Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Plastic Resins Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The latest comprehensive research unveiling the growth trajectory and dynamics of the global plastic resins market has been published. This report offers a thorough analysis of the industry's burgeoning advancements, the economic impact of various market segments, and the future outlook that caters to a spectrum of stakeholders and investors.
Highlighted within the research are key findings indicating a robust surge in market size, expected to expand from USD 710.21 billion in 2023 to USD 747.86 billion in 2024, marking a notable compound annual growth rate (CAGR) of 5.3%. Forecasts remain optimistic as projections estimate a climb to USD 936.96 billion by 2028 at a CAGR of 5.8%.
The intensification of the market is driven by several factors, including the proliferation of lightweight and high-strength resins in the automotive and aviation sectors, which is significantly reshaping transportation dynamics. This results in heightened performance, safety, and sustainability.
In light of increasing urbanization rates globally, plastic resins are experiencing heightened demand within the construction industry. As urban populations swell, the market is witnessing an upswing in applications ranging from plumbing and electrical installations to revolutionary building solutions.
Crucial, too, is the integration of sustainability within the industry's fabric. Market leaders are now innovatively embracing recycled plastic resins, exemplified by new product launches and strategic alliances aimed at reinforcing circular economy principles.
A remarkable trend spotlighted in the report is the burgeoning partnership landscape, reflective of the industry's push towards circularity. Prominent is the collaboration between Republic Services and Ravago, which fosters the production of 100% post-consumer recycled resins, aligning efforts across the value chain from waste management to sustainable product manufacturing.
The Asia-Pacific region reigns as the foremost contributor to the market's growth, with expectations of sustained acceleration in the forecast period. Heightened production capacities, expanding infrastructural developments, and burgeoning industrial activities are setting the stage for unprecedented regional growth.
The plastic resins market analysis encapsulates a wealth of industry-specific data, including market size, regional shares, competitive landscapes, and technological advancements. Detailed market segmentation demystifies the intricate workings of the industry, from fundamental resin types to their end-use applications across diverse sectors.
Key highlights of the report
- In-depth evaluation of market trends driving growth in the plastic resins industry
- Comprehensive exploration of resin applications in high growth sectors such as automotive and construction
- Insightful analysis of the competitive landscape, highlighting leading companies shaping market movements
- Detailed regional market analysis, with the Asia-Pacific leading in production and demand
- Forward-looking perspectives on the potential impacts of eco-friendly innovations and recycling initiatives
The report's portentous findings underscore the market's adaptive strategies to align with environmental concerns, efficiency enhancements, and consumer demands, marking pivotal shifts in the global business landscape. Stakeholders across the value chain can leverage these insights to navigate the transforming arena of plastic resins and chart strategic directions for sustainable growth.
A selection of companies mentioned in this report includes
- BASF SE
- Saudi Basic Industries Corporation.
- Dow Inc.
- Evonik Industries AG
- Sumitomo Chemical Co. Ltd.
- Arkema S.A.
- Celanese Corporation
- Eastman Chemical Company
- Chevron Phillips Chemical Co. LLC
- Lotte Chemical Corporation
- Covestro AG
- Toray Industries Inc.
- Teijin Ltd.
- Exxon Mobil Corporation
- Mitsui And Co. Plastics Ltd.
- Braskem Sa
- LyondellBasell Industries
- LG Chem Ltd.
- E. I. du Pont de Nemours and Company
- INEOS Group Limited
- Formosa Plastics Corporation
- Total Petrochemicals & Refining USA Inc.
- Mitsubishi Chemical Corporation
- Asahi Kasei Corporation
- Mitsui Chemicals Inc.
- Reliance Industries Limited
- Sinopec Corp.
- China National Chemical Corporation
- Nova Chemicals Corporation
For more information about this report visit https://www.researchandmarkets.com/r/a5k9p5
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