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The global resin market size is expected to exhibit strong growth by reaching USD 752.26 billion by 2029. Fortune Business Insights™ in its report titled “Resin Market Size, Share & COVID-19 Impact Analysis, By Type (Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Polyurethane, Polystyrene, and Others), By End-use Industry (Packaging, Automotive & Transportation, Building & Construction, Consumer Goods/Lifestyle, Electrical & Electronics, Agriculture, and Others), and Regional Forecast, 2022-2029” observes that the market size in 2021 stood at USD 528.55 billion and touched USD 533.55 billion in 2022. The market exhibited a CAGR of 4.5% during 2022-2029. Positive growth of the packaging sector and rising adoption of packaging solutions are expected to foster market progress.
LyondellBasell and Neste Enter into Agreements to Improve Product Offerings
LyondellBasell and Neste entered into agreements in June 2021 to produce feedstock from bio-based sources such as waste, fats, and oil residues. The feedstock will be processed in LyondellBasell’s Wesseling, Germany, plant’s cracker and shall be sold under the CirculenRenew brand. This strategy may enable the company to improve its product offerings and boost sales.
Increasing Awareness Regarding the Material’s Properties to Boost Industry Growth
Resin is a packaging material that offers excellent protection to goods. The increasing awareness regarding the properties of the material may elevate its adoption. Further, the increasing adoption of the material from the food & beverage, pharmaceutical, consumer goods, and e-commerce is expected to fuel the product’s sales. Moreover, rising awareness regarding the cost-effective, lightweight, and chemical-resistant properties of the material may enhance the material’s adoption. In addition, rising technological advancements and research & development may foster the production and adoption of packaging material. These factors may drive the resin market growth.
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Major Players Launch New Services to Elevate their Brand Image
The prominent companies operating in the market launch novel services to boost their brand image. For example, BASF launched its novel RegXcellence service for regulatory excellence for plastic additives in February 2022. This launch may allow BASF to boost its brand image and improve its sales figures. Moreover, companies devise research and development, mergers, acquisitions, innovations, partnerships, expansions, and industrial automation to boost their market position.
Notable Industry Development
List of Key Players Profiled in the Report
Further Report Findings
Table of Segmentation
Value (USD Billion), Volume (Million Ton)
By Type, End-use Industry, and Geography
By End-Use Industry