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The global plastic materials and resins market, a part of the chemicals industry, grew at a compound annual growth rate (CAGR) of around 2% during the historic period. The chemicals industry showed a steady growth. The demand for industrial packaging products has increased recently, particularly in emerging economies. As the size of the middle-class grew in these countries, consumption of processed foods, poultry, meat and agricultural products increased.

In the forecast period, the global plastic materials and resins market size is expected to be over $500 billion by 2021, growing at a CAGR of nearly 4.5%. The plastics manufacturing industry is affected by the growth of the packaging industry. There are a number of new developments in the packaging industry that will drive the demand for plastic materials. Furthermore, rising population, increase in dispensable income, and increasing per capita incomes are expected to drive the global plastic materials and resins market in the future.

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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.

Major companies in the plastic materials and resins market, offering new technology include LyondellBasell Industries, Dow Chemical Company, BASF SE, Bayer Material Science, Total SA.

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