USD 731.25 billion
Plastic Resins Market Size, Share, Growth Analysis, By Product(Crystalline, engineering plastic, non-crystalline, and super engineering plastic), By Application(Automotive, packaging, construction, consumer goods), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2107 |
Region:
Global |
Published Date: July, 2024
Pages:
242
|Tables:
72
|Figures:
75
Plastic Resins Market Insights
Plastic Resins Market size was valued at USD 731.25 billion in 2019 and is poised to grow from USD 764.16 billion in 2023 to USD 1086.71 billion by 2031, growing at a CAGR of 4.5% in the forecast period (2024-2031).
The increasing demand for plastic resins from end-use industries such as construction, automotive, and electrical & electronics is the key factor driving the market growth. In addition, the automotive industry is growing rapidly which ultimately increases the product demand in applications such as under-the-hood components, exteriors, and interiors of automobiles. To reduce the carbon footprint, the demand for lightweight and inexpensive multi-utility vehicle model with high fuel efficiency is increased, which has positive impact on the market.
It also has applications in the construction industry. The governments in emerging countries such as India and China increased their spending in the construction sector, which increases the product demand in construction and infrastructure applications. For example, in August 2022, the Chinese government announced that it is pumping trillions of yuan into infrastructure investment.
Recently, companies are focusing on the development of recycled plastic resins to help their customers in manufacturing sustainable products which helps them expand their market share. For instance, in Oct 2022, NOVA Chemicals Corporation, a leading manufacturer of polyethylene resins, announced the launch of its new, mechanically recycled polyethylene resin, EX_PCR-NC4. Incorporating this product allows converters and brand owner to meet their sustainability goals, without compromising package performance in applications such as shrink, e-commerce, heavy-duty snacks, and protective packaging.
US Plastic Resins Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Crystalline
Fastest Growth
Crystalline
Growth Rate
4.5% CAGR
Global Plastic Resins Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Plastic Resins Market Segmental Analysis
Global Plastic Resins Market is segmented into product and application. Based on product, the global Plastic Resins Market is segmented into crystalline, engineering plastic, non-crystalline and super engineering plastic. Based on application, the global Plastic Resins Market is segmented into automotive, packaging, construction, consumer goods, logistics, electrical and electronics, textile & clothing, agriculture, furniture & bedding, medical devices, and others. By region, the Plastic Resins Market is segmented into North America, Europe, Asia Pacific, Latin America, and MEA.
Plastic Resins Market Analysis by Product
Crystalline segment held the largest revenue share in 2021 and is expected to maintain its dominance throughout the forecast period. Crystalline resin is segmented into epoxy, polyethylene, and polypropylene. The polyethylene resin sub-segment is expected to account for the prominent share due to increasing demand from food packaging, stretch wrap, medical applications.
Engineering plastic is expected to account for the significant share during the forecast period due to its excellent thermal and mechanical properties, dimensional stability, and wear and chemical resistance. Engineering plastic has wide application in the semiconductor packaging and high-speed connectors packaging, which propels the market growth.
Plastic Resins Market Analysis by Application
Packaging segment is expected to account for the highest revenue share in 2021 and it is projected to expand further at a steady CAGR over the forecast period. In developing nations due to increasing penetration of western culture into daily lifestyle, the demand for packed food and beverages is increased. This factor contributes to the segment growth. In addition, various government bodies have laid down stringent guidelines regarding the safe use of plastic materials in food and beverage application, which supports the segment growth in the coming years.
Automotive industry segment is expected to exhibit prominent growth over the forecast period due to increasing applications of plastics in the automotive sector. The increasing production of passenger vehicles along with heavy commercial vehicles due to significant demand from the e-commerce transportation and logistic industry. For example, in 2021, approximately 21.41 million passenger cars and 4.67 million commercial vehicles had been produced in China. In addition, the growing demand for electric vehicles and autonomous vehicles also triggers the market growth.
Medical device segment is expected to account for the fastest CAGR during the forecast period. Plastic resins have wide applications in the medical sector as it provides better clarity, cost-effectiveness, and biocompatibility. Polymers such as polyethylene and polystyrene are blended to achieve desirable properties for use in medical devices
Global Plastic Resins Market By Type
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Plastic Resins Market Regional Insights
Asia Pacific is expected to account for the largest revenue share in 2021. China is the leading country in Asia Pacific and is expected to account for approximately 35% share in the global plastic resin market. China is self-sufficient in terms of plastic production with an adequate number of plants and production capacity to meet the local demand. China accounts for nearly one-fourth of the world’s plastic production capacity and has more than 15,000 plastic factories. China produces roughly seven million metric tons of plastic products every month. Further, China exports various types of plastics to neighbouring countries due to its large production base.
