The global plastic calendering resins market is poised for substantial growth, projected to reach a market value of US$ 23.6 Billion in 2023 and a remarkable US$ 42.26 Billion by 2033, with an anticipated growth rate of nearly 6% during the forecast period from 2023 to 2033. This surge in demand is attributed to the increasing awareness of the diverse attributes of plastic calendering resins, including durability, flexibility, toughness, and abrasion resistance. As industries recognize the manifold advantages offered by these resins, a rising demand is expected across various sectors, driving the market’s expansion over the next decade.
The PET resin segment is expected to expand at the fastest CAGR of 3.8% over the forecast period owing to its unique properties such as recyclability, lightweight, water resistance, and shatterproof. Therefore, it is widely used in the packaging of food & beverages
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The COVID-19 pandemic impacted the market for plastic calendering resins as production activities were halted worldwide. On a global scale, the outbreak disrupted the whole supply chain. But since calendered plastic was in huge demand during the pandemic owing to increased demand from healthcare and packaging, it led to a positive impact on the industry.
The recent Russia-Ukraine war has led to a rise in crude oil prices, which has affected the plastic resins industry globally. However, owing to the rising demand for plastic calendered products, the market is set to grow over the forecast period.
Asia Pacific is anticipated to expand at the highest CAGR over the forecast period. The market growth in this region is primarily attributed to the rising young population and increasing disposable income, especially in India and China. The increasing working population in these countries coupled with a fast life has given rise to packaged food and beverages, further propelling the demand for plastic packaging.
Key Takeaways from the Market Study
- The food & beverages segment accounted for the largest share of over 30.0% in 2022.
- The healthcare segment is expected to expand at a CAGR of 4.3% over the forecast period.
- The PVC resins segment accounted for the largest share of over 55.0% in 2022.
- The healthcare end-use segment is expected to expand at a CAGR of 4.3% over the forecast period.
- Asia Pacific accounted for the largest revenue share of over 30.0% in 2022
“The ongoing R&D and technological developments in the field of plastic calendering resins and the widespread adoption of and need for calendered resins across various sectors are expected to drive the market in the coming future,” says an analyst at Future Market Insights.
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Key Market Players
Major players are channelling efforts toward expanding their production capacities to strengthen their market share and cater to the growing demand. Market expansion is anticipated to be aided by the growing number of partnerships and collaborations among key players that are looking to increase their presence in the market.
Key players in the Plastic Calendering Resins market are Formosa Plastics Corporation; Westlake Corporation; Occidental Petroleum Corporation; Eastman Chemical Company; Avery Dennison Corporation; Covestro AG; China Petrochemical Corporation; Shin-Etsu Chemical Co., Ltd.; Reliance Industries Limited; SK Chemicals; LG Chem; LOTTE Chemical Corporation; SABIC; and Indorama Ventures Public Company Limited; and Orbia.
Some of the recent key developments among key players are:
- In December 2021, SABIC launched a new chemically upcycled polybutylene terephthalate (PBT) resin produced from ocean-bound polyethylene terephthalate (PET) bottle waste to reduce ocean pollution. The new calendering resin is named LNP ELCRIN IQ.
- In October 2020, LyondellBasell and Sasol announced that they entered a definitive agreement to form a 50/50 joint venture, through which LyondellBasell is likely to acquire 50% of Sasol’s 1.5 MM ton ethane cracker, 0.9 MM ton low and linear low-density polyethylene plants, and associated infrastructure for a total consideration of USD 2 billion. The venture is expected to operate under the name Louisiana Integrated PolyEthylene JV LLC.
- In September 2020, INEOS Olefins & Polymers announced its partnership with Saica Natur in a supply agreement for recycled LDPE and LLDPE. The long-term agreement may help INEOS serve the growing demand for increased recycled products in sustainable, virgin quality flexible packaging.
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More Valuable Insights
Future Market Insights, in its new offering, presents an unbiased analysis of the global plastic calendering resins market, presenting historical analysis from 2018 to 2022 and forecast statistics for the period of 2023-2033.
The study reveals essential insights by Type (PVC, PET, PP, PETG), By End-use (Food & Beverages, Healthcare & Medical, Automotive), & Region.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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