Portland, OR, Nov. 16, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global plastic resins industry generated $403.1 billion in 2019, and is expected to reach $522.5 billion by 2027, witnessing a CAGR of 4.5% from 2020 to 2027. The report provides an extensive analysis of changing market trends, key investment pockets, pricing strategies, top winning strategies, major segments, and competitive landscape.
Increase in use of plastics in the automotive industry and utilization of polyethylene terephthalate (PET) resins drive the growth of the global plastic resins market. However, the expensive and complex manufacturing process hinders the market growth. On the other hand, emerging end-use applications of plastic resins and usage of composites and PMMA in-vehicle car production create new opportunities in the coming years.
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Covid-19 Scenario:
- There had been a significant increase in demand for resin-related consumer goods such as packaging materials and hygiene products during the initial stages of the Covid-19 pandemic.
- However, there had a considerable decrease in demand for resin-related consumer products utilized in automotive, construction, and other industrial categories.
- The demand-supply gap, scarcity of raw materials, and price volatility occurred due to closure of many industries with lockdown imposed by governments.
The report offers detailed segmentation of the global plastic resins market based on product, application, and region.
By product, the polypropylene (PP) segment contributed to the highest market share in 2019, accounting for more than one-fourth of the total market share, and will maintain its lead position during the forecast period. However, the polyvinyl chloride (PVC) segment is estimated to manifest the highest CAGR of 5.1% from 2020 to 2027.
Get Detailed COVID-19 Impact Analysis on the Plastic Resins Market @ https://www.alliedmarketresearch.com/request-for-customization/7937?reqfor=covid
Based on application, the packaging segment contributed to the largest share in 2019, holding more than one-third of the global plastic resins market, and is projected to maintain its highest contribution during the forecast period. However, the automotive segment is expected to witness the highest CAGR of 5.2% from 2020 to 2027.
By region, Asia-Pacific contributed to the highest market share in 2019, accounting for nearly two-fifths of the market, and will continue its dominance by 2027. However, North America is expected to register the fastest CAGR of 5.0% during the forecast period.
Leading players of the global plastic resins market analyzed in the research include Arkema S.A., Dow Chemical, Celanese Corporation, Evonik Industries AG, DuPont, LyondellBasell, Formosa Plastic Group, Sumitomo Chemical Company, SABIC, and Toray Industries, Inc.
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