Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly half of the global virgin resin market.
PORTLAND, OREGON, UNITED STATES, April 11, 2023 /EINPresswire.com/ — 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
Allied Market Research published a new report, titled, “Virgin Resin Market by Resin Type (Polyethylene, Polypropylene, PET, Polystyrene, Others), by Application (Building and Construction, Packaging, Textile, Automotive, Medical, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031″ The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
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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.
This makes it important to understand the practical implications of the Virgin resin market. To gain a competitive advantage, the players must have something unique. By tapping into the untapped market segment, they can establish a relevant point of differentiation, and this report offers an extension analysis of untapped segments to benefit the market players and new entrants to gain the market share.
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.
KEY MARKET PLAYERS:
The report provides the SWOT analysis of the key market players including Dow, ISONO co., ltd, Lyondellbasell, PLASTIPAK HOLDINGS, INC., Reliance Industries Ltd, SABIC, and TORAY INDUSTRIES, INC. which gives the business overview, financial analysis, and portfolio analysis of products and services. The latest news related to industry developments in terms of market expansions, acquisitions, growth strategies, joint ventures, collaborations, product launches, market expansions etc. are included in the report for the better understanding of the stakeholders in framing strategic decisions to gain long term profitability and market share.
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.
NEED FOR THE REPORT:
The current situation of pandemic makes it very important for the stakeholders in the Virgin resin market to understand the market deeply, which will help them in taking sound decisions, to gain the competitive advantage. By exploring the unexplored areas of market, the key players can surely gain a larger market share.
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
KEY OFFERINGS OF THE REPORT:
Key drivers & Opportunities: An extensive analysis on key factors and opportunities available in different segments for strategizing.
Current trends & forecasts: A comprehensive analysis on latest trends, and forecasts for next few years to frame strategic decisions as a next step.
Segmental analysis: An extensive analysis of each segment and driving factors such as revenue and growth rate is offered.
Regional Analysis: A thorough analysis of each geographic region can help market players devise expansion strategies and gain from the opportunity.
Competitive Landscape: Useful insights on each of the leading market players for outlining competitive scenario and related strategies have been offered in the report.
Want to Access the Statistical Data and Graphs, Key Players’ Strategies:
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