Pune, Sept. 29, 2023 (GLOBE NEWSWIRE) -- The SNS Insider report indicates that "The Resin Market reached USD 532.6 billion in 2022 and is projected to reach USD 780.99 billion by 2030, experiencing a compound annual growth rate (CAGR) of 4.9% during the forecast period from 2023 to 2030".
Market Overview
Resin is a versatile and ubiquitous substance that holds a significant place in both nature and human industry. In its essence, resin is a viscous, semi-solid, or solid material of plant or synthetic origin, typically with a glossy appearance. It is renowned for its ability to harden and solidify when exposed to specific conditions, making it valuable in a wide range of applications. Resin has become a popular medium in art and craft due to its transparency and ability to encase objects, creating stunning visual effects in jewelry, sculptures, and tabletops.
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Market Analysis
The resin market is a dynamic and rapidly evolving industry that plays a crucial role in various sectors, including construction, automotive, packaging, and electronics. The construction industry is a major consumer of resins, especially in applications like adhesives, coatings, and composites. The growing urbanization, infrastructure development, and housing needs worldwide are driving the demand for resins in construction, as they provide durability, flexibility, and aesthetic appeal. Resins are widely used in automotive manufacturing for various applications, including interior components, exterior parts, and under-the-hood components. With the rise in global automotive production and the shift toward lightweight materials to improve fuel efficiency, the demand for resins, particularly lightweight and high-performance ones, is increasing.
Resin Market Overview & Scope:
| Report Attributes | Details |
| Market Size in 2022 | USD 532.6 billion |
| Market Size by 2030 | USD 780.99 billion |
| CAGR | CAGR of 4.9% over 2023-2030 |
| Key Segments | by Type (Polypropylene, Polystyrene, Polyvinyl chloride, Polyurethane, Acrylonitrile, Polyethylene terephthalate, Polyamide, Polyethylene, polycarbonate) by End-use industry (Automotive & Transportation, Consumer goods/lifestyle, Building & Construction, Electrical & electronics, Packaging, Agriculture, other) |
| Key Market Players | Dupont, Mitsubishi Engineering-Plastics corporation, Nova Chemicals, Arkema, BASF SE, LynondellBasell, INEOS Holdings Ltd., Qenos, Hexion, Invista and other players |
| 20% free customization scope (equivalent to 50 analyst working hours) | If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization. |
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Key Takeaway from Resin Market Study
- Polypropylene, often referred to as PP, stands at the forefront of the market, exerting its dominance through its remarkable versatility and wide-ranging applications. This thermoplastic polymer has carved a niche for itself, owing to its exceptional properties, making it a preferred choice in various industries. One of the key factors driving the dominance of the polypropylene segment is its excellent chemical resistance, rendering it suitable for a myriad of applications.
- The Automotive & Transportation segment takes center stage in the market, showcasing its dominance by fueling innovation and advancements across various modes of mobility. One of the driving factors behind the segment's supremacy is the ever-evolving demand for lightweight and durable materials. In the automotive sector, the need for fuel efficiency has led to a surge in the use of advanced composite materials, reinforced plastics, and high-performance resins.
Recent Developments
- Westlake Chemical Corporation, a global leader in the chemical industry, has recently unveiled its latest innovation in sustainable materials – the PIVOTAL™ Polyethylene Resin with Post-Consumer Content. One of the key advantages of PIVOTAL™ Polyethylene Resin is its ability to harness the benefits of recycled plastics.
- Lubrizol, a leading global chemical company, has recently announced a significant investment of $150 million to establish a state-of-the-art CPVC resin manufacturing plant. This strategic move reflects Lubrizol's aim to meeting the growing demand for high-quality CPVC (Chlorinated Polyvinyl Chloride) resin, which plays a vital role in various industries, including construction, plumbing, and industrial applications.
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Market Dynamics Analysis
The resin market is subject to a dynamic interplay of drivers, restraints, challenges, and threats that collectively shape its trajectory. Among the foremost drivers propelling this industry forward is the increasing demand from diverse end-use sectors, including automotive, construction, packaging, and electronics, driven by rapid urbanization and industrialization. Furthermore, the growing popularity of eco-friendly and sustainable resins, such as bio-based and recycled variants, is accelerating market growth, fueled by heightened environmental awareness. On the flip side, the market faces notable restraints in the form of fluctuating raw material prices, primarily derived from petrochemical sources, which can lead to cost volatility and reduced profit margins for manufacturers. Additionally, stringent regulations and standards pertaining to environmental impact and product safety pose significant challenges for industry players, necessitating continuous innovation and compliance efforts. Threats loom in the form of potential supply chain disruptions, geopolitical tensions impacting the availability of raw materials, and the risk of overcapacity in the market, which could exert downward pressure on pricing and profitability. Consequently, navigating these multifaceted dynamics requires a proactive approach, characterized by innovation, sustainability, and resilience, to ensure long-term success in the market.
Key Regional Developments
The North American resin market is characterized by a mature industry, with a strong presence of key players. Environmental regulations, such as those related to VOC emissions and recycling, have influenced product development and market trends. Europe's market is also heavily influenced by stringent environmental regulations and sustainability concerns. The European Union's commitment to reducing plastic waste has led to increased demand for recyclable and biodegradable resins. The Asia-Pacific region has witnessed substantial growth in the market due to rapid industrialization and urbanization.
Impact of Recession
The ongoing recession has brought both challenges and opportunities to the resin market. Reduced demand, price volatility, supply chain disruptions, and environmental concerns are significant issues that resin manufacturers and suppliers must navigate. However, resilience, innovation, and adaptability are key factors that can help the industry weather the storm and emerge stronger in the post-recession period. Companies may invest in research and development to create more cost-effective and environmentally friendly resins to meet changing market demands.
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Table of Content
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia-Ukraine war
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Resin Market Segmentation, By Type
8.1 Polypropylene
8.2 Polystyrene
8.3 Polyvinyl chloride
8.3 Polyurethane
8.4 Acrylonitrile
8.5 Polyethylene terephthalate
8.6 Polyamide
8.7 Polyethylene
8.8 Polycarbonate
9. Resin Market Segmentation, By End User
9.1 Automotive & Transportation
9.2 Consumer goods/lifestyle
9.3 Building & Construction
9.4 Electrical & electronics
9.5 Packaging
9.6 Agriculture
9.7 other
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 USA
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 France
10.3.4 Italy
10.3.5 Spain
10.3.6 The Netherlands
10.3.7 Rest of Europe
10.4 Asia-Pacific
10.4.1 Japan
10.4.2 South Korea
10.4.3 China
10.4.4 India
10.4.5 Australia
10.4.6 Rest of Asia-Pacific
10.5 The Middle East & Africa
10.5.1 Israel
10.5.2 UAE
10.5.3 South Africa
10.5.4 Rest
10.6 Latin America
10.6.1 Brazil
10.6.2 Argentina
10.6.3 Rest of Latin America
12. Company Profiles
12.1 Dupont
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
11.2 Mitsubishi Engineering-Plastics Corporation
11.3 BASF SE (U.S.)
11.4 Nova Chemicals
11.5 Arkema
11.6 LynondellBasell
11.7 INEOS Holdings Ltd.
11.8 Qenos
11.9 Hexion
11.10 Invista
13. Competitive Landscape
13.1 Competitive Bench marking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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