Dublin, April 04, 2024 (GLOBE NEWSWIRE) -- The "Plastic Material and Resins Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
Projected Market Growth
The global plastic materials and resins market has demonstrated a significant growth trajectory, expanding from a substantial value of $898.26 billion in 2023. With a compound annual growth rate (CAGR) of 11.2%, it is set to ascend to an estimated $998.8 billion by the year 2024. This notable increase is largely attributed to the escalating demands across various sectors including industrial packaging, automotive, and construction. The following period historical period anticipates continued growth, propelling the market to reach an impressive $1498.73 billion by 2028, courtesy of an unwavering CAGR of 10.7%.
Market Drivers and Innovations
Industry growth is anticipated to be spurred by a suite of advancements in the packaging sector. High-impact introductions such as smart packaging solutions leveraging CO2RE foaming technologies, and the integration of big data and IoT are set to play pivotal roles. Consumer-centric improvements such as resealable packaging, simpler opening mechanisms, stand-up pouches, and compact servings are enhancing user experience and loyalty, ultimately driving market dynamics. The marked emergence of eco-friendly biodegradable plastics is yet another sector drawing interest, as they are engineered to decompose naturally with the aid of microorganisms, thus aligning with the pressing global sustainability mandates. Parallel to such developments, the surge in electric vehicle (EV) popularity is ushering the plastic material and resin market into new realms of industrial growth. EVs necessitate lightweight, durable plastics for various applications, thus providing a potent stimulus to the market. Such trends are mirrored in the United States, where hefty EV registration numbers signal a robust demand for advanced plastic materials and resins in the automotive sector.
High-Performance Plastic Breakthroughs
Recent strides within the industry have yielded innovative high-performance plastics, smart polymers notable for their responsive nature to environmental fluctuations. These advancements deliver high electrical conductivity, stability, and resistance to a variety of physical stresses, finding broad applications across medical, electronics, packaging, automotive, and aerospace sectors. Additionally, industry players continue pursuing sustainable alternatives to traditional petroleum-derived products, with developments like seaweed resin setting a new bar for environmental responsibility in the materials sector.
Regional Insights
Asia-Pacific has been identified as the market leader in the plastic material and resins sector as of the year 2023, with North America closely trailing as the second-largest contributor. The comprehensive coverage extends across a multitude of regions including the Middle East and Africa, solidifying the industry's global impact. The market comprises an extensive range of products that serve as a testament to the versatility of plastic materials and resins. The spectrum includes commonly recognized polypropylene and high-density polyethylene to specialty materials for diverse industrial applications. The end-user base is equally vast, branching into chemical, electronics, food, pharmaceuticals, and a host of other significant industries.
Market Outlook Overview
The insights shared offer a lucid perspective on the current standing and the prospective horizon of the plastic material and resins industry. Poised for continuous advancements and holding pivotal importance in a multitude of sectors, the market is set on a robust growth path, indicative of the significant role it plays in the global economy.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 400 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $998.8 Billion |
| Forecasted Market Value (USD) by 2028 | $1498.73 Billion |
| Compound Annual Growth Rate | 10.7% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes, but is not limited to:
- LyondellBasell Industries Holdings BV
- Total SE
- Ineos AG
- Lotte Chemical Corporation
- BASF SE
- Covestro AG
- Formosa Plastics Corp.
- Huntsman International LLC
- Westlake Chemical Corp
- Dow
- Nolato
- Sintex Industries Ltd (India)
- Abu Dhabi National Oil Company (Adnoc)
- Zamil Plastic Industries Ltd
- Sealed Air Corp.
- Silgan Holdings Inc.
- Northern Vinyl Supplies
- Australian Vinyls Corporation (Australia)
- Plastral (Australia)
- Dagu Chemical Co. Ltd.
- China Petrochemical Corporation
- ENPI Group
- SPREA MISR
- Sumitomo Chemical Company Limited (China)
- Yabang Investment Holding Group Co. Ltd.
- Zhenjiang Chimei Chemical Co. Ltd.
- Sanmu Group
- DuPont
- Cosmoplast
- ExxonMobil
- Sunstar Engineering Italy S.R.L.
- Shanghai Huayi (Group)
- Awgifts Europe
- Ncs Resins (Pty) Ltd
- Are Plastocure cc
- Celanese Corp.
- Jain Irrigation Systems Ltd (India)
- Soltex Group
- Braskem
- Horizon Plastics International
- Qatar Petrochemical Company
- Kkalpana Industries India Ltd
- Chevron Phillips
- Formulated Resins Ltd
- Flowcrete South Africa
- Glezco Plasticos
- Messe Brasil
- Plastic OJSC
- Rosti Poland Sp.
- BÜFA Composite Systems
- VIP Industries Ltd
- Solvay S.A.
- Graham Packaging Company
- China National Petroleum Corporation
- GAP Polymers
- Black Horse Plastic Products
- Sonoco Products Company
- Bemis Company
- Sichuan Jinlu Group Co. Ltd.
- LG Chemical
- INEOS Group
- SA de CV
- TCR Plastics
- Berry Global Group Inc.
- Matsui Technologies India Ltd
- RESITEC PRODUCTION SA
- Osterman's Latin American Polymers
- POLYNT SPA
- Amcor Plc
- Xinghua Xinfeng Plastic Co. Ltd.
- Johannes H. Andress GMBH & CO. KG
- Brovary Plastic Plant
- Eastman Chemical Company
- Geeta Plastic Products
- Advanced Polymer Trading FZC (APT)
- Arabian Plastic Industrial Company Limited
- Saudi Aramco
- HEKRO PET
- PolyOne Corporation
- Reliance Industries Ltd
- Borealis Group
For more information about this report visit https://www.researchandmarkets.com/r/a4lpqq
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