The plastic resins market size is projected to be valued at USD 798.38 billion in 2023 and is expected to rise to USD 1,239.86 billion by 2033. The sales of plastic resins are expected to capture a significant CAGR of 4.5% during the forecast period.
Plastic resins play a crucial role in various industries, offering a wide range of applications and materials that are essential in manufacturing processes. Plastic resins, also known as polymers, are versatile materials with diverse properties that make them suitable for different applications.
The growing demand from the automotive sector is a significant driver of market growth. Plastic resins are widely used in the manufacturing of automotive components due to their lightweight, durability, and design flexibility. Further, the increasing focus on fuel efficiency and emission reduction has propelled the adoption of plastic resins in the automotive industry.
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The construction industry relies on plastic resins for various applications, including pipes, cables, insulation materials, and flooring. The properties of plastic resins, such as corrosion resistance, thermal insulation, and ease of installation, make them ideal for construction purposes.
The electrical and electronics industry extensively utilizes plastic resins for the production of components, casings, insulation materials, and wiring. Also, the increasing demand for consumer electronics, appliances, and electrical devices drives the demand for plastic resins in this sector.
Furthermore, the packaging industry is a significant consumer of plastic resins. Plastic resins offer various advantages in packaging applications, including flexibility, durability, lightweight, and cost-effectiveness. Moreover, the rise in e-commerce, food and beverage consumption, and the need for efficient and sustainable packaging solutions contribute to the demand for plastic resins in the packaging industry.
Crystalline resins hold a high revenue share of over 62% in the global plastic resins market, with Polyethylene (PE) resin being a significant contributor due to its demand in food packaging and stretch wrap applications. On the other hand, the non-crystalline resin market accounted for around 20% of total sales in 2021 but is expected to decrease in demand due to the rising use of alternative polymers.
Key Takeaways:
- In terms of application, the packaging category dominates the plastic resins market with a revenue share of over 36% in 2021. In addition, the growth of the packaging industry and the increasing demand for packaged goods and beverages contribute to the market’s performance.
- In North America, the plastic resins market is witnessing growth due to the region’s development, industrialization, and advancements in packaging technology. Further, the demand for plastic packaging is expected to increase in response to demographics and customer preferences.
- Asia Pacific leads the global plastic resins market with around 45% of the revenue share in 2020, and it is projected to maintain its dominance.
- China plays a significant role in the region, accounting for around 35% of the global plastic resin market. The country’s substantial production capacity and high density of plastic manufacturing facilities contribute to its market leadership.
Competitive Landscape for the Plastic Resins Market
The emergence of a large number of regional and international enterprises has resulted in a highly fragmented global market. Due to the high degree of product type susceptibility, industry participants compete intensely with one another.
Government rules governing the usage of plastic objects can influence competition and market expansion. Furthermore, to limit the rate of contamination, market companies are focusing on biodegradable plastics.
Key Players
SABIC; BASF SE; Dow Inc.; Sumitomo Chemical; Evonik Industries; Arkema; Teijin Limited; Eastman Chemical Company; Celanese Corporation; Chevron Phillips Chemical Co., LLC; Exxon Mobil Corporation; Lotte Chemical Corporation; Formosa Plastics Corporation; Toray Industries, Inc.; Covestro AG; Mitsui & Co. Plastics Ltd.
Recent Developments
- BASF began marketing polyamide (PA) and polyphthalamides (PPA) grades in Europe on February 1, 2022, as part of its acquisition of Solvay’s PA66 business. Under humid and high-temperature situations, Ultramid® One J (PA66/6T) offers good mechanical and dielectric qualities.
- Companies have also launched several initiatives in response to the worldwide epidemic. Eastman Chemical Company, for example, gave around 1,000 feet of PETG film to Austin Peay State University in Clarksville in March 2021 for the creation of 3D-printed face shields.
Key Segments Covered in the Plastic Resins Market Report
By Product:
- Crystalline
- Epoxy
- Polyethylene
- Polypropylene
- Non-crystalline
- Polyvinyl Chloride (PVC)
- Polystyrene (PS)
- Acrylonitrile Butadiene Styrene (ABS)
- Polymethyl Methacrylate (PMMA)
- Engineering Plastic
- Nylon
- Polybutylene Terephthalate (PBT)
- Polycarbonate (PC)
- Polyamide
- Super Engineering Plastic
- Polyphenylene Sulfide (PPS)
- Polyether Ether Ketone (PEEK)
- Liquid Crystal Polymer (LCP)
By Application:
- Packaging
- Food
- Beverage
- Medical
- Retail
- Others
- Automotive
- Construction
- Electrical & Electronics
- OA Equipment and Home Appliances
- Electronic Materials
- Others
- Logistics
- Consumer Goods
- Textiles & Clothing
- Clothing
- Industrial use
- Others
- Furniture & Bedding
- Agriculture
- Medical Devices
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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