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Polymer Resin Market size was valued at USD 6.2 Billion in 2022 and is poised to grow from USD 6.7 Billion in 2023 to USD 13.43 Billion by 2031, growing at a CAGR of 8.97% in the forecast period (2024-2031).

The competitive environment of the Polymer Resin Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. Established organizations within the industry leverage techniques inclusive of product innovation, strategic partnerships, and mergers and acquisitions to strengthen their market position. Additionally, the market is witnessing elevated opposition from local and neighborhood producers supplying cost-powerful options. 'BASF SE', 'SABIC', 'Dow', 'DuPont', 'Evonik Industries AG', 'Sumitomo Chemical Co., Ltd.', 'Celanese Corporation', 'Eastman Chemical Company', 'Chevron Phillips Chemical Co., LLC', 'LOTTE Chemical Corporation', 'Exxon Mobil Corporation', 'Formosa Plastics Corporation', 'TORAY INDUSTRIES, INC.', 'MITSUI & CO. LTD', 'TEIJIN LIMITED', 'LG Chem', 'Avient Corporation'

Technological advancement is a key growth factor in the surface cleaner's market. Innovative coatings provide protection against fragile elements. They are intended to prevent corrosion, prevent corridors, protect against volatile/acidic chemicals and cleaning agents and improve line performance. To meet customer demand, large chemical manufacturing companies' cleaners focus on developing cutting-edge technical solutions. For example, the Swiss appliance manufacturer ABB released low-voltage fireproof appliances for explosive situations in January 2022. ABB's fireproof appliances that are not many dens are able to withstand even the worst weather conditions due to fresh surface treatments.

Bio-based Polymer Resins are Gaining Traction as Sustainable Packaging Solutions: Bio-based polymer resin has emerged as a key solution to address environmental sustainability and negative impacts of traditional plastic packaging. While plastic pollution and negative impacts are being recognized to cause ecological impact, consumers, industry and governments are increasingly adopting bio-based polymer resins. The trend is driven by several major factors involving several key packaging materials. Benefits and potential of bio- based polymer resins so to transition the industry into a more sustainable future with an emphasis. Conventional petroleum-based plastics have long been the primary choice for packaging due to their cost - efficient, versatile and consistent. But their indestructible ecology and environmental sustainability have led to an incredible accumulation of plastic litter, posing a serious threat to marine life, wildlife and human health.

Rising demand for packaging from food, beverage and cosmetic industries is expected to drive the market growth in North America. Increasing demand for packaging, electronics, consumer goods, and other manufacturing products is set to witness significant growth in the region. This is driving the market growth with growing economies in the region in which technological advances help. The increasing awareness of beauty and personal care has increased the consumption of cosmetic products in the region, driving demand for packaging materials from cosmetic manufacturers. Thus, this increase in packaging will create opportunities for finishing product growth in North America.

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Global Polymer Resin Market

Product ID: SQMIG15A2421