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

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.