The plastic resins market is expected to arrive at a valuation
NEWARK, Del, July 11 2022 (GLOBE NEWSWIRE) — The global plastic resins market is expected to reach a market valuation of US$764 billion by 2022, accelerating with a moderate CAGR of 4.5% by 2022-2032. Plastic resins market size should be valued at approximately 1186 billion US dollars end of 2032.
Due to the growing demand for packaged foods and beverages, the plastic resins industry is expected to witness significant expansion. Perishable goods benefit from a longer shelf life thanks to plastic packaging, which also protects them from external elements that can compromise the quality of the product.
The need for packaged food products is driven by busy work and personal schedules, which drives the demand for plastic resins. Additionally, the plastic resins market will benefit from the growing demand for consumer goods.
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The major aspect influencing the expansion of the plastic resins market is the growing interest in items from the automotive, electrical and electronics industries. The booming global automotive industry is expected to boost interest in certain products, such as those used in applications such as engine parts, automotive exteriors and interiors, and increase the adoption of plastic resins.
The demand for small, lightweight multi-utility vehicle models that prioritize comfort and style has led to an increase in the use of resins in the automotive industry. It has also changed the outlook for the plastic resins market.
The large demand from the food and beverage industry is expected to lead to a rapid increase in the demand for plastic resins throughout the forecast period. The demand for processed, ready-to-eat and ready-to-cook food products has increased dramatically due to population growth and increased disposable income.
Growing awareness of waste and its associated costs is another factor influencing the demand for packaged foods and increasing the sales of plastic resins.
Over the past few decades, packaging techniques and materials have undergone substantial improvement. One of the most significant technological developments in the plastic resin industry is the creation of bioplastic. Companies have started using bioplastic and other plant-based packaging techniques. For example, to promote the use of PHA, a biodegradable polymer, in single-use packaging applications, Milliken and Company has joined the Global PHA Organization (GO!PHA).
Key insights from market research
- Pelastic resins are gaining popularity in Europe due to lax restrictions on packaging waste and attractive taxation.
- The crystalline resins product category accounted for the highest revenue share of over 62% in 2021, and it is expected to continue to dominate the market. plastic resins market for the duration of the projection period.
- The packaging category recorded the largest revenue share of over 36% in 2021 and is expected to grow at a constant CAGR throughout the forecast period.
- China is the dominant country in the Asia-Pacific region and accounted for around 35% of global consumption plastic resins market.
- With approximately 45% of the revenue share in the plastic resins market in the world in 2020, Asia-Pacific is the market leader.
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The existence of a significant number of regional and international companies has led to the highly fragmented nature of the global market plastic resins market. Due to a higher level of sensitivity to product types, industry players compete fiercely with each other.
Strict government regulations on the use of plastic items also control the level of competition and plastic resins market expansion. To slow down the rate of contamination, however, companies in the market are focusing on biodegradable plastics.
Recent Developments in the Global Polycarbonate Market
As part of its acquisition of Solvay’s PA66 business, BASF began commercializing polyamide (PA) and polyphthalamide (PPA) grades in Europe on February 1, 2022. In humid conditions and high temperatures, l ‘Ultramid® One J (PA66/6T) has good mechanical properties. and dielectric qualities.
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Plastic Resins Market By Segmentation
- Not crystalline
- engineering plastic
- Super engineering plastic
- Electrical and Electronic
- Consumer goods
- Textiles and clothing
- Furniture & Bedding
- Medical equipement
- North America
- Latin America
- East Asia
- South Asia
- Middle East and Africa
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1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply-side trends
1.4. Analysis of the technology roadmap
1.5. Analysis and recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limits
3. Market Context
3.1. Market dynamics
3.2. Scenario forecast
3.2.1. Demand in the optimistic scenario
3.2.2. Demand in Likely Scenario
To continue the table of contents…
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Printed Plastic Films Market Size: Global printed plastic films consumption is expected to reach approximately US$4.8 billion by 2022 and is expected to grow at a CAGR of 3.9% to reach a valuation of US$7.1 billion. US dollars by 2032.
Toy Packaging Market Share: The global toy packaging market was valued at approximately US$9.4 billion in 2021 and sales are expected to grow at a CAGR of 4.9% over the forecast period (2022-2032 ). According to the study, the demand in the toy packaging market is expected to exceed a valuation of US$15.9 billion by 2032.
Specimen Carrier Bag Market Trend: The specimen carrier bag market is expected to register a CAGR of 9.8% during the forecast period 2022-2032, from USD 244.7 million in 2022 to reach a valuation of US$623.24 million by 2032.
Plastic Sterilization Trays Market Analysis: The plastic sterilization trays market is expected to register a high CAGR of 7.7% during the forecast period. The Plastic Sterilization Trays Market is currently valued at US$14.86 Billion in 2022 and is projected to reach US$31.20 Billion by 2032.
Sterilization Box Market Growth: The sterilization box market is expected to register a CAGR of 7.5% during the forecast period, from US$14.84 billion in 2022 to reach a valuation of US$30.58 billion US dollars by 2032.
Corrugated Open Head Drum Market Forecast: The Corrugated Open Head Drum market is expected to register a high CAGR of 8% during the forecast period. The Open Head Corrugated Drums Market is currently valued at US$12 Billion in 2022 and is expected to reach US$28 Billion by 2032.
Commercial Paper Bag Market Volume: The global commercial paper bag market size is expected to reach US$ 11.2 billion by 2032 and grow at a CAGR of 7.5% during the forecast period. 2022 to 2032.
Insulated Shipping Boxes Market Sales: The global insulated shipping boxes market is expected to create an additional opportunity of more than US$4 billion by the end of 2032. The demand for insulated shipping boxes is expected to reach US$3 billion by 2022, expanding at a CAGR of around 8% to 9% during the forecast period 2022-2032.
Packaging Jars Market Demand: The Global Packaging Jars Market is expected to be valued at US$43974.3 million by 2032, from US$33040.4 million in 2022, growing at a CAGR of 2 .9% from 2022 to 2032.
Box Sleeve Market Outlook: The global box sleeve market earned US$472 million in 2021 and is expected to show a 3.5% YoY increase to be valued at US$488.6 million in 2022 .
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