Pune, India, Aug. 16, 2023 (GLOBE NEWSWIRE) -- The global resin market size was USD 533.55 billion in 2022 and is projected to grow from USD 559.2 billion in 2023 to USD 787.31 billion in 2030 at a CAGR of 5.0% during the forecast period.
Resin is typically a solid or highly viscous material obtained from plants or artificially produced in a lab. The increasing need for polypropylene in the automotive and construction sectors is expected to drive the market’s growth. Fortune Business Insights presents this information in their report titled "Global Resin Market, 2023–2030."
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List of Key Players Profiled in the ResinMarket Report:
- DuPont (U.S.)
- Arkema (France)
- BASF SE (Germany)
- INEOS Holdings Ltd. (U.K.)
- Hexion (U.S.)
- Invista (U.S.)
- LyondellBasell (Netherlands)
- Mitsubishi Engineering-Plastics Corporation (Japan)
- Mitsui Chemicals (Japan)
- Nova Chemicals (Canada)
- Qenos (Australia)
- Radici Group (Italy)
- SABIC (Saudi Arabia)
- Repsol (Spain)
- Sumitomo Chemical Co. Ltd. (Japan)
- Teijin Limited (Japan)
- Tosoh Corporation (Japan)
- Toray Group (Japan)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 5.0% |
| 2030 Value Projection | USD 787.31 Billion |
| Market Size in 2022 | USD 533.55 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 280 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
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| Regions Covered |
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| Resin Market Growth Drivers | The market is growing rapidly due to increasing demand from several industries such as automotive, construction, packaging, and medical. |
| Growing demand for flexible packaging from a wide range of end-user industries is expected to influence market growth. |
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Segments:
Dominant Role of Polyethylene (PE) and Polypropylene (PP) in Market Driven by Automotive and Healthcare Industries
Based on type, the market is segmented into polyurethane, acrylonitrile butadiene styrene (ABS), polyethylene (PE), polystyrene, polypropylene (PP), polyethylene terephthalate (PET), polycarbonate, polyvinyl chloride (PVC), polyamide, and others. PE (polyethylene) and PP (polypropylene) are the dominant materials in this segment, primarily driven by increased demand from the automotive and healthcare industries. These materials possess desirable properties, including mold-ability, chemical, electrical, impact, and heat resistance.
Packaging Sector Poised for Rapid Growth, Ensuring Product Safety and Market Appeal
Based on end-use industries, the market is segmented into agriculture, automotive & transportation, building & construction, packaging, consumer goods/lifestyle, electrical & electronics, and others.
The packaging industry is projected to experience the highest growth among various end-use sectors in the forecast period. Several industries require effective packaging to ensure product safety, convenience, and market appeal, contributing packaging segment’s rapid expansion.
Geographically, the market is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
COVID-19 Impact:
Raw Material Shortages and Decreased Production Output Hampered Market During Pandemic
The COVID-19 pandemic and resulting lockdowns had a profound impact on the supply chain of producers, leading to limited availability of products and resources. Manufacturers faced challenges due to shortages of raw materials caused by trade and transportation restrictions, particularly in countries such as China and India. These limitations hindered manufacturing activities and resulted in decreased production output for companies.
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Report Coverage:
The report offers:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
Digital Transformation and Changing Consumer Preferences Drive Growth in Plastic Packaging Demand
Pharmaceutical and electrical & electronics industries have embraced digital platforms to enhance customer support, service, and product sales, contributing to the increased demand for plastic packaging. Simultaneously, the food & beverage sector favors flexible packaging, driven by the growing popularity of convenience foods such as frozen and ready-to-eat meals. These developments are anticipated to propel the packaging solutions market, leading to a surge in demand for plastic packaging materials.
On the contrary, fluctuation in oil prices may stifle the resin market growth.
Regional Insights
Asia Pacific Leads Plastic Market, with China and India as Key Contributors
Asia Pacific emerged as the frontrunner recording a market value of USD 268.20 billion in 2022. This dominant position is expected to be sustained in the coming years, primarily driven by the presence of major plastic-producing and consuming nations such as China and India.
In Europe, the market growth for resin is predominantly fueled by the automotive industry's escalating demand for plastics. The increasing consumption of plastics in automotive applications has become a significant factor driving the plastic market's expansion in the region.
Competitive Landscape
Fragmented Competitive Landscape Drives Expansion of High-Performance Polymers Market
The market’s competitive landscape for high-performance polymers and compounds is characterized by fragmentation, with multiple key players vying for the resin market share. These players are actively expanding their production capabilities to cater to the growing demand and enhance their regional presence.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Market Trends in the Global Market
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights – Impact of COVID-19 on Global Resin Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to the COVID-19 outbreak
TOC Continued...!
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Key Industry Development:
- August 2022 - Ashland, a global additive and specialty chemicals manufacturing company, declared a strategically important expansion of Viatel, a bioresorbable polymer manufacturing and R&D site at the National Science Park in Mullingar, Ireland.
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