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Plastic Material And Resins Global Market Report 2022

·4-min read

Major companies in the plastic materials and resins market include Dow Inc, Sinopec Limited, LyondellBasell Industries Holdings BV, Whitehead Institute for Biomedical Research, BASF SE, INEOS AG, DuPont Inc, Alpek SA.

New York, May 31, 2022 (GLOBE NEWSWIRE) -- announces the release of the report "Plastic Material And Resins Global Market Report 2022" -
B. de C.V, Alfa SA.B. de C.V, and Exxon Mobil.

The global plastic material and resins market is expected to grow from $714.72 billion in 2021 to $803.08 billion in 2022 at a compound annual growth rate (CAGR) of 12.4%. The market is expected to grow to $1,247.37 billion in 2026 at a CAGR of 11.6%.

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 non-customized synthetic resins.

The main types of plastic materials and resins are polypropylene-plastic material and resins, high-density polyethylene, polyvinyl chloride, polyethylene terephthalate, polyurethane, low-density polyethylene, polystyrene-plastic material and resins, and other types of plastic material and resins.Polyvinyl chloride is a thermoplastic made of 57% chlorine derived from common salt and 43% carbon derived from ethylene from hydro-carbon feedstocks, sugar crops, crude oil, and natural gas.

The applications involved are packaging, housewares, bags, sheets, bottles, fibers, tapes, films, medical materials, and other applications. The end-user industries chemical industry, the coating and printing industry, the electronics industry, food, and pharmaceutical industry, and other end-user industries.

Asia Pacific was the largest region in the plastic material and resins market in 2021.North America was the second-largest region in the plastic material and resins market.

The regions covered in the plastic materials and resins report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

New developments in the packaging industry, such as CO2RE foaming technology, big data, IoT integration, are expected to drive the market going forward.Convenience features, such as resealable packs, easy-opening, stand-up pouches, and smaller pack sizes for single-servings are being introduced and more promotional packs and brand extensions are being developed to ensure customer loyalty.

Similarly, the recent development of biodegradable plastics which degrade naturally from the actions of microorganisms such as bacteria, algae, and fungi is gaining traction. These developments in packaging will increase the consumption of plastics and this will drive the market growth.

Oil price volatility is likely to have a negative impact on the plastic material and resin market as a significant decline and increase in oil prices negatively impact the government and consumer spending.The decline in oil prices is having a negative impact on government spending in countries such as Saudi Arabia, Nigeria, and the UAE (United Arab Emirates) which are largely dependent on revenues generated through crude oil exports, whereas a significant increase in oil prices had resulted in a spurt in inflation, current account deficit and fiscal deficit in countries such as India and China, which predominantly imports oil.

For instance, the Saudi government is expected to cut down its spending from 1.05 trillion riyals ($280 billion) in 2019 to 1.02 trillion riyals ($270 billion) in 2020, to 955 billion riyals ($255 billion) by 2022, due to significant decline in revenues generated from oil exports, thereby affecting the market. This high volatility in the oil process is further expected to negatively impact the market going forward.

The searches for new characteristics for plastic materials and innovations in the manufacturing process have led to the development of various high-performance plastics.For example, smart polymers are materials that can change based on external environmental stimuli.

Nanocomposites are a product that is a result of a combination of nanotechnology and plastics engineering.These products have high electrical conductivity, dimensional stability, and are also flame retardant along with resistance to scratch, dent, and heat.

These new high-performance plastics have gained rapid acceptance and find their applications in the medical, electronics, food packaging, automotive, and aerospace sectors. For instance, some of the major developments in plastic materials include plastics from potatoes and Virgin PET from discarded textile fabric and waste bottles.

The countries covered in the plastic materials and resins market are Argentina, Australia, Austria, Bangladesh, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Iran, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, Ukraine, USA, and Vietnam.

Read the full report:

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