Jun 29,2022 | Materials
Plastic resins are obtained by the cracking process, in which hydrocarbons are heated. In this process, larger molecules are broken down into ethylene or propylene, and the amount of these two compounds depends upon the cracking temperature. Propylene has a good chemical resistance and high hardness. Meanwhile, ethylene can be easily ignited. Plastic resins are typically used in the production of caps, containers, and closures used in the packaging industry. Moreover, plastic resins with good impact and scratch resistance are likely to witness a high demand in the packaging industry.
Plastic resins are crucial in the automotive industry as it improves the fuel efficiency and reduces the overall weight of the vehicle. Polypropylene is used for making car bumpers, gas cans, and carpet fibres; meanwhile, polyurethane is used in insulation panels and seat cushions. In this regard, the thriving automotive industry is generating the demand for plastic resins. Meanwhile, plastic resins are durable, lightweight, and scratch resistant. This makes them ideal in the production of bottles, and manufacturing containers, among others. Henceforth, the growing demand for the product from the packaging industry is further invigorating the market. Over the forecast period, the emerging e-commerce industry is anticipated to boost the packaging industry, thereby, invigorating the plastic resins market.
The Global Plastic Resins Market attained a value of about US$613.4 billion in 2021. Aided by technological advancements in the bus transportation system, the market is projected to further grow at a CAGR of 2.0% between 2022 and 2027 to reach a value of U$826.0 billion by 2027. The market is expected to register an attractive growth rate during the outlook period driven by technological innovations and application-specific developments. Customizing products to cater to a specific application than improvising the product characteristics on a whole has been the emerging trend in the Plastic Resins Market.
The exclusive market report offered on Bharatbook analyses the market based on segmentations such as product, application, and major region. It also looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the key players in the industry. Besides, the study is useful in providing answers to several critical questions that are important for the industry stakeholders such as identify drivers and challenges, analyse the historical growth in the market size and identify the dominant region or segment in the market.
Some of the major players in the market explored in the research report are Arkema S.A., Celanese Corporation, DuPont de Nemours, Inc., Evonik Industries AG and Formosa Plastics Corporation. Market Players in the Plastic Resins Market business are aligning their operating model to the new normal by pivoting towards digitalization of operations and adapting to emerging technologies in robotic automation and artificial intelligence. Investing in R&D and technology to improve product lines will be the major growth driver in the short to medium term for the Plastic Resins Market amid prevailing tough conditions.
To get more details on the market, please visit Global Plastic Resins Market.