Increasing use of plastics in automotive industry, rise in the usage of polyethylene terephthalate (PET) resins, growth of the global plastic resins market
PORTLAND, OREGON, UNITED STATES, November 24, 2020 /EINPresswire.com/ — Allied Market Research published a report, titled, Plastic Resins Market by Product (Polyethylene Terephthalate (PET), High Density Polyethylene (HDPE), Polyvinyl Chloride (PVC), Low Density Polyethylene (LDPE), Polypropylene (PP), Polystyrene (PS), and Others) and Application (Packaging, Automotive, Construction, Electrical Electronics, Consumer Goods, Furniture Bedding, and Others): Global Opportunity Analysis and Industry Forecast 20202027.According to the report, the global plastic resins industry was estimated at$403.1 billionin 2019, and is expected to hit$522.5 billionby 2027, registering a CAGR of 4.5% from 2020 to 2027.
Drivers, restraints, and opportunities-
Increasing use of plastics in automotive industry, rise in theusage of polyethylene terephthalate (PET) resins, and emerging end-use applications of plastic resins fuel the growth of the global plastic resins market. On the other hand, expensive and complex plastic resins manufacturing process impede the growth to some extent. However, surge in use of composites and PMMA in car production is expected to create multiple opportunities in the industry.
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The outbreak of the pandemic led to price volatility, shortage in raw materials, and disruptions in the supply chain, thereby affecting the global market for plastic resins to a significant extent.Also, theres been a steep decline in demand for plastic resins from the automotive sector during Covid-19.
The Polypropylene (PP) segment to dominate by 2027-
Based on product, the polypropylene (PP) segment contributed to more than one-fourth of the global plastic resins market share in 2019 and is expected to rule the roost by the end of 2027. Its high operational temperature, high fatigue life, high resistance to cracking, and excellent resistance to stress drive the growth of the segment. The Polyvinyl chloride (PVC) segment, on the other hand, would manifest the fastest CAGR of 5.1% throughout the forecast period, owing to increase in its usage in building and construction sector for various applications such as pipes fittings, cable insulation, floor covering, etc.
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The packaging segment to lead the trail-
Based on application, the packaging segment accounted for more than one-third of the global plastic resins market revenue in 2019 and is expected to retain its dominance till 2027, due to the fact that demand for packaging continues to grow in both developed economies and in emerging markets. Simultaneously, the automotive segment would portray the fastest CAGR of 5.2% from 2019 to 2027. Plastic resins are essential in the automotive sector as they guarantee increased safety, improvements in performance, fuel efficiency, and emission reduction. This factor propels the segment growth.
Asia-Pacific, followed byEuropeandNorth America, had the major share in 2019-
Based on geography,Asia-Pacific, followed byEurope, held the major share in 2019, garnering nearly two-fifths of the global plastic resins market. Growing population, increasing urbanization, and substitution of many metals by suitable engineering plastics in various industries, such as packaging and automotive accelerate the market growth in this region. At the same time,North Americawould showcase the fastest CAGR of 5.0% during the forecast period. Growing food and beverage industry and increasing demand for sustainable and recyclable material are expected to boost the market growth in this province.
Frontrunners in the industry-
Celanese CorporationToray Industries, Inc.Dow ChemicalDuPontSABICEvonik Industries AGLyondellBasellArkema S.A.Sumitomo Chemical CompanyFormosa Plastic Group
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Plastic Coatings Market: Global Opportunity Analysis and Industry Forecast 2020-2027@ https://www.alliedmarketresearch.com/plastic-coatings-market-A07586
The outbreak of COVID-19 has negatively impacted the demand for plastic coatings, owing to the decreased automobile sales, disturbed construction activities, and others.
Key market segments
By End-Use Industry
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Source: EIN Presswire