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(MoneyNewsWire.Net, July 19, 2018 ) Resins are organic compounds consisting of a non-crystalline or viscous liquid substance. Plastic is a material consisting of any of a wide range of synthetic or semi-synthetic organics that are malleable and can be moulded into solid objects of diverse shapes. The plastic materials and resins comprise of establishments involved in manufacturing resins, plastic materials, non-vulcanizable thermoplastic elastomers, customized mixing and blending of resins, and manufacturing of non-customized synthetic resins.
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The reasons for substantial growth of the market from $431 billion in 2017 to $511 billion by 2021 are the new developments in packaging industry as well as the technological development.
The plastic materials and resins market is segmented into eight segments, namely polypropylene (PP), high-density polyethylene (PE-HD), polyvinyl chloride (PVC), polyethylene terephthalate (PET), polyurethane (PUR), low-density polyethylene, polystyrene and others. Other plastic materials and resins accounts, for nearly three-fifth of the market share, the remaining share is attributed to the other seven segments.
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China was the largest country in the plastic materials and resins market in 2017, accounting for more than one-fifth of the market share. China was followed by the USA and Germany as the next largest countries in the market.
LyondellBasell Industries was the largest competitor in the plastic materials and resins market, followed by Dow Chemical Company and BASF SE. LyondellBasell Industries was founded in 2005 and is headquartered in London, UK. It employs 13,000 people around the globe. LyondellBasell has 55 manufacturing sites in 17 countries and their products are sold in approximately 100 countries. The company also exports its products.
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