Plastic resins market to be worth $982.3bn by 2028

 The global plastic resins market size is expected to reach USD 982.3 billion by 2028 according to a new study by Polaris Market Research. 

The report ‘Plastic Resins Market Share, Size, Trends, Industry Analysis Report, By Product (Crystalline, Non-Crystalline, Engineering Plastic, Super Engineering Plastic); By Application; By Region; Segment Forecast, 2021 – 2028’ gives a detailed insight into current market dynamics and provides analysis on future market growth.

The major factors propelling the resins market growth include increasing demand from the automotive, construction, and electrical and electronics sector as well as packaging. Increasing demand for contamination-free, long-turn, and eco-friendly packaging is anticipated to fuel the market growth for these resins.

Polymers are widely used in various applications such as textiles and packaging due to their durability, cost-effective and energy-efficient material as well as recyclability properties, which in turn is anticipated to fuel the market growth during the forecast period.

Government agencies such as the  Environmental Protection Agency have collaborated with the European Union and have imposed regulations regarding carbon emissions that will likely boost the industry demand over the coming years.

In the initial stages of the Covid-19 outbreak, resin-related consumer products along with items such as packaging and hygiene products experienced a dramatic and rapid increase in demand. However, these products started experiencing  steady decline due to lockdown imposed by several governments and disturbance in the supply chain.

The Asia Pacific region is projected to dominate the resins industry during the forecast period due to the presence of major manufacturers in countries such as China. Additionally, factors such as rapid urbanisation and a growing economy are also responsible for the industry growth in the region.