Plastic material refers to a vast class of polymer which comprises of a range of synthetic & semi-synthetic compounds that are flexible and can be molded into solid objects of diverse shapes. Resins are organic compounds comprising of a non-crystalline or viscous liquid substance. Natural resins are usually fusible and flammable organic substances that are translucent or transparent and are yellowish to brown in color.
Plastic materials & resins market comprises of the trades of plastic materials & resins by entities that manufacture resins, plastic materials, and nonvulcanizable thermoplastic elastomers, and mix or blend resins on a custom basis and manufacture non-customized synthetic resins.
According to study, “Plastic Material And Resins Global Market Report 2019” the key companies operating in the global plastic material and resins market are LyondellBasell Industries, Eastman Chemical Company, Total SA, BÜFA Composite Systems Gibson Dunn, Ineos AG, Chevron Phillips, Formosa Plastics Group, Sunstar Engineering Italy S.R.L., Covestro AG, Formulated Resins Ltd., Exxon Mobil, Solvay S.A, Celanese Corp., Xinghua Xinfeng Plastic Co. Ltd., PolyOne Corporation, Sumitomo Chemical Company Limited, Glezco Plasticos, Australian Vinyls Corporation, Borealis Group, Plas Soltex Grouptic OJSC, Reliance Industries Ltd., Xinjiang Zhongtai Chemical, LG Chemical, Plastral, Advanced Polymer Trading FZC (APT), Shanghai Bluestar, Ncs Resins (Pty) Ltd Are Plastocure cc, Messe Brasil, Black Horse Plastic Products, Braskem, Northern Vinyl Supplies, Cosmoplast, Flowcrete South Africa, GAP Polymers, SPREA MISR, Saudi Aramco. The key companies face intense competition from each other as well as from regional companies who have strong distribution networks and good knowledge about regulations & suppliers.
Based on product type, plastic material and resins market is segmented into high-density polyethylene, low-density polyethylene, polypropylene, polyethylene terephthalate, polystyrene, plastic materials & resins, poly-vinyl chloride, polyurethane and others. In addition, based on application, market is segmented into packaging (food, beverage, retail, medical and others), construction, automotive, electrical & electronics (electronic material, OA equipment & home appliances and others), consumer goods, logistics, textile & clothing, furniture & bedding, medical devices, agriculture, clothing (industrial use) and others.
The plastic material and resins market is driven by increase in demand for industrial packaging products, followed by growth in technological developments and rise in demand from the automotive, construction, and electrical and electronics sectors. However, stringent regulations on plastic materials and increase in raw material prices may impact the market. Moreover, rapid increase in demand for eco-friendly plastics and rise in use of recycled plastic products as raw material are key opportunities for market.
Based on geography, the Asian-Pacific is a leading region in global plastic material and resins market owing to increase in demand for industrial packaging products in the region. Whereas, the North-American and European regions are predicted to exhibit considerable growth rate due to rise in demand from the packaging and transportation manufacturing industries over the forecast period. In upcoming years, it is estimated that future of the market will be bright as a result of growth of key end-use mst period. caarkets for plastics during the fore
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Ankur Gupta, Head Marketing & Communications