Plastic Resins Market is expected to reach US$ 594.54Bn. by 2030, at a CAGR of 4.40% during the forecast period.Plastic Resins Market Overview
Product usage in the construction, automotive, electrical, and electronics industries is projected to drive market growth. Regulatory intervention to decrease gross vehicle weight to increase fuel efficiency and reduce carbon emissions has led automotive OEMs to use resins as a substitute for steel and aluminium in the fabrication of automotive components. This in turn is expected to drive the growth of the market.To know about the Research Methodology :- Request Free Sample Report
Plastic Resins Market Dynamics:
New packaging industry advancements such as CO2RE foaming technology, big data, and IoT integration are likely to boost the plastic resins market in the future. Convenience features such as resealable packs, easy-opening, stand-up pouches, and lower pack sizes for single-servings are being introduced, as are more promotional packs and brand extensions to ensure customer loyalty. Similarly, recent advancements in the creation of biodegradable polymers that disintegrate spontaneously through the activity of microorganisms such as bacteria, algae, and fungi are gaining attention. These advancements in packaging are expected to boost the use of plastics, causing the market to grow. Also, favorable federal regulations on carbon emissions enacted by agencies such as the National Highway Traffic Safety Administration and the Environmental Protection Agency (EPA), as well as EU initiatives to develop plastics applications for lightweight and fuel-efficient cars, are expected to boost the global market's growth. Stringent recyclability requirements and the depletion of traditional materials like metal and wood are projected to drive product demand in the construction sector for pipes, windows, cables, storage tanks, and other uses. Plastics are a long-lasting, cost- and energy-efficient material, which encourages its use in construction applications. Product consumption is also projected to rise in the healthcare industry as a result of increased manufacturing of Personal Protective Equipment (PPE) such as face masks, face shields, medical gowns, and different medical equipment in response to the rising number of COVID-19 cases worldwide. Increasing government expenditure in the construction industry, particularly in India and China, is projected to drive product demand in infrastructure and construction applications.Impact of COVID pandemic on the Plastic Resins market
COVID pandemic has a major impact on the market in terms of sales as more than 44% of sales of units are hampered owing to disruption in transport capabilities of the manufacturers due to stringent norms of lockdown and increasing safety concerns. Furthermore, supply chain interruptions, demand destruction, and changes in customer behavior owing to stringent lockdown conditions across the globe have impacted the plastic resins market. During the early phases of the Covid-19 epidemic, there was a huge surge in demand for resin-related consumer items such as packing materials and hygiene products. However, demand for resin-related consumer items used in automotive, construction, and other industry sectors fell significantly. The demand-supply imbalance, shortage of raw resources, and price volatility arose as a result of government-imposed lockdowns on many industries.Plastic Resins Market Segmentation Analysis
By Product, in 2023, the crystalline resins product segment had the highest revenue share of more than 61 %, and this dominance is projected to continue throughout the forecast period. Due to increased demand from food packaging, stretch wrap, medical applications, and other applications, the Polyethylene (PE) resin sub-segment accounted for a significant share in the crystalline type segment. In 2023, the non-crystalline resin segment accounted for around a fifth of total sales. However, due to the increased use of alternative polymers such as polyamide, polyether ether ketone, and liquid crystal polymers, demand for these goods is projected to drop during the forecast period. The engineering plastic segment held a minor %age of the market. However, it is expected to grow at a faster-than-average rate throughout the forecast period due to these polymers' superior mechanical and thermal characteristics, wear and chemical resistance, and dimensional stability. During the forecast period, the super engineering plastic segment is predicted to increase at a CAGR of 4.1 %. Because of their excellent electrical and thermal characteristics, these products are widely used in semiconductor packing, high-speed connection packaging, and medical applications. By Application, the packaging segment accounted for more than 36% of its revenue share by 2023 and is expected to increase further in a stable CAGR over the projection period. The rising packaging industry is boosting growth in the segment thanks to the increased demand for packaged goods and drinks. Moreover, some government organizations