Over the past few years, the U.S. plastic resin industry has seen a resurgence in demand following a prolonged slump between 2010 and 2013. The resurgence has been driven by the growing needs of downstream manufacturers, original equipment manufacturers (OEMs), and the construction sector. Furthermore, the last few years have also witnessed a significant uptick in the usage of plastic resins in sectors like paints and coatings, as well as electrical and electronics. Plastic resin, a thick chemical liquid, plays a crucial role in modern-day products ranging from varnishes and plastics to adhesives.
If you're curious about what the future holds for this industry, keep reading. The plastic resin sector has undergone some impressive transformations, supported by robust data and trends.
According to a report by the American Chemistry Council (ACC), the production of major plastic resins hit 7.6 billion pounds in July 2018, representing an 8.3% increase from the same month in 2017. Between January and July 2018, total production amounted to 50 billion pounds, marking a 6.5% increase over the corresponding period in 2017. Sales of these resins in July 2018 reached 7.3 billion pounds, up nearly 9.3% from the previous year. Additionally, captive use—whereby companies utilize resins internally—rose to 49.6 billion pounds in July 2018, showing a 6.6% increase year-on-year.
Statista’s research reveals that plastic resin production in 2017 stood at 113 billion pounds. Thermoset polymers, particularly epoxy, accounted for approximately 16.8 billion pounds of this figure. Common thermoset polymers like nylon, PVC, high-density polyethylene, and polypropylene resins have seen steady growth. The thermoset polymers industry is anticipated to grow by 1.6% in 2018 compared to 2017. Thermoplastics or thermoset polymer plastics are extensively utilized across sectors including construction, packaging, and consumer electronics.
Now, let's dive into some key projections for popular resins:
**Polyethylene**: There's a heightened demand for cross-linked High-Density Polyethylene (HDPE) and Linear Low-Density Polyethylene (LLDPE). The global cross-linked HDPE market is projected to reach USD 7,863 million by 2022 and USD 59 billion by 2023. Cross-linked HDPE boasts a higher density-to-strength ratio than LDPE, thanks to fewer polymer chain branches, which enhances its rigidity and reduces permeability. These compounds are increasingly replacing traditional materials like PVC and copper in insulation.
On the other hand, LLDPE, characterized by shorter polymer chains, is vital for food and non-food packaging films and extrusion coating applications. Its unique structure prevents long-chain branching, making it a preferred material in industries requiring precise thickness and flexibility.
**Polypropylene**: ResearchAndMarkets.com predicts that the global polypropylene market could reach $126.89 billion by 2026. The automotive sector is driving this growth, thanks to polypropylene's flexibility and chemical resistance even under extreme conditions. Known for its adaptability, this resin is also found in carpets, toys, cosmetics, and toiletries.
**Polyethylene Terephthalate (PET)**: The global PET packaging market is set to reach USD 74.32 billion by 2021, consuming around 21.1 million tonnes. PET's exceptional moisture and gas barrier properties make it ideal for food packaging, from beverage bottles to food jars. Additionally, PET is widely used in textiles and engineering.
**Acrylonitrile-Butadiene-Styrene (ABS) Resins**: The ABS resin market is expected to touch USD 30 billion by 2022. This versatile thermoplastic resin offers superior chemical, thermal, and impact resistance. Its ease of processing makes it perfect for electronic and electrical components, appliances, and automotive parts. Its toughness at low temperatures ensures it remains in demand.
**Nylon 6 & 66**: Valued at USD 24.4 billion in 2016, the Nylon 6 & 66 market is predicted to grow at a CAGR of 6.1% from 2017 to 2025. Known for their durability and light weight, these materials are replacing metals in various applications. Nylon 6 is favored for automotive components and circuit breakers, while Nylon 66 excels in high-temperature environments like battery modules and recreational equipment.
Despite regulatory challenges, the demand for these resins continues to grow due to their versatility and performance. If you're looking for a reliable supplier, Mid Continent Plastics stands out as a top provider in the U.S., offering resins in bulk and custom quantities.
In conclusion, the plastic resin industry remains dynamic, with innovations shaping its trajectory. As consumer demands evolve, so too will the role of these essential materials in our daily lives.
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