Plastic Material And Resins Industry Players Shift Toward More Eco-friendly Material: Bioplastics Or Recycled Plastics

4 March 2021

Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports

According to The Business Research Company’s resins and plastic materials market report, the world population is increasingly becoming aware about the adverse impact of plastic materials on the environment. This has led to a rapid increase in demand for eco-friendly plastics: bioplastics that are manufactured from polymer resins derived from plants and plastics that can be decomposed with the help of bacteria.

For instance, global bio plastics production capacity was estimated to be around 6.2 million tons in 2017 and the global market for bioplastics and biopolymers is expected to be around $5.0 billion in 2021, indicating a high demand for ecofriendly plastic products. Companies such as EverCorn™ and NatureWorks produce bioplastics from natural materials including corn starch. John Deere is developing an ecofriendly plastic product using soybeans and flax.

Bioplastica are widely being used in several industries including packaging, and medical applications, among others. For example, in the packaging industry, bioplastics are used to manufacture shopping bags, compostable waste collection bags, and trays; in medical applications, bioplastics are used in manufacturing implants, pills, and capsules.

Plastic material and resin manufacturers are also using recycled plastic products as raw materials to reduce raw material costs, lower carbon footprint, and reduce dependence on other raw materials such as oil and gas. Recycled plastic has properties nearly identical to those of virgin plastic (plastic material which is produced without using any recycled plastic products) and contains only a small percentage of impurities.

Additionally, recycled plastic has a carbon footprint 85% smaller than new plastic. Recycled plastic costs 20-25% less than plastic made from virgin raw materials such as oil and gas. For instance, Adidas has collaborated with Parley for the Oceans to produce products made from recovered ocean plastic. The USA based cleaning products maker “Method Products” is using plastic recovered from the ocean and prevents the manufacturing of new plastic by recycling.

The Business Research Company’s report titled Plastic Materials And Resins Market – Opportunities And Strategies – Global Forecast To 2022 covers major plastic material and resins companies, plastic material and resins market share by company, plastic material and resins manufacturers, plastic material and resins market size, and plastic material and resins market forecasts. The report also covers the global plastic material and resins market and its segments.

Request For A Sample Of The Global Plastic Material And Resins Market Report:

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Thus, market-trend-based strategies for the plastic material and resins market include keeping abreast with new technological developments in the manufacturing process and trying to develop products with improved attributes and new characteristics, focusing on the research and development of new materials that are environmentally friendly and also have widespread use.

Other strategies include investing in automation and robotics in factories to increase productivity, using recycled plastic products as raw materials to reduce their carbon footprint, and focusing on collaborating with technology-based companies and research organizations in development activities of advanced polymers.

The global plastic material and resins market is expected to grow from $466.2 billion in 2020 to $659.2 billion in 2025 at a rate of 7.2%. The plastic materials and resins market size is then expected to grow at a CAGR of 3.5% from 2025 and reach $784.2 billion in 2030. The major players covered in the global plastic resin market are LyondellBasell Industries, Dow Chemical Company, BASF SE, Bayer Material Science, and Total SA.

Plastic Materials And Resins Market – Opportunities And Strategies – Global Forecast To 2022 is one of a series of new reports from The Business Research Company that provide market overviews, analyze and forecast market size and growth for the whole plastic material and resins market, plastic material and resins market segments and geographies, plastic material and resins market trends, plastic material and resins market drivers, plastic material and resins market restraints, leading competitors’ revenues, profiles and market shares in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies. The report also gives in-depth analysis of the impact of COVID-19 on the plastic material and resins market.

The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. A highly experienced and expert team of analysts and modelers provides market analysis and forecasts. The reports identify top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

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Source: globenewswire.com