The Global Polymer Resin Market is predicted to touch USD 121.43 billion at a 6.83% CAGR over the forecast period (2016-2022), states the new Market Research Future (MRFR) report. Polymer resin, simply put, is a very clear liquid plastic which hardens for creating a glossy, durable, and thick coating. It comprises of two parts- liquid catalyst as well as liquid plastic resin. This product mostly gets produced from the thermosetting plastic that provides it with better mechanical strength, thereby making it a high preference for the auto sector.
Owing to its long list of alluring features and benefits, Polymer Resin has an extensive range of applications including paper machine clothing, mechanical rubber products, technical fabrics, zippers and buttons, containers and bottles, packing cosmetic items, bases of countertops, sturdy window and door frames, long-lasting and beautiful floor tiles, car factories, and manufacturing plants, among others.
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Various factors are propelling the Polymer Resin Growth. These factors, as per the new MRFR report, include growing social awareness about sustainable materials, growing trend of the automobile sector which comprise lower emission, fuel efficiency, and light vehicles, burgeoning demand in different application industries including construction, electronics and electrical, consumer, industrial, and medical, and rising production as well as sales of electric cars.
On the flip side, growing concerns regarding environmental changes may impede the polymer resin market growth over the forecast period.
Noteworthy Players Profiled in the Polymer Resin Market report include Royal DSM, Bayer AG, DuPont SABIC, Covestro, Evonik, Celanese Corporation, LG Chem, Solvay Plastics, and BASF SE. Various strategies have been incorporated by key players to suffice the needs of the customers and also create a niche in the market. These strategies include research and development activities, partnerships/joint ventures, product launches and development, expansions, collaborations, and more.
Oct 2019: Motiva Enterprises subsidiary is all set-in building polyethylene units as well as a multi-unit aromatics complex which will make benzene, paraxylene, and other products for export and sale.
The MRFR Report provides a complete segmental analysis of the Polymer Resin Market Report based on Type and Application.
By Type, the Polymer Resin Market is segmented into polystyrene (PS), polyvinyl chloride (PVC), EPS (expandable polystyrene), PET (pet bottle resin), polypropylene (PP), and polyethylene (LDPE, LLDPE, and HDPE). Of these, the polyethylene segment will dominate the market over the forecast period. Factors aiding growth in the region include growing demand from the packaging industry and pervasive use in construction and automotive sectors.
Based on Application, the Global Polymer Resin Market is segmented into medical and consumer, automotive, industrial, construction, and electrical and electronics. Of these, the automotive segment will have the largest share in the market over the forecast period. This will be followed by the electrical and electronics segment that is likely to have significant growth.
By Region, the Polymer Resin Market Report covers the latest trends and growth opportunities across the Europe, North America, the Asia Pacific (APAC) and the Middle East and Africa (MEA). Of these, the APAC region will remain at the forefront in the market. Factors aiding growth in the region include increasing disposable income and an increase in medium and small enterprise initiatives. China is the chief contributor in the region as a good number of end user industries here are promoting the requirement for the same.
The Polymer Resin Market in Europe is predicted to have a steady growth over the forecast period with the automotive sector in the region acting as a catalyst. On the other hand, the market in this region is getting impeded due to post-Brexit crisis and debt crisis.
The Polymer Resin Market in North America is predicted to have a healthy growth over the forecast period for the presence of a strong industrial base in the region.
The Polymer Resin Market in the Middle East and Africa will have significant growth over the forecast period due to burgeoning demand for Polymer Resin from construction and auto industries.
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