USD 528.55 billion
Resin Market Size, Share, Growth Analysis, By Type(Epoxy, Polyester, Polyurethane, Silicone), By Application(Coatings, Composites, Construction, Electronics), By End Use(Building & Construction, Automotive & Transportation, General Industrials, Consumer Goods), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15A2310 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
96
|Figures:
76
Resin Market Insights
Global Resin Market size was valued at USD 529.52 billion in 2022 and is poised to grow from USD 556.00 billion in 2023 to USD 821.47 billion by 2031, growing at a CAGR of 5% in the forecast period (2024-2031).
Petrochemical industries faced an issue, created by the enormous changes in crude oil prices, which also had a substantial impact on production costs. Furthermore, due to labour and raw material shortages, supply chain interruptions, and rigorous government requirements, a number of plastic resin companies had to reduce or shut down their manufacturing facilities. Despite these uncertainties, the pandemic's impact on the market was slowed by the demand for plastic packaging in key sectors like food and beverage, pharmaceuticals, and e-commerce. Additionally, the widespread production of gloves, PPE kits, face shields, and masks increased demand for the product.
The COVID-19 pandemic's global lockdown caused a constrained movement of goods and resources, which had a substantial effect on the supply chain of producers. Trade restrictions, particularly in developed nations like China and India, forced resin manufacturers to contend with a paucity of raw materials. Due to this factor, businesses were only able to produce a certain amount of finished goods at any given time.
US Resin Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Packaging
Fastest Growth
Packaging
Growth Rate
4.5% CAGR
Global Resins Market 2022-2028 ($ Bn)
Country Share for Asia-Pacific Region- 2021 (%)
To get more reports on the above market click here to Buy The Report
Resin Market Segmental Analysis
Global Resin Market is segmented by Component, Type, Application, End User, and region. Based on Type, the market can be segmented into Epoxy, Polyester, Polyurethane, Silicone, Others. Based on Application, the market is segmented into Coatings, Composites, Construction, Electronics, Others. Based on End User, the market is segmented into Building & Construction, Automotive & Transportation, General Industrials, Consumer Goods, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Resin Market Analysis by Type
Polyethylene and polypropylene are the two segments showing the highest growth rate. The use of these types in the production of bottles, plastic films, containers, and food packaging trays is responsible for the increased proportion. Due to its attributes including moldability and superior heat, chemical, electrical, and impact resistance, PE and PP are also in high demand in the automotive, pharmaceutical, and healthcare sectors. The packaging industry's increasing demand for materials that are highly flexible and recyclable is correlated with the expansion of the PET segment. Due to its great performance, amorphous nature, and transparency, the polycarbonate type is frequently employed in applications requiring resistance to extreme temperatures. Epoxy, acrylic, and phenolic resins are included in the others category. Major uses for these segments can be found in paint, coatings, adhesives, and sealants. The segment's expansion is related to an increase in infrastructure development and building activity around the world.
Resin Market Analysis by End Use
Packaging segment is dominating owing to reasons like to package diverse products, plastics are mostly utilised as films, trays, corrugated boxes, rigid boxes, poly bags, and foil-sealed bags. The pharmaceutical, food & beverage, consumer products, and e-commerce industries' expanding and need for packaging solutions will drive the market throughout the projection period. Additionally, as globalisation has grown, import and export operations have increased, leading to higher product consumption. Additionally, due to changes in consumer purchasing habits and a surge in online shopping, the packaging sector is primarily impacted by the e-commerce sector's explosive growth.
To offer the products that are driving the market, sectors like electrical & electronics and pharmaceuticals have created online stores. The preference for convenience foods like frozen meals and ready-to-eat meals is another reason why food and beverage firms prefer flexible packaging. As a result, these factors will stimulate the market for sustainable packaging solutions and open up new avenues for industry expansion.
Global Resins Market By End-Use, 2021 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Resin Market Regional Insights
The market in Asia and the Pacific held the largest market share, and it is anticipated that it will continue to hold this position throughout the following years. The main reason for this is the existence of significant plastic-producing and -consuming nations like China and India. The market in North America is anticipated to boom due to the rising demand for packaging from the food and beverage and cosmetics industries. The need for packaging from the textile and beverage sectors has a significant impact on the growth of the resins industry in the Middle East and Africa. Due to the area's heavy reliance on bottled water, resin production for bottle manufacture has increased. Due to increased disposable income, expanding urbanisation and infrastructure building activities, and rising pharmaceutical sector investments, Latin America is predicted to rise significantly during the projection period.
