Polymer Resin Market overview
the recent Market Research Future (MRFR) analysis. Polymer resin, simply put, is a liquid plastic product that hardens for making thick and durable coatings. Expandable polystyrene, polypropylene, polyvinyl chloride, polystyrene, and others are the different types of Polymer Resin Market Size that are extensively used in different end use industries such as industrial, consumer, automotive, medical, construction, electrical and electronics, and others.
Various factors are propelling the global polymer resin market growth. According to the latest MRFR report, such factors include the burgeoning demand for polymer resin from various end use industries namely electrical and electronics, automotive, and construction, the recyclability of these products, increasing spending by the government on construction in China & India, the booming personal care and pharmaceutical industry, and growing trend of the automotive industry that includes fuel efficiency, light vehicles, and lower emission. Besides, the use of plastic resins in the healthcare sector due to the rising product of PPE (personal protective equipment) like medical gowns, face shields, face masks, and other forms of medical devices during the ongoing COVID-19 outbreak is also adding market growth.
Market Segmentation
The MRFR report offers an inclusive segmental analysis of the global polymer resin market based on application and resin types.
By application, the global polymer resin market is segmented into industrial, consumer, automotive, medical, construction, electrical and electronics, and others. Of these, the automotive segment will dominate the market over the forecast period. Increasing sales of automobiles in Latin America and the APAC region worldwide demanding polymer resin in greater proportion is adding to the growth of the segment.
By resin types, the global polymer resin market is segmented into expandable polystyrene, polypropylene, polyvinyl chloride, polystyrene, and others. Of these, the polyvinyl chloride segment will lead the market over the forecast period.
Regional Analysis
Based on the region, the global polymer resin market report covers the growth opportunities and recent trends across North America, Europe, the Asia Pacific (APAC), Latin America, & the Middle East and Africa (MEA). Of these, North America will have the lions share in the market over the forecast period. Favorable government policies and regulations, huge public funding, the booming personal care and cosmetic industry, high focus on the extraction of oil and gas that has boosted synthetic polymer production, and the presence of several petroleum-based manufacturing companies are adding to the global polymer resin market Revenue Growth in the region.
The global polymer resin market in the APAC region is predicted to grow at a fast pace during the forecast period. Flourishing construction activities coupled with governments of India & China laying emphasis on the development of the consumer and electronic sector are adding to the global polymer resin market growth in the region.
The global polymer resin market in Latin America and the MEA is predicted to have sound growth over the forecast period. The burgeoning demand for polymer resin from the construction and automotive industries is adding to the polymer resin market growth in these regions.
The global polymer resin market in Europe is predicted to hold the second-largest share over the forecast period. Rising cases of chronic diseases and growing geriatric population are adding to the global polymer resin market growth in the region.
Key Players
Eminent players profiled in the global polymer resin market report include Bayer AG (Germany), Evonik Industries (Germany), Celanese Corporation (US), Covestro (Germany), LG Chem (South Korea), SABIC (Saudi Arabia), Solvay SA (Belgium), DuPont (US), Royal DSM (Netherlands), and BASF SE (Germany).
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