Plastic Resins Market Size, Share, Growth Analysis, By Product(Crystalline, engineering plastic, non-crystalline, and super engineering plastic), By Application(Automotive, packaging, construction, consumer goods), By Region - Industry Forecast 2024-2031

Asia Pacific is expected to account for the largest revenue share in 2021. China is the leading country in Asia Pacific and is expected to account for approximately 35% share in the global plastic resin market. China is self-sufficient in terms of plastic production with an adequate number of plants and production capacity to meet the local demand. China accounts for nearly one-fourth of the world’s plastic production capacity and has more than 15,000 plastic factories. China produces roughly seven million metric tons of plastic products every month. Further, China exports various types of plastics to neighbouring countries due to its large production base.

North America market is expected to grow at a significant CAGR during the forecast period. The growth of the regional market is attributed to development of modern packaging technology and improvements in manufacturing processes. The demand for plastic resin has increased in the US due to increasing investment in construction. The country has low risk environment, a stable economy, and a solid financial sector. These parameters have created many opportunities for investors which stimulates the infrastructure spending. Further, PET is one of the fastest growing segments in the US market which is used in the production of bottles.