have set forth rigorous standards on the safe use of plastic materials to encourage segment growth for food and beverage applications. The automotive application segment is forecast to develop considerably in the future years, owing to an increased usage of plastics in automotive components as well as increased production of passenger cars and heavy-duty vehicles, notably in Asia Pacific, Central, and South America. The medical devices application category is expected to grow at the fastest rate between 2024 and 2030. Resins are frequently used in the production of medical devices because they provide improved clarity, cost-effectiveness, and biocompatibility. To acquire acceptable characteristics for application in medical devices, several polymers such as Polyethylene (PE) and Polystyrene (PS) are mixed.Plastic Resins Market Regional Analysis:
In 2023, Asia-Pacific accounted for about two-fifths of the global plastic resins market, followed by Europe. Rising population, urbanization, and the substitution of several metals in industries such as packaging and automotive drive market expansion in this area. In 2023, China had the highest revenue share of 33 %. China is self-sufficient in the manufacture of plastics, with an adequate number of facilities and production capacity to fulfil local demand. Furthermore, due to its extensive industrial base, China exports a wide range of plastics to adjacent countries. Simultaneously, North America is expected to have the fastest CAGR of 5.0 % over the projection period. Growing demand for sustainable and recyclable materials, as well as a portion of the growing food and beverage industry, are projected to drive market growth in this region. Regulatory policies defined by the FDA, EPA, and other agencies are anticipated to serve as a constraint; however, the influence of this aspect is predicted to be minimized by alternate manufacturing methods and product sustainability throughout the product's life cycle. Europe is expected to grow at a slower-than-average rate during the forecast period. The European market is characterized by stringent environmental restrictions imposed by regulatory agencies such as the European Chemicals Agency (ECHA) and the European Commission. Many European countries, including Denmark, France, Germany, and Austria, have had landfill prohibitions in place for decades. High landfill tipping fees, dumping taxes, waste management, and landfill closure expenses have pushed Europeans to convert to recycled products. The objective of the report is to present a comprehensive analysis of the Global Plastic Resins Market to the stakeholders in the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding Global Plastic Resins Market dynamics, structure by analyzing the market segments and project the Global Plastic Resins Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Global Plastic Resins Market make the report investor’s guide.Plastic Resins Market Scope: Inquire before buying
Plastic Resins Market Report Coverage Details Base Year: 2023 Forecast Period: 2024-2030 Historical Data: 2018 to 2023 Market Size in 2023: US $ 439.82 Bn. Forecast Period 2024 to 2030 CAGR: 4.40% Market Size in 2030: US $ 594.54 Bn. Segments Covered: by Product 1. Crystalline 2. Non-crystalline 3. Engineering Plastic 4. Super Engineering Plastic by Application 1. Packaging 2. Automotive 3. Construction 4. Electrical & Electronics 5. Logistics 6. Consumer Goods 7. Textiles & Clothing 8. Agriculture 9. Medical Devices Plastic Resins Market, by Region
1. North America (United States, Canada and Mexico) 2. Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) 3. Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) 4. Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) 5. South America (Brazil, Argentina Rest of South America)Plastic Resins Market Key Players
1. BASF SE 2. SABIC 3. Dow, Inc. 4. Evonik Industries A 5. Sumitomo Chemical 6. Arkema 7. Celanese Corp. 8. Eastman Chemical Company 9. Chevron Phillips Chemical Co., LLC 10. Lotte Chemical Corp. 11. Covestro AG 12. Toray Industries, In 13. Teijin Ltd 14. Toray Industries, Inc. 15. DuPont 16. Formosa Plastic Group Frequently Asked Questions: 1. Which region has the largest share in Global Plastic Resins Market? Ans: Asia-Pacific region held the highest share in 2023. 2. What is the growth rate of Global Plastic Resins Market? Ans: The Global Plastic Resins Market is expected to grow at a CAGR of 4.40% during forecast period 2024-2030. 3. What is scope of the Global Plastic Resins market report? Ans: Global Plastic Resins Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period. 4. Who are the key players in Global Plastic Resins market? Ans: The important key players in the Global Plastic Resins Market are – BASF SE, SABIC, Dow, Inc., Evonik Industries A, Sumitomo Chemical, Arkema, Celanese Corp., Eastman Chemical Company, Chevron Phillips Chemical Co., LLC, Lotte Chemical Corp. 5. What is the study period of this market? Ans: The Global Plastic Resins Market is studied from 2023 to 2030.
