Plastic Resin Market Analysis, Size, Growth, Share & Forecast to 2027 | Grand View Research Inc.
The global plastic resin market size is expected to reach USD 993.7 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to expand at a 4.0% CAGR over the forecast period. Increasing consumption in construction, automotive, electrical and electronics application is anticipated to propel the market growth. Regulatory intervention to reduce gross vehicle weight in order to improve fuel efficiency as well as to reduce carbon emission has driven automotive OEMs to adopt resins as substitute to steel and aluminium for fabricating automotive components. Favorable federal regulations laid down by agencies such as National Highway Traffic Safety Administration and Environmental Protection Agency (EPA) regarding carbon emissions along with the EU initiatives to develop plastics application for creation of light and fuel-efficient cars are likely to augment the growth of global market. However, the ongoing health crisis and lockdown imposed by various governments to contain the spread of coronavirus pandemic has led to decline in the consumption of plastic resins and is further expected to negatively impact the market growth in coming years.