market Report 2024 – Market Size, Trends, And Forecast 2024-2033
The Business Research Company's Plastic Resins Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
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LONDON, GREATER LONDON, UK, September 11, 2024 /EINPresswire / -- The global plastic resins market has demonstrated strong growth in recent years and is projected to continue its upward trajectory. The market is anticipated to expand from $710.21 billion in 2023 to $747.86 billion in 2024, reflecting a compound annual growth rate (CAGR) of 5.3%. This growth is largely driven by the expansion of the plastics and polymer industries, increased demand for versatile and lightweight materials, and advancements in high-performance resins. By 2028, the market is expected to reach $936.96 billion, with a CAGR of 5.8%, fueled by innovations in sustainable resin formulations and the growing adoption of electric vehicles.
Demand for Lightweight Materials in Automotive and Aviation Industries Boosts Plastic Resins Market
The surge in demand for lightweight materials in the automotive and aviation industries is a significant driver of the plastic resins market. Lightweight materials have proven their high performance, matching the safety and durability of traditional materials like aluminum and steel while significantly reducing weight and carbon dioxide emissions. Plastic resins, which can be molded into strong and malleable components, are increasingly being used in the production of automotive and aviation parts, such as door panels, flooring, and engine components. For instance, in March 2023, Jamco Corporation, a Japan-based aircraft engine parts company, introduced its Venture Premium Class Seat. Designed with sustainability in mind, the seat incorporates a high percentage of recycled material, is lighter than traditional seats, and requires less maintenance, illustrating the growing trend towards lightweight materials in these industries.
Explore comprehensive insights into the global plastic resins market with a detailed sample report:
Key Players and Market Trends
Major companies in the plastic resins market include BASF SE, Saudi Basic Industries Corporation, Dow Inc., Evonik Industries AG, Sumitomo Chemical Co. Ltd., Arkema S.A., Celanese Corporation, Eastman Chemical Company, Chevron Phillips Chemical Co. LLC, and Lotte Chemical Corporation. These companies are driving market innovation, with a particular focus on the development of recycled plastic resins. For example, in October 2022, NOVA Chemicals Corporation, a Canadian producer of polyethylene resins, launched EX-PCR-NC4, a new mechanically recycled polyethylene resin. This product allows converters and brand owners to meet sustainability goals without compromising performance in applications like shrink, e-commerce, and protective packaging.
Segments:
.Product: Crystalline, Non-Crystalline, Engineering Plastic, Super Engineering Plastic
.Resin Type: Polyethylene, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polycarbonate, Polystyrene, Polymethyl Methacrylate, Polybutylene Terephthalate
.Application: Packaging, Automotive, Construction, Electrical And Electronics, Logistics, Textiles And Clothing, Furniture And Bedding, Medical Device.
Geographical Insights: Asia-Pacific Leading the Market
Asia-Pacific was the largest region in the plastic resins market in 2023 and is expected to be the fastest-growing region during the forecast period. The region's dominance is driven by rapid industrialization, growing automotive production, and increased demand for packaging materials. The comprehensive report offers detailed insights into regional dynamics, market trends, and growth opportunities.
Access the complete report for an in-depth analysis of the global plastic resins market:
Plastic Resins Global Market Report 2024 from The Business Research Company covers the following information:
.Market size data for the forecast period: Historical and Future
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Plastic Resins Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on plastic resins market size, plastic resins market drivers and trends, plastic resins market major players, plastic resins competitors' revenues, plastic resins market positioning, and plastic resins market growth across geographies. The plastic resins market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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