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

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.