The Asia-Pacific region is expected to have the largest market share in the global specialty resins market strongly supported by the increasing demand for consumer goods. The changing consumer incomes and increased focus on appearances have propelled the demand for personal care products in the region. South Korea and China are dominating the cosmetics industry due to the significant presence of key players in the countries.
The emergence of environmentally-friendly resins manufactured for the packaging of organic and mild cosmetic products is strengthening the market growth. The innovation of specialty resins such as thermoplastic resin for cosmetic packaging allows the companies to achieve the shine on the end product. The increased use of personal care products by men is also expected to strengthen the market, boosting the specialty resins market's regional growth.
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Specialty Resins Market?
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Impact of Covid-19
The resins industry has been adversely affected due to reduced oil prices and the outbreak of the COVID-19 pandemic. From the supply side, the pandemic has led to impositions of lockdowns and social distancing norms, which has bought the production activities to a standstill. The outbreak has caused severe disruptions in the global supply chain and has cast uncertainties for the global economy. Leading manufacturers have reduced the capital expenditure and operational expenses to remain stable during the crises.
China, the largest producer and consumer for specialty resins, is predicted to witness a second wave of the novel coronavirus. According to the National Bureau of Statistics of China, the chemical manufacturing industry slumped by around 25% in 2020, along with declining profits by 66%. The reduced production and consumption of resins are expected to hamper the market growth in the short term.
Specialty Resins Market: Segmentation
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now