Global Resins Market By Geography, 2022-2028
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Resin Market Dynamics
Resin Market Driver
Demand for high strength resin material in various sector is increasing
- The market is expanding quickly as a result of rising demand for polypropylene (PP) in the construction, automotive, and medical sectors. Due to its lightweight, chemical resilience, and affordable qualities, polypropylene is mostly employed in auto parts in the automobile sector. The inclination for individual vehicles has increased as a result of the expanding population and evolving societies, which is assisting the market's growth. Additionally, due to its exceptional qualities, including its resistance to moisture, high flexural strength, and capacity to handle extreme temperatures, polypropylene is used in the medical business for a variety of medical devices. The use of polypropylene will also be influenced by rising technical progress and research & development efforts to produce more environmentally friendly polymers. These factors are likely to fuel the market expansion.
Resin Market Restraint
Rapid fluctuations in the cost of raw materials
- Since the petrochemical feedstock for the majority of plastics is produced from oil and natural gas byproducts, changes in crude oil prices have a significant impact on resin pricing overall. Oil prices, which are impacted by supply and demand, natural disasters, and changes in production costs, have an impact on feedstock prices. Additionally, the chemicals used to make plastics come from fossil fuels like coal, natural gas, and oil, which contribute to pollution. Therefore, the market will be impacted by the strict environmental laws adopted by various countries to reduce plastic pollution. Government restrictions on the excessive use of crude oil and petroleum further constrain the market. As a result, it is predicted that these factors will restrain market expansion throughout the projection period.
Request Free Customization of this report to help us to meet your business objectives.
Resin Market Competitive Landscape
The market's competitive environment is dispersed. To strengthen their regional footprint, major businesses are increasing their capacity for producing high-performance polymers and chemicals. For instance, INEOS increased its business by constructing a new sophisticated polymer pilot plant in Italy, which will prevent plastic waste from being dumped or burned by turning it into new beneficial polymers. Leading players also concentrate on providing sustainable solutions to expand their product line.
Resin Market Top Player's Company Profiles
- Dow Inc.
- BASF SE
- Covestro AG
- LyondellBasell Industries Holdings B.V.
- ExxonMobil Corporation
- Eastman Chemical Company
- Huntsman Corporation
- Mitsubishi Chemical Corporation
- Sabic
- Toray Industries Inc.
- LG Chem Ltd.
- Formosa Plastics Corporation
- Ineos AG
- Sumitomo Chemical Co. Ltd.
- DuPont de Nemours Inc.
- Reliance Industries Limited
- Asahi Kasei Corporation
- Evonik Industries AG
- Arkema SA
- Shin-Etsu Chemical Co. Ltd.
Resin Market Recent Development
- In July 2021, Toray unveiled a brand-new technical facility at its Automotive Center Europe (AMCEU) location in Munich, Germany. The new facility will be advantageous to Toray Resins Europe GmbH, which markets and sells high-performance compounds.
- April 2021: At its brand-new facility on Jurong Island, Singapore, Arkema began manufacturing Amino 11 and its trademark Rilsan polyamide 11. This facility will increase Arkema's global polyamide 11 capacity by 50%, with all of its output coming from renewable castor beans.
Resin Key Market Trends
- The market players of the industry are undergoing mergers and acquisitions to reach beyond their current locations as there is a huge untapped market in developing as well as underdeveloped nations. Also, there are continuous efforts made in the field of research and development to meet the needs of an ever increasing population. For instance, production of new forms of resin is extensively done by major market players.
Resin Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, by End Use, the packaging segment dominated the global resin market and is anticipated to maintain its dominance throughout the forecast period. According to regional analysis, Asia Pacific dominated the global Resin market owing to the region's high population needs. Also, other regions like North America, Europe, etc. showed significant growth over the prediction period.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 529.52 billion |
| Market size value in 2031 | USD 821.47 billion |
| Growth Rate | 5% |
| Base year | 2023 |
| 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:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
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 Resin 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 Resin 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 Resin 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 Resin 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 Resin Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Resin 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.
USA (+1) 351-333-4748
