Plastic Calendering Resins Market to Reach US$ 42.26 Billion in 2033; PVC Resins to account for 55% of Overall Demand: Future Market Insights, Inc. Analysis
The PET resins segment is expected to expand at a CAGR of 3.8% over the forecast period. North America will account for a major share of global plastic calendering resins demand. Significant growth of the food & beverage industry will help drive the calendering resins (PET, PETG, and PVC) market over the forecast period
NEWARK, Del, Jan. 05, 2023 (GLOBE NEWSWIRE) — The global plastic calendering resins market is anticipated to hold a market value of US$ 23.6 Billion in 2023 and US$ 42.26 Billion by 2033. The projected growth rate is nearly 6% during the forecast period from 2023 to 2033.
Rising awareness regarding various characteristics of plastic calendering resins such as durability, flexibility, toughness, and abrasion resistance is expected to boost the demand for various types of plastic calendering resins.
The PET resin segment is expected to expand at the fastest CAGR of 3.8% over the forecast period owing to its unique properties such as recyclability, lightweight, water resistance, and shatterproof. Therefore, it is widely used in the packaging of food & beverages
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The COVID-19 pandemic impacted the market for plastic calendering resins as production activities were halted worldwide. On a global scale, the outbreak disrupted the whole supply chain. But since calendered plastic was in huge demand during the pandemic owing to increased demand from healthcare and packaging, it led to a positive impact on the industry.
The recent Russia-Ukraine war has led to a rise in crude oil prices, which has affected the plastic resins industry globally. However, owing to the rising demand for plastic calendered products, the market is set to grow over the forecast period.
Asia Pacific is anticipated to expand at the highest CAGR over the forecast period. The market growth in this region is primarily attributed to the rising young population and increasing disposable income, especially in India and China. The increasing working population in these countries coupled with a fast life has given rise to packaged food and beverages, further propelling the demand for plastic packaging.
Key Takeaways from the Market Study
- The food & beverages segment accounted for the largest share of over 30.0% in 2022.
- The healthcare segment is expected to expand at a CAGR of 4.3% over the forecast period.
- The PVC resins segment accounted for the largest share of over 55.0% in 2022.
- The healthcare end-use segment is expected to expand at a CAGR of 4.3% over the forecast period.
- Asia Pacific accounted for the largest revenue share of over 30.0% in 2022
“The ongoing R&D and technological developments in the field of plastic calendering resins and the widespread adoption of and need for calendered resins across various sectors are expected to drive the market in the coming future,” says an analyst at Future Market Insights.
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Key Market Players
Major players are channelling efforts toward expanding their production capacities to strengthen their market share and cater to the growing demand. Market expansion is anticipated to be aided by the growing number of partnerships and collaborations among key players that are looking to increase their presence in the market.
Key players in the Plastic Calendering Resins market are Formosa Plastics Corporation; Westlake Corporation; Occidental Petroleum Corporation; Eastman Chemical Company; Avery Dennison Corporation; Covestro AG; China Petrochemical Corporation; Shin-Etsu Chemical Co., Ltd.; Reliance Industries Limited; SK Chemicals; LG Chem; LOTTE Chemical Corporation; SABIC; and Indorama Ventures Public Company Limited; and Orbia.
Some of the recent key developments among key players are:
- In December 2021, SABIC launched a new chemically upcycled polybutylene terephthalate (PBT) resin produced from ocean-bound polyethylene terephthalate (PET) bottle waste to reduce ocean pollution. The new calendering resin is named LNP ELCRIN IQ.
- In October 2020, LyondellBasell and Sasol announced that they entered a definitive agreement to form a 50/50 joint venture, through which LyondellBasell is likely to acquire 50% of Sasol’s 1.5 MM ton ethane cracker, 0.9 MM ton low and linear low-density polyethylene plants, and associated infrastructure for a total consideration of USD 2 billion. The venture is expected to operate under the name Louisiana Integrated PolyEthylene JV LLC.
- In September 2020, INEOS Olefins & Polymers announced its partnership with Saica Natur in a supply agreement for recycled LDPE and LLDPE. The long-term agreement may help INEOS serve the growing demand for increased recycled products in sustainable, virgin quality flexible packaging.
More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global Plastic Calendering Resins market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.
The study reveals essential insights by Type (PVC, PET, PP, PETG), By End-use (Food & Beverages, Healthcare & Medical, Automotive), & Region.
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
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About the Chemicals & Materials Team at Future Market Insights
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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