Pune, India, Nov. 21, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, the global resin market treads and size was valued at USD 528.55 billion in 2021. The market is expected to grow from USD 533.55 billion in 2022 to USD 752.26 billion by 2029, exhibiting a CAGR of 4.5% during the forecast period. Increasing adoption of packaging solutions and positive growth of the packaging sector is expected to elevate market growth. Fortune Business Insights™ mentions this information in its report titled “Resin Market, 2022-2029.”
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List of Key Players Profiled in the 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 Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast CAGR | 4.5% |
| 2029 Value Projection | USD 752.26 Billion |
| Base Year | 2021 |
| Resin Market Size in 2021 | USD 528.55 Billion |
| Historical Data | 2018-2020 |
| No. of Pages | 280 |
| Segments Covered | By Type, By End-Use and Regional |
| Resin Market Growth Drivers | Polyethylene Segment to Dominate Backed by Strong Demand from Automotive Industry |
| Rising Awareness Regarding the Product’s Properties to Fuel Market Growth |
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COVID-19 Impact:
Restrictions on Trade Negatively Affected Market Growth During the Pandemic
This market was negatively affected during the COVID-19 pandemic due to restrictions on trade. The alarming spike in COVID-19 infections led to stringent restrictions on manufacturing, thereby affecting sales. This factor also created supply chain disruptions, which, in turn, affected operations. However, manufacturers adopted reduced capacities, part-time shifts, and industrial automation to enhance sales and recover losses. Further, the post-COVID-19 pandemic phase helped manufacturers to continue their operations, satisfy demands, and elevate their sales figures. This factor positively impacted the market after the pandemic.
Segments
Polyethylene Segment to Dominate Backed by Strong Demand from Automotive Industry
By type, the market is segmented into polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PET), polyvinyl chloride (PVC), acrylonitrile butadiene styrene (ABS), polyamide, polycarbonate, polyurethane, polystyrene, and others. The polyethylene segment is expected to lead due to strong demand from the automotive industry.
Packaging Segment to Lead Owing to Rising Adoption of the Product from the Food & Beverage Sector
As per end-use industry, the market is classified into packaging, automotive & transportation, building & construction, consumer goods/lifestyle, electrical & electronics, agriculture, and others. The packaging segment is expected to dominate due to the rising demand for the product from the food & beverage industry.
Regionally, the market is clubbed into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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Drivers and Restraints
Rising Awareness Regarding the Product’s Properties to Fuel Market Growth
Resin is a packaging material that provides excellent protection for goods. The rising awareness regarding the properties of the material is expected to fuel its demand. Furthermore, the increasing adoption of the product from the pharmaceutical, food & beverage, e-commerce, and consumer goods is expected to foster the demand for the product.
Moreover, the increasing awareness regarding the cost-effective, chemical-resistant, and lightweight properties is expected to foster the demand for the material. Also, increasing research & development and technological advancements are expected to foster the production and adoption of the material. These factors may drive the resin market growth.
However, fluctuations in crude oil prices are expected to foster the industry’s growth.
Regional Insights
Presence of Several Major Plastic Producing Countries to Propel Market Growth in Asia Pacific
Asia Pacific is expected to dominate due to the presence of several major plastic producing countries. The market in Asia Pacific stood at USD 264.58 billion in 2021 and is expected to gain a huge portion of the global resin market share in the coming years. Further, the rising adoption of electronics such as smartphones, televisions, and laptops is expected to fuel market growth.
In Europe, the robust adoption of plastics in the automotive industry is expected to foster the demand for resin. Further, strict regulations regarding emissions are likely to fuel the adoption of plastics in automotive production. These factors may propel market progress in the region.
In North America, robust demand for plastics from the automotive industry is expected to foster the product demand. Further, the increasing adoption of personal care and beauty products is expected to fuel the product adoption. These factors may propel market progress in the region.
Competitive Landscape
Major Players Launch Novel Services to Boost Brand Image
The prominent companies operating in the market announce novel services to enhance their brand image. For example, BASF announced its novel RegXcellence service for regulatory excellence for plastic additives in February 2022. This development may enable BASF to enhance its brand image and elevate its sales. Furthermore, manufacturers deploy research and development, mergers, acquisitions, innovations, partnerships, expansions, and industrial automation to boost their market position.
Browse Detailed Summary of Research Report with TOC:
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Detailed Table of Content:
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- 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 COVID-19 outbreak
- Global Resin Market Analysis, Insights and Forecast, 2018-2029
- Key Findings / Summary
- By Type (Value/Volume)
- Polyethylene
- Polypropylene,
- Polyethylene Terephthalate
- Polyvinyl Chloride
- Acrylonitrile Butadiene Styrene
- Polyamide
- Polycarbonate
- Polyurethane
- Others
- By End-Use Industry (Value/Volume)
- Packaging
- Automotive & Transportation
- Building & Construction
- Consumer Goods/Lifestyle
- Electrical & Electronics
- Agriculture
- Others
- Introduction
- By Region (Value/Volume)
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- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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TOC Continued…!
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Key Industry Development
- June 2021- Rassini chose Hexion’s EPIKOTE Resin TRAC 06150 with EPIKURE Curing Agent TRAC 06150 Epoxy resin since it allows to mass produce composite helper springs.
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Unsaturated Polyester Resin Market to Reach USD 16,965.7 Million by 2027 | Unsaturated Polyester Resin Industry to Exhibit the CAGR of 5.9% by 2020-2027
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