According to the research report titled ‘Global Plastic Resin Market Size study, by Product (Crystalline Resin, Non-crystalline Resin, Engineering Plastic and Super Engineering Plastic), by Application (Packaging, Automotive, Construction, Electrical & Electronics, Logistics, Consumer Goods, Textiles & Clothing, Furniture & Bedding, Agriculture, Medical Devices and Others), and Regional Forecasts 2021-2027’, available with Market Study Report, global plastic resin market was assessed at USD 711 billion in 2020 and is estimated to amass USD 948.3 billion by 2027, growing at an annual rate of 4.4% between 2021-2027.
 

Surging demand for light weight and multi-utility vehicles, and growing investment in construction sector are the key factors driving global plastic resin market expansion. Citing an example, the Indian government is aiming to construct 20 million affordable homes in urban areas by 2022.
 

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For the unversed, plastic resin is formed by heating hydrocarbons using the cracking process. It is widely used in construction, automotive, packaging, electrical & electronic, and other verticals due to its durability and lightweight nature.
 

While increasing consumption of plastic resin in healthcare vertical for manufacturing gloves, masks, and PPE kits will aid revenue inflow, fluctuating raw material costs will act as a challenge for businesses in this domain.
 

Based on product gamut, worldwide plastic resin industry is split into non-crystalline resin, crystalline resin, super engineering plastic, and engineering plastic. Moving on to application scope, the business sphere is divided into packaging, construction, automotive, electrical & electronics, logistics, textiles & clothing, consumer goods, agriculture, furniture & bedding, medical devices, and others.
 

From the regional frame of reference, Asia Pacific held majority industry share in the recent past, owing to presence of large number of transportation, automotive, and packing industries. Meanwhile, Europe market is slated to witness significant expansion between 2021-2027, due to rising application of plastic resin in medical devices & equipment.
 

Key players formulating the competitive landscape of worldwide plastic resin industry are Dow Inc., Sumitomo Chemical Co. Ltd., Evonik Industries AG, Teijin Limited, Eastman Chemical Company, Celanese Corporation, Chevron Phillips Chemical Co. LLC, Covestro AG, Lotte Chemical Corporation, and Toray Industries Inc. 
           

These companies have undertaken strategic decisions such as product launches, partnerships, alliances, mergers & acquisitions, and investments in research & development to strengthen their foothold in the business sphere and enlarge their profit margins.