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 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.