Technavio Reveals Cost Saving Opportunities for the Plastic Resins Market

LONDON–(BUSINESS WIRE)–#CategorySpendIntelligence–According to the latest procurement intelligence report from Technavio,
the global
plastic resins market is expected to grow at a CAGR of
over 4% over the next five years due to the availability of large shale
gas reserves.

The research report titled ‘Global
Plastic Resins Market: Procurement Intelligence Report 2017-2021’
provides an in-depth analysis of category spend, best procurement
practices and cost saving opportunities, aimed at helping organizations
achieve superior business performance. The report also provides insights
on pricing, supplier positioning, and top companies, enabling sourcing
professionals to improve their competitive advantage through procurement
excellence.

“The global plastic resins market is driven mainly by the packaging
industry. The industry relies on thin-walled plastics to reduce
packaging weight and improve barrier resistance to enhance the shelf
life of food products,” says lead Technavio procurement specialist
Angad Singh for category
spend intelligence. “Stiff competition among top players has
driven innovative capacities that are serving as a differentiating
factor as well as helping in enhancing of product portfolio,” added
Angad.

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Cost Saving Opportunities in the Plastic Resins

The adoption of various cost optimization levers helps buyers of plastic
resins realize cost savings and achieve category management and value
benefits (including the reduction in procurement complexities).

Technavio procurement experts have segmented the cost saving
opportunities in the plastic resins market into the following
value-enhancement opportunities:

• Adoption of technology
• Supplier Competition
• Adoption of negotiation strategies
• Optimization of procurement practices
• Bundling of services

Adoption of technology saving aspects

Smart polymers are high performing polymers that can change based on
environmental conditions. These polymers are also sensitive to
temperature and intensity of light. These polymers are widely used in
biodegradable packaging and production of hydrogels.

Bioplastics are made of starches, cellulose, and biopolymers, and are
designed for easy biodegrade. Manufacturing of bioplastic resins
consumes considerably low fossil fuels when compared with
petroleum-based polymers.

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opportunities: Request
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Optimization of procurement practices saving aspects

Buyers should engage with suppliers that offer resin assistance. This is
important because the selection of the right resin is crucial for
producing an effective finished product.

Buyers should use a centralized system for sourcing of plastic resins.
This helps in creating standardized contracts and service request
frameworks to avoid mishandling of shipments.

Bundling of services saving aspects

Buyers prefer suppliers to have a clear understanding of their specific
requirements. Additionally, suppliers’ understanding of specific
applications will enable them to develop and offer innovative product
formulations.

Buyers should engage with suppliers that help in optimizing inventory
levels to minimize storage and warehousing costs. For instance, buyers
prefer to engage with suppliers that offer JIT inventory systems. This
helps buyers to reduce overheads associated with maintaining large resin
stocks.

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About Technavio

Technavio
is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research
techniques to ascertain the size and vendor landscape in a range of
markets. Analysts obtain information using a combination of bottom-up
and top-down approaches, besides using in-house market modeling tools
and proprietary databases. They corroborate this data with the data
obtained from various market participants and stakeholders across the
value chain, including vendors, service providers, distributors,
re-sellers, and end-users.

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