1. Preface 1.1. Market Definition and Key Research Objectives 1.2. Research Highlights 2. Assumptions and Research Methodology 2.1. Report Assumptions 2.2. Abbreviations 2.3. Research Methodology 2.3.1. Secondary Research 2.3.1.1. Secondary data 2.3.1.2. Secondary Sources 2.3.2. Primary Research 2.3.2.1. Data from Primary Sources 2.3.2.2. Breakdown of Primary Sources 3. Executive Summary: Global Plastic Resins Market Size, by Market Value (US$ Mn) 3.1. Global Market Segmentation 3.2. Global Market Segmentation Share Analysis, 2022 3.2.1. Global 3.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 3.3. Geographical Snapshot of the Plastic Resins Market 3.4. Geographical Snapshot of the Plastic Resins Market, By Manufacturer share 4. Global Plastic Resins Market Overview, 2023-2030 4.1. Market Dynamics 4.1.1. Drivers 4.1.1.1. Global 4.1.1.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.2. Restraints 4.1.2.1. Global 4.1.2.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.3. Opportunities 4.1.3.1. Global 4.1.3.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.4. Challenges 4.1.4.1. Global 4.1.4.2. By Region (North America, Europe, Asia Pacific, South America, Middle East Africa) 4.1.5. Industry Trends and Emerging Technologies 4.1.6. Porters Five Forces Analysis 4.1.6.1. Threat of New Entrants 4.1.6.2. Bargaining Power of Buyers/Consumers 4.1.6.3. Bargaining Power of Suppliers 4.1.6.4. Threat of Substitute Products 4.1.6.5. Intensity of Competitive Rivalry 4.1.7. Value Chain Analysis 4.1.8. Technological Roadmap 4.1.9. Regulatory landscape 4.1.10. Impact of the Covid-19 Pandemic on the Global Plastic Resins Market 5. Supply Side and Demand Side Indicators 6. Global Plastic Resins Market Analysis and Forecast, 2023-2030 6.1. Global Plastic Resins Market Size & Y-o-Y Growth Analysis. 7. Global Plastic Resins Market Analysis and Forecasts, 2023-2030 7.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 7.1.1. Crystalline 7.1.2. Non-crystalline 7.1.3. Engineering Plastic 7.1.4. Super Engineering Plastic 7.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 7.2.1. Packaging 7.2.2. Automotive 7.2.3. Construction 7.2.4. Electrical & Electronics 7.2.5. Logistics 7.2.6. Consumer Goods 7.2.7. Textiles & Clothing 7.2.8. Agriculture 7.2.9. Medical Devices 8. Global Plastic Resins Market Analysis and Forecasts, By Region 8.1. Market Size (Value) Estimates & Forecast By Region, 2023-2030 8.1.1. North America 8.1.2. Europe 8.1.3. Asia-Pacific 8.1.4. Middle East & Africa 8.1.5. South America 9. North America Plastic Resins Market Analysis and Forecasts, 2023-2030 9.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 9.1.1. Crystalline 9.1.2. Non-crystalline 9.1.3. Engineering Plastic 9.1.4. Super Engineering Plastic 9.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 9.2.1. Packaging 9.2.2. Automotive 9.2.3. Construction 9.2.4. Electrical & Electronics 9.2.5. Logistics 9.2.6. Consumer Goods 9.2.7. Textiles & Clothing 9.2.8. Agriculture 9.2.9. Medical Devices 10. North America Plastic Resins Market Analysis and Forecasts, By Country 10.1. Market Size (Value) Estimates & Forecast By Country, 2023-2030 10.1.1. US 10.1.2. Canada 10.1.3. Mexico 11. U.S. Plastic Resins Market Analysis and Forecasts, 2023-2030 11.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 11.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 12. Canada Plastic Resins Market Analysis and Forecasts, 2023-2030 12.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 12.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 13. Mexico Plastic Resins Market Analysis and Forecasts, 2023-2030 13.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 13.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 14. Europe Plastic Resins Market Analysis and Forecasts, 2023-2030 14.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 14.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 15. Europe Plastic Resins Market Analysis and Forecasts, By Country 15.1. Market Size (Value) Estimates & Forecast By Country, 2023-2030 15.1.1. U.K 15.1.2. France 15.1.3. Germany 15.1.4. Italy 15.1.5. Spain 15.1.6. Sweden 15.1.7. CIS Countries 15.1.8. Rest of Europe 16. U.K. Plastic Resins Market Analysis and Forecasts, 2023-2030 16.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 16.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 17. France Plastic Resins Market Analysis and Forecasts, 2023-2030 17.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 17.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 18. Germany Plastic Resins Market Analysis and Forecasts, 2023-2030 18.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 18.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 19. Italy Plastic Resins Market Analysis and Forecasts, 2023-2030 19.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 19.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 20. Spain Plastic Resins Market Analysis and Forecasts, 2023-2030 20.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 20.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 21. Sweden Plastic Resins Market Analysis and Forecasts, 2023-2030 21.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 21.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 22. CIS Countries Plastic Resins Market Analysis and Forecasts, 2023-2030 22.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 22.