The global plastic resins market was valued at around USD 414 billion in 2016 and is expected to surpass USD 508 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on plastic resins for the period 2017-2021. This market analysis enlists the primary drivers and key emerging trends that will influence the growth of the plastic resins market during the forecast period. Some of the top vendors listed in this industry analysis include DOW, LyondellBasell, ExxonMobil, BASF, and SABIC.
As per the geographical analysis, APAC is the largest shareholder in the global market, with a market share of around 35%. The exponential growth of the construction and automotive sectors will boost the demand for plastic resins in the APAC market.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “The implementation of lightweight techniques in the automotive sector will help in the growth of plastic resins in the global market. The extensive use of plastic resins helps in reducing the vehicle weight and improves the fuel efficiency. Lightweight vehicles are gaining prominence in the automotive sector as weight reduction in vehicles helps improve fuel efficiency and reduce emissions and costs. Reduction in emissions of pollutants can also help automotive manufacturers meet global fuel economy standards.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Availability of large shale gas reserves
The increasing availability of shale gas in the North American region has helped reduce the cost of plastic resins and contributed to the growth of this market. The production and manufacturing of plastic resins are dependent on energy costs as it is derived from oil and gas. The abundance of shale gas reserves in this region has led to low-cost center for resin production and to the establishment of several manufacturing plants that will boost the export of resins at competitive prices. Additionally, the implementation of unique engineering characteristics will help companies in devising processes for developing new wells and provide a cost-effective alternative to fossil fuels.
Growth of end-user industries
The increase in the number of industries depend on resins as raw material for producing a wide range of finished products for end-users will fuel the demand for these resins in the global market. For instance, the consumer goods segment such as food and beverages and appliances rely on plastics for packaging, storage, and insulation and these materials help in enhancing the shelf life of edible products.
Increase in demand from the packaging sector
The increase in consumer spending will drive the consumer goods industry and the retail sector, which in turn, will boost the demand for plastics resins in the global packaging industry. The food packaging industry requires excellent barrier resistance along with preservation of food materials. Plastic materials are chosen as they offer high barrier resistance to heat, pressure, and chemical reactions. Suppliers are developing resins that meet required specifications and help buyers enhance shelf life and prevent food wastage.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Plastic Resins Market – Procurement Market Intelligence Report 2017-2021.’
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