Global plastic materials and resins market is expected to reach $998.8 billion in 2024, with steady growth expected to continue until 2028

Global plastic materials and resins market

DUBLIN, April 4, 2024 (Globe Newswire) — The “Plastic Materials and Resins Global Market Report 2024'' report has been added. ResearchAndMarkets.com Recruitment.

Projected market growth

The global plastic materials and resins market has shown a remarkable growth trajectory, expanding from a real size of $898.26 billion in 2023. It is expected to reach an estimated $998.8 billion by 2023 at a compound annual growth rate (CAGR) of 11.2%. This significant increase is mainly due to the growing demand across various sectors such as industrial packaging, automotive, and construction. Continuous growth is expected over the next historical period and with an unwavering CAGR of 10.7%, the market is expected to reach a staggering size of $1498.73 Billion by 2028.

Market drivers and innovation

The industry growth is expected to be driven by a series of advancements in the packaging field. High-impact implementations such as smart packaging solutions using CO2RE foam technology and the integration of big data and IoT will play a vital role. Consumer-centric improvements such as resealable packaging, simpler opening mechanisms, stand-up pouches, and compact servings are improving user experience and loyalty, ultimately driving market dynamics. The remarkable emergence of eco-friendly biodegradable plastics, which are designed to degrade naturally with the help of microorganisms, has garnered interest as it aligns with pressing global sustainability imperatives. This is another field. In parallel with these developments, the growing popularity of electric vehicles (EVs) is leading the plastic materials and resins market to new areas of industrial growth. EVs provide a powerful stimulus to the market as they require lightweight, durable plastics for a variety of applications. This trend is also reflected in the United States, where the high number of EV registrations indicates strong demand for advanced plastic materials and resins in the automotive sector.

A breakthrough in high-performance plastics

Recent advances in the industry have produced innovative high-performance plastics, smart polymers that are notable for their responsiveness to environmental changes. These advances have resulted in high electrical conductivity, stability, and resistance to various physical stresses, and are finding a wide range of applications across medical, electronics, packaging, automotive, and aerospace sectors. Additionally, industry players continue to seek sustainable alternatives to traditional petroleum-based products, with developments such as seaweed resins setting new standards for environmental responsibility in the materials sector.

regional insights

As of 2023, Asia-Pacific is recognized as the market leader in the plastic materials and resins sector, followed closely by North America as the second-largest contributing country. Comprehensive coverage spans numerous regions, including the Middle East and Africa, solidifying the industry's global influence. There is a wide range of products on the market that prove the versatility of plastic materials and resins. This range includes everything from the commonly recognized polypropylene and high-density polyethylene to specialty materials for a variety of industrial applications. The end-user base is equally vast, spanning chemical, electronics, food, pharmaceutical, and many other important industries.

Market outlook overview

The shared insights provide a clear perspective on the current position and future prospects of the plastic materials and resins industry. Poised for continued progress and of vital importance in numerous sectors, the market is on a solid growth trajectory due to its important role in the global economy.

key attributes

story continues

Companies mentioned in this report include, but are not limited to:

• LyondellBasell Industries Holdings BV

• Total SE

• Ineos AG

• Lotte Chemical Co., Ltd.

• BASF SE

• Covestro AG

• Formosa Plastics Co., Ltd.

• Huntsman International LLC

• westlake chemical corporation

• Dow

• Norato

• Sintex Industries Ltd (India)

• Abu Dhabi National Oil Company (Adnoc)

• Zamil Plastic Industries Co., Ltd.

• Sealed Air Corporation

• Silgan Holdings Co., Ltd.

• northern vinyl supplies

• Australian Vinyls Corporation (Australia)

• Plustral (Australia)

• Daiko Kagaku Co., Ltd.

• China Petrochemical Corporation

• ENPI Group

• spray mistle

• Sumitomo Chemical Co., Ltd. (China)

• Gabon Investment Holding Co., Ltd.

• Zhenjiang Chimei Chemical Co., Ltd.

• Sanmu Group

• dupont

• cosmoplast

• exxon mobil

• Sunstar Engineering Italy SRL

• Shanghai Huayi (Group)

• au gift europe

• NCS Resins (Pty) Ltd

• It's Plast Cure cc

• Celanese Co., Ltd.

• Jain Irrigation Systems Ltd (India)

• Soltex Group

• braskem

• Horizon Plastics International

• Qatar Petrochemical Company

• Kkalpana Industries India Ltd

• chevron phillips

• FORMULATES RESINS LIMITED.

• flowcrete south africa

• Gresco Plasticos

• messe brazil

• plastic OJSC

• Rosti Poland Sp.

• BÜFA complex system

• VIP Industries Co., Ltd.

• Solvay SA

• graham packaging company

• China National Petroleum Corporation

• GAP polymer

• black hose plastic products

• sonoko products company

• Bemis Company

• Sichuan Jinlu Group Co., Ltd.

• LG Chem

• INEOS Group

• SA de CV

• TCR plastic

• Berry Global Group Co., Ltd.

• Matsui Technologies India Ltd.

• Regitech Production SA

• Ostermann's Latin American Polymers

• porinto spa

• amkor company

• Xinghua Xinfeng Plastics Co., Ltd.

• Johannes H. Andres GMBH & CO. KG

• brobury plastic factory

• eastman chemical company

• gita plastic products

• Advanced Polymer Trading FZC (APT)

• Arabian Plastic Industrial Company Limited

• saudi aramco

• Heklopet

• Polyone Co., Ltd.

• Reliance Industries Ltd.

• borealis group

For more information about this report, please visit https://www.researchandmarkets.com/r/a4lpqq.

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