USD 528.55 billion
Report ID: SQSG15A2011 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 155 | Figures: 77
Global Resin Market size was valued at USD 528.55 billion in 2021 and is poised to grow from USD 552.33 billion in 2022 to USD 820.82 billion by 2030, growing at a CAGR of 4.5% in the forecast period (2023-2030).
Petrochemical industries faced an issue, created by the enormous changes in crude oil prices, which also had a substantial impact on production costs. Furthermore, due to labour and raw material shortages, supply chain interruptions, and rigorous government requirements, a number of plastic resin companies had to reduce or shut down their manufacturing facilities. Despite these uncertainties, the pandemic's impact on the market was slowed by the demand for plastic packaging in key sectors like food and beverage, pharmaceuticals, and e-commerce. Additionally, the widespread production of gloves, PPE kits, face shields, and masks increased demand for the product.
The COVID-19 pandemic's global lockdown caused a constrained movement of goods and resources, which had a substantial effect on the supply chain of producers. Trade restrictions, particularly in developed nations like China and India, forced resin manufacturers to contend with a paucity of raw materials. Due to this factor, businesses were only able to produce a certain amount of finished goods at any given time.
US Resin Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 528.55 billion
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The global resin market segmentation is based on type, application, products, and region. Based on the type, the market is segregated into Polyethylene, polypropylene, polyethylene terephthalate, PVC, Acrylonitrile Butadiene styrene, polyamide, polycarbonate, polyurethane, polystyrene and other segments. Based on application, the market is segmented into Packaging (food, beverage, medical, retail, and others), automotive, construction, electrical & electronics (OA equipment and home appliances, electronic materials, and others), logistics, consumer goods, textile & clothing (clothing, industrial use, and others), furniture & bedding, agriculture, medical devices, and others. Based on products, the market is segmented into Crystalline (Epoxy, Polyethylene, and Polypropylene), Non-crystalline (Polyvinyl chloride, polystyrene, acrylonitrile butadiene styrene, polymethyl methacrylate), Engineering plastic (Nylon, polybutylene terephthalate, polycarbonate, polyamide), and super engineering plastic (polyphenylene sulfide, polyether ether ketone, and liquid crystal polymer). Based on region the global Resin market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.
Resin Market Analysis by Type
Polyethylene and polypropylene are the two segments showing the highest growth rate. The use of these types in the production of bottles, plastic films, containers, and food packaging trays is responsible for the increased proportion. Due to its attributes including moldability and superior heat, chemical, electrical, and impact resistance, PE and PP are also in high demand in the automotive, pharmaceutical, and healthcare sectors. The packaging industry's increasing demand for materials that are highly flexible and recyclable is correlated with the expansion of the PET segment. Due to its great performance, amorphous nature, and transparency, the polycarbonate type is frequently employed in applications requiring resistance to extreme temperatures. Epoxy, acrylic, and phenolic resins are included in the others category. Major uses for these segments can be found in paint, coatings, adhesives, and sealants. The segment's expansion is related to an increase in infrastructure development and building activity around the world.
Resin Market Analysis by End Use
Packaging segment is dominating owing to reasons like to package diverse products, plastics are mostly utilised as films, trays, corrugated boxes, rigid boxes, poly bags, and foil-sealed bags. The pharmaceutical, food & beverage, consumer products, and e-commerce industries' expanding and need for packaging solutions will drive the market throughout the projection period. Additionally, as globalisation has grown, import and export operations have increased, leading to higher product consumption. Additionally, due to changes in consumer purchasing habits and a surge in online shopping, the packaging sector is primarily impacted by the e-commerce sector's explosive growth.
To offer the products that are driving the market, sectors like electrical & electronics and pharmaceuticals have created online stores. The preference for convenience foods like frozen meals and ready-to-eat meals is another reason why food and beverage firms prefer flexible packaging. As a result, these factors will stimulate the market for sustainable packaging solutions and open up new avenues for industry expansion.
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The market in Asia and the Pacific held the largest market share, and it is anticipated that it will continue to hold this position throughout the following years. The main reason for this is the existence of significant plastic-producing and -consuming nations like China and India. The market in North America is anticipated to boom due to the rising demand for packaging from the food and beverage and cosmetics industries. The need for packaging from the textile and beverage sectors has a significant impact on the growth of the resins industry in the Middle East and Africa. Due to the area's heavy reliance on bottled water, resin production for bottle manufacture has increased. Due to increased disposable income, expanding urbanisation and infrastructure building activities, and rising pharmaceutical sector investments, Latin America is predicted to rise significantly during the projection period.
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Resin Market Driver
The market is expanding quickly as a result of rising demand for polypropylene (PP) in the construction, automotive, and medical sectors. Due to its lightweight, chemical resilience, and affordable qualities, polypropylene is mostly employed in auto parts in the automobile sector. The inclination for individual vehicles has increased as a result of the expanding population and evolving societies, which is assisting the market's growth. Additionally, due to its exceptional qualities, including its resistance to moisture, high flexural strength, and capacity to handle extreme temperatures, polypropylene is used in the medical business for a variety of medical devices. The use of polypropylene will also be influenced by rising technical progress and research & development efforts to produce more environmentally friendly polymers. These factors are likely to fuel the market expansion.
Resin Market Restraint
Since the petrochemical feedstock for the majority of plastics is produced from oil and natural gas byproducts, changes in crude oil prices have a significant impact on resin pricing overall. Oil prices, which are impacted by supply and demand, natural disasters, and changes in production costs, have an impact on feedstock prices. Additionally, the chemicals used to make plastics come from fossil fuels like coal, natural gas, and oil, which contribute to pollution. Therefore, the market will be impacted by the strict environmental laws adopted by various countries to reduce plastic pollution. Government restrictions on the excessive use of crude oil and petroleum further constrain the market. As a result, it is predicted that these factors will restrain market expansion throughout the projection period.
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The market's competitive environment is dispersed. To strengthen their regional footprint, major businesses are increasing their capacity for producing high-performance polymers and chemicals. For instance, INEOS increased its business by constructing a new sophisticated polymer pilot plant in Italy, which will prevent plastic waste from being dumped or burned by turning it into new beneficial polymers. Leading players also concentrate on providing sustainable solutions to expand their product line.
Resin Market Top Player's Company Profiles
Resin Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, by End Use, the packaging segment dominated the global resin market and is anticipated to maintain its dominance throughout the forecast period. According to regional analysis, Asia Pacific dominated the global Resin market owing to the region's high population needs. Also, other regions like North America, Europe, etc. showed significant growth over the prediction period.
|Market size value in 2021||USD 528.55 billion|
|Market size value in 2030||USD 552.33 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Resin Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Resin Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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