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 23. Rest of Europe Plastic Resins Market Analysis and Forecasts, 2023-2030 23.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 23.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 24. Asia Pacific Plastic Resins Market Analysis and Forecasts, 2023-2030 24.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 24.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 25. Asia Pacific Plastic Resins Market Analysis and Forecasts, by Country 25.1. Market Size (Value) Estimates & Forecast By Country, 2023-2030 25.1.1. China 25.1.2. India 25.1.3. Japan 25.1.4. South Korea 25.1.5. Australia 25.1.6. ASEAN 25.1.7. Rest of Asia Pacific 26. China Plastic Resins Market Analysis and Forecasts, 2023-2030 26.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 26.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 27. India Plastic Resins Market Analysis and Forecasts, 2023-2030 27.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 27.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 28. Japan Plastic Resins Market Analysis and Forecasts, 2023-2030 28.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 28.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 29. South Korea Plastic Resins Market Analysis and Forecasts, 2023-2030 29.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 29.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 30. Australia Plastic Resins Market Analysis and Forecasts, 2023-2030 30.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 30.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 31. ASEAN Plastic Resins Market Analysis and Forecasts, 2023-2030 31.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 31.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 32. Rest of Asia Pacific Plastic Resins Market Analysis and Forecasts, 2023-2030 32.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 32.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 33. Middle East Africa Plastic Resins Market Analysis and Forecasts, 2023-2030 33.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 33.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 34. Middle East Africa Plastic Resins Market Analysis and Forecasts, by Country 34.1. Market Size (Value) Estimates & Forecast by Country, 2023-2030 34.1.1. South Africa 34.1.2. GCC Countries 34.1.3. Egypt 34.1.4. Nigeria 34.1.5. Rest of ME&A 35. South Africa Plastic Resins Market Analysis and Forecasts, 2023-2030 35.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 35.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 36. GCC Countries Plastic Resins Market Analysis and Forecasts, 2023-2030 36.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 36.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 37. Egypt Plastic Resins Market Analysis and Forecasts, 2023-2030 37.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 37.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 38. Nigeria Plastic Resins Market Analysis and Forecasts, 2023-2030 38.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 38.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 39. Rest of ME&A Plastic Resins Market Analysis and Forecasts, 2023-2030 39.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 39.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 40. South America Plastic Resins Market Analysis and Forecasts, 2023-2030 40.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 40.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 41. South America Plastic Resins Market Analysis and Forecasts, by Country 41.1. Market Size (Value) Estimates & Forecast by Country, 2023-2030 41.1.1. Brazil 41.1.2. Argentina 41.1.3. Rest of South America 42. Brazil Plastic Resins Market Analysis and Forecasts, 2023-2030 42.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 42.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 43. Argentina Plastic Resins Market Analysis and Forecasts, 2023-2030 43.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 43.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 44. Rest of South America Plastic Resins Market Analysis and Forecasts, 2023-2030 44.1. Market Size (Value) Estimates & Forecast By Product, 2023-2030 44.2. Market Size (Value) Estimates & Forecast By Application, 2023-2030 45. Competitive Landscape 45.1. Geographic Footprint of Major Players in the Global Plastic Resins Market 45.2. Competition Matrix 45.2.1. Competitive Benchmarking of key players by price, presence, market share, Applications and R&D investment 45.2.2. New Product Launches and Product Enhancements 45.2.3. Market Consolidation 45.2.3.1. M&A by Regions, Investment and Applications 45.2.3.2. M&A Key Players, Forward Integration and Backward Integration 45.3. Company Profile : Key Players 45.3.1. SABIC 45.3.1.1. Company Overview 45.3.1.2. Financial Overview 45.3.1.3. Geographic Footprint 45.3.1.4. Product Portfolio 45.3.1.5. Business Strategy 45.3.1.6. Recent Developments 45.4. BASF SE 45.5. SABIC 45.6. Dow, Inc. 45.7. Evonik Industries A 45.8. Sumitomo Chemical 45.9. Arkema 45.10. Celanese Corp. 45.11. Eastman Chemical Company 45.12. Chevron Phillips Chemical Co., LLC 45.13. Lotte Chemical Corp. 45.14. Covestro AG 45.15. Toray Industries, In 45.16. Teijin Ltd 45.17. Toray Industries, Inc. 45.18. DuPont 45.19. Formosa Plastic Group Primary Key Insights