The Business Research Company’s Plastic Materials And Resins Market covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market.
The plastic materials and resins market consists of the sales of plastic materials and resins by entities (organizations, sole traders or partnerships) that manufacture plastic materials, resins, and nonvulcanizable thermoplastic elastomers, and mix and blend resins on a custom basis and/or manufacture noncustomized synthetic resins.
Growth in the historic period resulted from the increased demand for industrial packaging products, growth of key end-use markets for plastics, and technological developments. Factors that negatively affected growth in the historic period were environmental concerns over plastics, and changes in regulations.
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Increased Demand For Industrial Packaging Products – The demand for industrial packaging products has increased recently, particularly in emerging economies such as China and India. As the size of the middle-class grew in these countries, the consumption of processed foods, poultry, meat and agricultural products increased. According to the World Bank, China’s Gross Domestic Product (GDP) per capita increased from $7587 in 2014 to $7924 in 2015 and India’s GDP per capita increased from $1576 in 2014 to $1581 in 2015. The increase in per-capita income in these economies resulted in the emerging middle-class purchasing more packaged goods. The demand for packaged goods increased the consumption of plastic for their packaging, driving the market.
The plastic materials and resins market is segmented by type of product
By Product Type – The plastic materials and resins market is segmented by product type into
a) High-Density Polyethylene
c) Low-Density Polyethylene
e) Poly-Vinyl Chloride
f) Polyethylene Terephthalate
h) Plastic Materials And Resins
Others segment was the largest segment in the global plastic materials and resins market by type of product in 2018, accounting for 39.4% of the market. Acrylic polymers, polyethers, polyamide, epoxide resins, amino resins, polycarbonates, elastomeric resins, vinyl acetate copolymers are the major plastic materials and resins within the others segment which constitute around 70% of the others segment.
Asia-Pacific is the largest market for plastic materials and resins, accounting for 50.1% of the global market in 2018. It was followed by North America, Western Europe and then the other regions. Going forward, Africa and the Middle East will be the fastest growing regions in the plastic materials and resins market, where growth will be at CAGRs of 7.8% and 5.2% respectively.
Major players in the market are LyondellBasell Industries, Total SA, Ineos AG, Formosa Plastics Group, Covestro AG
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