The global plastic resins market size is expected to reach US$ 982.3 billion (approximately Indian Rupees 726,902 thousand crore) by 2028 according to a new study by Polaris Market Research. The report Plastic Resins Market Share, Size, Trends, Industry Analysis Report, By Product (Crystalline, Non-Crystalline, Engineering Plastic, Super Engineering Plastic); by application, region, segment, Forecast 2021 – 2028 gives an insight into current market dynamics and provides analysis on future market growth.
The major factors propelling the resins market growth include increasing demand from the automotive, construction, packaging, and electrical and electronics sector. Increasing demand for contamination-free, long-turn, and eco-friendly packaging is anticipated to fuel the market growth for these resins.
The increasing adoption of electric vehicles and regulatory agencies’ intervention to reduce carbon emission by reducing the gross vehicle weight to improve fuel efficiency is expected to boost the market growth of these resins over the coming years.
Polymers are widely used in various applications such as textiles and packaging due to their durability, cost-effective and energy-efficient material, and recyclability properties, which in turn is anticipated to fuel the market growth during the forecast period.
Government agencies such as the US National Highway Traffic Safety Administration and Environmental Protection Agency have collaborated with the European Union and have imposed regulations regarding carbon emissions that will likely boost the industry demand over the coming years, according to the report.
In the initial stages of the Covid-19 outbreak, resin-related consumer products along with items such as hygiene and packaging products experienced a dramatic and rapid increase in demand. However, these products started experiencing a stubborn decline due to lockdowns imposed by several governments and disturbances in the supply chain.
The Asia Pacific region is projected to dominate the resins industry during the forecast period due to the presence of major manufacturers in countries such as China. Additionally, factors such as rapid urbanization and a growing economy are also responsible for the industry growth in the region.
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