Major companies in the plastic materials and resins market include LyondellBasell Industries; Dow Chemical Company; BASF SE; Bayer Material Science and Total SA. The global plastic material and resins market is expected to grow from $466.
New York, Feb. 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Plastic Material And Resins Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018807/?utm_source=GNW
15 billion in 2020 to $562.07 billion in 2021 at a compound annual growth rate (CAGR) of 20.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $659.21 billion in 2025 at a CAGR of 4%.
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. The plastic materials and resins market is segmented into polypropylene; high-density polyethylene; poly-vinyl chloride; polyethylene terephthalate; polyurethane; low-density polyethylene; polystyrene and other plastic material and resins.
Asia Pacific was the largest region in the global plastic material and resins market, accounting for 52% of the market in 2020. North America was the second largest region accounting for 20% of the global plastic material and resins market. Africa was the smallest region in the global plastic material and resins market.
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 the 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.
Oil price volatility is likely to have a negative impact on the plastic material and resin market as significant decline and increase in oil prices negatively impacts 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 significant increase in oil prices had resulted in 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 oil process is further expected to negatively impact the market going forward.
New developments in the packaging industry, such as CO2RE foaming technology, big data, IoT integration, that are expected to drive the market going forward. Convenience features, such as resalable 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, recent development of bio-degradable plastics which degrade naturally from the actions of microorganism 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.
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