Virgin Resin Market Growth

virgin resin market refers to the industry involved in the production and sale of newly manufactured plastic resin that has not been previously used.

WILMINGTON, DELAWARE, UNITED STATES, November 23, 2023 /EINPresswire.com/ -- The virgin resin market refers to the industry involved in the production and sale of newly manufactured plastic resin that has not been previously used or processed. Virgin resin is produced directly from raw materials like petroleum, natural gas, or other sources and is used as a primary material in various industries to create plastic products.

According to the report, the global virgin resin industry generated $375.7 billion in 2021, and is anticipated to generate $528.9 billion by 2031, witnessing a CAGR of 3.5% from 2022 to 2031.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/32204

𝐒𝐞𝐯𝐞𝐫𝐚𝐥 𝐟𝐚𝐜𝐭𝐨𝐫𝐬 𝐚𝐟𝐟𝐞𝐜𝐭 𝐭𝐡𝐞 𝐯𝐢𝐫𝐠𝐢𝐧 𝐫𝐞𝐬𝐢𝐧 𝐦𝐚𝐫𝐤𝐞𝐭, 𝐢𝐧𝐜𝐥𝐮𝐝𝐢𝐧𝐠:

𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐫𝐨𝐦 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐞𝐬: Industries such as packaging, automotive, construction, electronics, and healthcare heavily rely on virgin resin for manufacturing various products.

𝐑𝐚𝐰 𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥 𝐏𝐫𝐢𝐜𝐞𝐬: Fluctuations in the prices of crude oil and natural gas impact the cost of producing virgin resin, subsequently influencing market prices.

An increase in awareness regarding hygiene-related activities, wide usage of virgin resins as a substitute for metals in several end-use sectors such as building & construction, automotive, electronics, and others, and beneficial properties of virgin resins such as corrosion resistance, flexibility, and superior adhesion drive the growth of the global virgin resin market. However, fluctuations in the prices of raw materials restrict the market growth. Moreover, an increase in investments in building infrastructure in countries such as the U.S., China, Japan, Mexico, and India presents new opportunities in the coming years.

𝐄𝐧𝐯𝐢𝐫𝐨𝐧𝐦𝐞𝐧𝐭𝐚𝐥 𝐂𝐨𝐧𝐜𝐞𝐫𝐧𝐬: Growing awareness and regulations regarding plastic waste management and environmental sustainability can affect the demand for virgin resin as companies seek alternatives or adopt recycled materials.

The polyethylene segment held the highest market share in 2021, accounting for nearly one-third of the global virgin resin market, and is estimated to maintain its leadership status throughout the forecast period. Over 80 billion tons of polyethylene are manufactured each year, making it the world's most important plastics. However, the polypropylene segment is projected to manifest the highest CAGR of 3.9% from 2022 to 2031. The expansion of the automotive sector attributed to the increase in purchasing power of customers surged the popularity of polypropylene-based virgin resin. Polypropylene-based virgin resin is widely used for manufacturing automobile components such as automotive bumpers, bumper facias, instrumental panels, door trims, and wheel covers.

𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐜𝐚𝐥 𝐀𝐝𝐯𝐚𝐧𝐜𝐞𝐦𝐞𝐧𝐭𝐬: Innovations in manufacturing processes and technologies can impact the efficiency and cost-effectiveness of producing virgin resin.

The packaging segment held the highest market share in 2021, accounting for nearly two-fifths of the global virgin resin market, and is estimated to maintain its leadership status throughout the forecast period. The packaging industry is one of the booming sectors across the globe, owing to rise in disposable income, busy schedule of people, and rise in consumption of packaged food. However, the automotive segment is projected to manifest the highest CAGR of 4.0% from 2022 to 2031, attributed to rise in usage for manufacturing automobile components.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬: Consumer preferences and market trends towards sustainable and eco-friendly materials can drive changes in the virgin resin market, pushing for more environmentally friendly alternatives.

Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly half of the global virgin resin market, and is likely to dominate the market during the forecast period. In addition, the same region is expected to witness the fastest CAGR of 4.0% from 2022 to 2031. China alone can produce 60 billion tons of plastic in 2020 which is anticipated to boost the overall production of virgin resin. Also, countries such as India, Japan, China, and Australia are witnessing a rapid increase in automotive sectors where virgin resin is used to make auto components, such as instrumental panels, glass interlayer, interior trim, door handles, and others. Other regions discussed in the report include North America, Europe, and LAMEA.

The virgin resin market is a significant part of the larger plastics industry and is influenced by global economic trends, technological advancements, environmental policies, and changing consumer demands.

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬: -

- SABIC, ISONO CO. LTD.

- Dow Inc.

- Lyondellbasell

- Reliance Industries Ltd

- Plastipak Packaging, Inc.

- Domo Chemicals

- A 1 IMPEX

- Toray Industries, Inc.

- Nimtada Co. Ltd.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/virgin-resin-market/purchase-options

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Allied Market Research
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
Twitter
LinkedIn

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.