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Plastic Resins Market Size to Reach $522.5 Billion by 2027: AMR

Portland, OR, Nov. 16, 2020 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global plastic resins industry generated $403.1 billion in 2019, and is expected to reach $522.5 billion by 2027, witnessing a CAGR of 4.5% from 2020 to 2027. The report provides an extensive analysis of changing market trends, key investment pockets, pricing strategies, top winning strategies, major segments, and competitive landscape.

Increase in use of plastics in the automotive industry and utilization of polyethylene terephthalate (PET) resins drive the growth of the global plastic resins market. However, the expensive and complex manufacturing process hinders the market growth. On the other hand, emerging end-use applications of plastic resins and usage of composites and PMMA in-vehicle car production create new opportunities in the coming years.

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Covid-19 Scenario:

  • There had been a significant increase in demand for resin-related consumer goods such as packaging materials and hygiene products during the initial stages of the Covid-19 pandemic.
  • However, there had a considerable decrease in demand for resin-related consumer products utilized in automotive, construction, and other industrial categories.
  • The demand-supply gap, scarcity of raw materials, and price volatility occurred due to closure of many …

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