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

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.