Dublin, July 18, 2022 (GLOBE NEWSWIRE) -- The "Plastic Material And Resins Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.
The global plastic material and resins market is forecast 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 that manufacture plastic materials, resins, and non-vulcanizable thermoplastic elastomers, and mix and blend resins on a custom basis and/or manufacture non-customized synthetic resins.
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 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.
Key Topics Covered:
1. Executive Summary
2. Report Structure
3. Plastic Material And Resins Market Characteristics
3.1. Market Definition
3.2. Key Segmentations
4. Plastic Material And Resins Market Product Analysis
4.1. Leading Products/ Services
4.2. Key Features and Differentiators
4.3. Development Products
5. Plastic Material And Resins Market Supply Chain
5.1. Supply Chain
5.2. Distribution
5.3. End Customers
6. Plastic Material And Resins Market Customer Information
6.1. Customer Preferences
6.2. End Use Market Size and Growth
7. Plastic Material And Resins Market Trends And Strategies
8. Impact Of COVID-19 On Plastic Material And Resins
9. Plastic Material And Resins Market Size And Growth
9.1. Market Size
9.2. Historic Market Growth, Value
9.3. Forecast Market Growth, Value
10. Plastic Material And Resins Market Regional Analysis
10.1. Global Plastic Material And Resins Market, 2021, By Region, Value ($ Billion)
10.2. Global Plastic Material And Resins Market, 2016-2021, 2021-2026F, 2031F, Historic And Forecast, By Region
10.3. Global Plastic Material And Resins Market, Growth And Market Share Comparison, By Region
11. Plastic Material And Resins Market Segmentation
12. Plastic Material And Resins Market Metrics
12.1. Plastic Material And Resins Market Size, Percentage Of GDP, 2016-2026, Global
12.2. Per Capita Average Plastic Material And Resins Market Expenditure, 2016-2026, Global
Companies Mentioned
- Dow Inc.
- Sinopec
- LyondellBasell Industries Holdings BV
- Whitehead Institute for Biomedical Research
- BASF SE
- INEOS AG
- DuPont Inc.
- Alpek SA.B. de C.V.
- Alfa SA.B. de C.V.
- Exxon Mobil
For more information about this report visit https://www.researchandmarkets.com/r/eny1cr
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