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Plastic Resins Market Growth, Share, Product Types and Application, Top Key Players with Sales, Price, Business Overview, SWOT Analysis 2027

Report Ocean publicize new report on the Plastic Resins Market. The Plastic Resins Market report contains numerous information about factors, such as market restraints, drivers, and opportunities. In addition, the report provides an in-depth review of industry developments and trends in the market that are influencing the Plastic Resins Market growth. Additionally, the database analyzes and estimates the Plastic Resins Market both globally and regionally.

The global plastic resins market size was valued at $403.1 billion in 2020- and is projected to reach $522.5 billion by 2027, growing at a CAGR of 4.5% from 2021 to 2027.

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Plastic is not a material it is a family of similar materials with different properties that can be engineered to meet the requirements of a wide variety of applications, including packaging. Plastic resins have a wide range of uses across a large number of industries such as packaging, electrical & electronics, automotive, construction, and others. Plastic resins are used in a wide variety of components and structures. Major advantages of using resins include the ability to adapt to various products, their low shrinkage, good mechanical properties, corrosive liquid resistance and climates. Also superior electrical properties, good efficiency at high temperatures and reasonable adhesion to substrates are the benefits of using plastic resins.

Rise in demand for lightweight materials in the automotive and aviation industries is expected to drive the demand for plastic resin due to its low weight-to-strength ratio. Additionally, rise in demand for composite materials in pipes & tanks and oil & gas applications is expected to fuel the global plastic resins market over the forecast period. In addition, growth is projected to be driven by the rise in use of plastic resins in building, automotive, electrical, and electronic applications.

Automotive OEMs have been motivated to embrace resin as a replacement for steel and aluminum for the production of automotive parts by regulatory action to minimize gross vehicle weight, increase fuel efficiency, and reduce carbon emissions. However, high volatility in the prices of raw materials and recyclability issues are estimated to hold back the growth of the global plastic resins market.

Some of the key players operating in the global plastic resins market are Arkema S.A., Celanese Corporation, Dow Chemical, DuPont, Evonik Industries AG, Formosa Plastic Group, LyondellBasell, SABIC, Sumitomo Chemical Company, and Toray Industries, Inc.

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Key benefits for stakeholders
? The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global plastic resins from 2019 to 2027 to determine the prevailing opportunities.
? A comprehensive analysis of the factors that drive and restrict the growth of the market is provided.
? Estimations and forecast are based on factors impacting the market growth in terms of value and volume.
? Profiles of leading players operating in the market are provided to understand the global competitive scenario.
? The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable market growth.

Impact of COVID-19 on the global plastic resins market
– The world is battling the contagious COVID-19 pandemic, which has spread across the globe.
– The demand-supply gap, disruptions in raw material procurement, price volatility, and many other factors are expected to hamper the growth of the chemical industry during the COVID-19 pandemic.
– The global economy of the plastic resins market has experienced rapid slowdown, owing to economic activity constraints due to the COVID-19 pandemic.
– There has been a rapid and dramatic rise in demand for resin-related consumer goods, including items such as packaging and hygiene products in the initial stages of the COVID-19 pandemic. However, there has been a more protracted and stubborn decline in demand for resin-related consumer products, including those used in automotive manufacturing, construction, and other industrial categories.
– The industry faces constraints regarding environmental protection, issue of climate change, and the instability in the petroleum industry. These factors are expected to continue to affect the industry, despite a positive demand outlook.

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Key market segments

By Product
? Polyethylene Terephthalate (PET)
? High Density Polyethylene (HDPE)
? Polyvinyl Chloride (PVC)
? Low Density Polyethylene (LDPE)
? Polypropylene (PP)
? Polystyrene (PS)
? Others

By Application
? Packaging
? Automotive
? Construction
? Electrical & Electronics
? Consumer Goods
? Furniture & Bedding
? Others

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By Region
o North America
? U.S.
? Canada
? Mexico
o Europe
? Germany
? France
? Italy
? Spain
? UK
? Rest of Europe
o Asia-Pacific
? China
? Japan
? India
? South Korea
? Rest of Asia-Pacific
o LAMEA
? Brazil
? Argentina
? Qatar
? UAE
? Rest of LAMEA

COVID-19 Impact

The COVID-19 pandemic in 2019 engulfed the world. It caused a worldwide halt. The entire global economy was affected. In addition, many people have also lost their lives. Around 252,297,094 cases and 5,091,465 deaths have been reported worldwide so far for COVID-19. The pandemic spread to almost every country in the world. In most industries, the pandemic resulted in some form of loss. As a result of the pandemic, the Plastic Resins Market also experienced a slowdown. Statista estimates that the Plastic Resins Market industry’s total worldwide revenue stood at approximately US$ 3.94 trillion in 2019. In 2014, the global Plastic Resins Market industry generated revenues of US$ 5.4 trillion at a record high.

The degree of competition among prominent global companies has been developed by analyzing several leading competitors operating globally. In addition, specialist analysts examine various aspects of the Plastic Resins Market , including market competition, market share, the most recent advancements in the industry, innovative product launches, partnerships, mergers, and acquisitions by leading companies.

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Key questions answered in the global plastic resins market report are:

How does a global company acquire markets?

What are its core strategies and policies?

What factors will influence the plastic resins market over the forecast period?

What are the factors driving and restraining the market for chemicals?

What are the leading competitors in the global market?

Which region is growing at a higher pace in the global market?

This report covers aspects of the regional analysis market.

The report includes data about North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.

This report analyzes current and future market trends by region, providing information on product usage and consumption.

Reports on the market include the growth rate of every region, based on their countries over the forecast period.

What factors are taken into consideration when assessing the key market players?

The report analyzes companies across the globe in detail.

The report provides an overview of major vendors in the market, including key players.

Reports include information about each manufacturer, such as profiles, revenue, product pricing, and other pertinent information about the manufactured products.

This report includes a comparison of market competitors and a discussion of the standpoints of the major players.

Market reports provide information regarding recent developments, mergers, and acquisitions involving key players.

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What are the key findings of the report?

This report provides comprehensive information on factors expected to influence the market growth and market share in the future.

The report offers the current state of the market and future prospects for various geographical regions.

This report provides both qualitative and quantitative information about the competitive landscape of the market.

Combined with Porter’s Five Forces analysis, it serves as SWOT analysis and competitive landscape analysis.

It provides an in-depth analysis of the market, highlighting its growth rates and opportunities for growth.

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