The global plastic material and resins market reached a value of nearly $490.5 billion in 2018, having declined at a compound annual growth rate (CAGR) of more than -0.4% since 2014.
Growth in the historic period resulted from the increased demand for industrial packaging products, growth of key end-use markets for plastics, and technological developments. Factors that negatively affected growth in the historic period were environmental concerns over plastics, and changes in regulations.
Going forward, new developments in packaging, and growth in emerging markets will drive growth. Factors that could hinder the growth of the plastic material and resins market in the future are price pressures in the industry due to the increasing raw material prices, and reductions in free trade.
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Major trends influencing the plastic materials and resins market include:
Use Of Recycled Plastic Products As Raw Material – Plastic material and resin manufacturers are using recycled plastic products as raw materials to reduce raw material costs, lower carbon footprint, and reduce dependence on other raw materials such as oil and gas. Recycled plastic has properties nearly identical to those of virgin plastic (plastic material which is produced without using any recycled plastic products) and contains only a few percent of impurities. Additionally, the recycled plastic has a carbon footprint 85% smaller than new plastic. Recycled plastic costs 20-25% less than the plastic made from virgin raw materials such as oil and gas.
Environmentally Friendly Products – The world population is increasingly becoming aware about the adverse impact of plastic materials on the environment. This has led to a rapid increase in demand for eco-friendly plastics: bioplastics that are manufactured from polymer resins derived from plants and plastics that can be decomposed with the help of bacteria. For instance, global bio plastics production capacity was estimated to be around 6.2 million tons in 2017, and the global market for bio plastics and biopolymers is expected to be around $5.0 billion in 2021, indicating high demand for eco-friendly plastic products.
The plastic materials and resins market is segmented by type of product
By Product Type – The plastic materials and resins market is segmented by product type into
- a) High-Density Polyethylene
- b) Polypropylene
- c) Low-Density Polyethylene
- d) Polystyrene
- e) Poly-Vinyl Chloride
- f) Polyethylene Terephthalate
- g) Polyurethane
- h) Plastic Materials And Resins
- i) Others
Plastic Materials And Resins Competitive Landscape
Major Competitors are:
- • LyondellBasell Industries
- • Total SA
- • Ineos AG
- • Formosa Plastics Group
- • Covestro AG
Other Competitors Include:
- • Exxon Mobil
- • Chevron Phillips
- • Eastman Chemical Company
- • Celanese Corp.
- • PolyOne Corporation
- • Glezco Plasticos
- • BÜFA Composite SystemsGibson Dunn
- • Sunstar Engineering Italy S.R.L.
- • Borealis Group
- • Formulated Resins Ltd
- • Solvay S.A
- • Reliance Industries Ltd
- • Xinghua Xinfeng Plastic Co. Ltd
- • Sumitomo Chemical Company Limited
- • Plastral
- • LG Chemical
- • Australian Vinyls Corporation
- • Xinjiang Zhongtai Chemical
- • Shanghai Bluestar
- • Plas Soltex Grouptic OJSC
- • Messe Brasil
- • Braskem
- • Qat Abu Dhabi National Oil Company (Adnoc)ar Petrochemical Company (Qapco)
- • Cosmoplast
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