North America market is expected to grow at a significant CAGR during the forecast period. The growth of the regional market is attributed to development of modern packaging technology and improvements in manufacturing processes. The demand for plastic resin has increased in the US due to increasing investment in construction. The country has low risk environment, a stable economy, and a solid financial sector. These parameters have created many opportunities for investors which stimulates the infrastructure spending. Further, PET is one of the fastest growing segments in the US market which is used in the production of bottles.
Global Plastic Resins Market By Region
- Largest
- Fastest
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Plastic Resins Market Dynamics
Plastic Resins Market Driver
Growing End Use Industries
- The demand for plastic is increased in the automobile industry as it helps to reduce fuel consumption by reducing the density and weight of the vehicles. Plastic resins have wide application in automotive industry such as seat cushions, suspension brushing, wheels, tires and hard parts. Recently, manufacturers in the automobile industry are focusing on production of electric vehicles due increasing consumer awareness about the benefits of electric vehicles. This factor is anticipated to drive market growth.
- Plastic resins are also used in the construction industry for both inside and outside commercial, residential, and industrial structures. Further, rapid urbanization coupled with increasing population in emerging countries, has added momentum to the federal government to increase its construction spending to meet the demand of growing infrastructure. Hence, the demand for plastic is increased, which propel the market growth.
Plastic Resins Market Restraint
Volatility in Raw Material Prices
- The raw material used in the production of plastic resins includes natural gas, crude oil, coal, salt, and sand. In North America polyethylene production relies on natural gas which is abundant and inexpensive in this region. As a result, the region’s P.E producers are fiercely competitive, keeping the resins market tight and exporting large quantities.
- The volatility in the crude oil price is due to political instability, supply-demand balance, and seasonal variations. However, major market players have formed strategic alliances recently and increased their production capacities to meet the rising global demand while utilizing low feedstocks costs.
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Plastic Resins Market Competitive Landscape
The global plastic resins market is significantly fragmented due to presence of large number of locals as well as regional players. Key players adopted strategies such as merger, acquisitions, product launch, product expansion to strengthen their position in the global market. Major players increased their focus on the recycled plastic resins.
Plastic Resins Market Top Player's Company Profiles
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Dow Chemical Company
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LyondellBasell Industries N.V.
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SABIC
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BASF SE
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Formosa Plastics Corporation
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Chevron Phillips Chemical Company LLC
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INEOS Group AG
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Total S.A.
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LG Chem Ltd.
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Braskem SA
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Mitsubishi Chemical Holdings Corporation
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Arkema S.A.
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Solvay S.A.
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Covestro AG
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Evonik Industries AG
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Reliance Industries Limited
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Nova Chemicals Corporation
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Hanwha Chemical Corporation
Plastic Resins Market Recent Developments
- In May 2022, SABIC, a global leader in the chemical industry, introduced LNP ELCRIN WF0061BiQ resin, a novel material that uses ocean-bound polyethylene terephthalate bottles as a feed stream for chemical upcycling and polybutylene terephthalate resin.
- In Nov 2022, Evonik launched three new INFINAM photopolymers for industrial 3D applications, expanding the photo-resins product line launched last year. The product line is intended for use in common UV-curing 3D printing processes such as SLA or DLP
Plastic Resins Key Market Trends
- The technological advancement in the plastic resin is the creation of bioplastic. These plastics are made from renewable biomass sources. The examples are as follows PLA, PHA, and CPLA. PLA is compostable, recycled, and biodegradable.
- PCR resin is a material made from recycled plastic, such as water and beverage bottles and other packaging. It offers more sustainable source for making packaging films, containers, sheets. The advantages of using PCR resins are it lowers the amount of plastic being sent to landfills, shrink carbon footprint, reduces the need to create new plastics from non-renewable petroleum products, limits the negative effect of plastic on environment.
Plastic Resins Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global plastic resin market analysis, the increasing applications in the end use industries such as automotive, construction, medical sectors, and others is the major factor that drives the market growth in the coming years. In addition, the government increased their investment in the construction due to rapid urbanization, coupled with increasing population is further propel the market growth. Major players increased their investment to produce recycled plastic resins which help them to strengthen their position in the global market. Moreover, the demand for packaged food and beverages is increased due to modern lifestyle which has positive impact on the market. The volatility associated with the raw material prices hindered the market growth. China is the leading country in the production of plastics.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 731.25 billion |
| Market size value in 2031 | USD 1086.71 billion |
| Growth Rate | 4.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Plastic Resins Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Plastic Resins Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Plastic Resins Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Plastic Resins Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Plastic Resins Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Plastic Resins Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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