The Global Plastic Resins Market includes resins that are used to manufacture plastics such as polyethylene, polypropylene, PVC, polyethylene terephthalate, polyurethane, polystyrene, and polyester resin. These plastics have widespread applications across various end-use industries such as packaging, automotive, construction, electronics, medical devices, and consumer goods due to their properties like durability, flexibility, and resistance to water. Plastic resins provide an advantage of lightweight and versatility over traditional materials and help reduce production costs. The growing construction industry along with increasing disposable income is contributing to the growth of the plastic packaging market which in turn is fueling the demand for plastic resins.

The Global Plastic Resins Market is estimated to be valued at US$ 1,127.35 Bn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the Plastic Resins Market are Dow, DuPont, BASF SE, SABIC, Sumitomo Chemical Co., Ltd., Evonik Industries AG, Celanese Corporation, Eastman Chemical Company, Chevron Phillips Chemical Co., LLC, LOTTE Chemical Corporation, Exxon Mobil Corporation, Formosa Plastics Corporation, TORAY INDUSTRIES, INC., MITSUI & CO. LTD, TEIJIN LIMITED, LG Chem, and Avient Corporation. Dow and Dupont are the market leaders in terms of production capacity and product portfolio.

The growing demand from the packaging industry coupled with increasing penetration of plastics in various end-use industries has been driving the Plastic Resins Market Demand . Rapid urbanization along with increasing disposable income in developing countries is further fueling the consumption of packaged goods which in turn is propelling the plastic resins market.

Geographically, the Asia Pacific region dominated the global plastic resins market in 2021. The large production bases and increasing consumption from China, India, Indonesia, Vietnam, and other developing Asian countries are contributing to the growth of the plastic resins market in Asia Pacific. Other regions like North America and Europe are also expected to witness steady growth due to established end-use industries and high average selling price of plastic resin products.

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