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Plastic Resins Market size was valued at USD 731.25 billion in 2019 and is poised to grow from USD 764.16 billion in 2023 to USD 1086.71 billion by 2031, growing at a CAGR of 4.5% in the forecast period (2024-2031).

The plastic resins market is significantly fragmented due to presence of large number of locals as well as regional players. Key players adopted strategies such as merger, acquisitions, product launch, product expansion to strengthen their position in the market. Major players increased their focus on the recycled plastic resins. 'Sumitomo Chemical', 'Exxon Mobil Corporation', ' Dow Chemical Company ', ' LyondellBasell Industries N.V. ', ' SABIC ', ' BASF SE ', ' Formosa Plastics Corporation ', ' Chevron Phillips Chemical Company LLC ', ' INEOS Group AG ', ' Total S.A. ', ' LG Chem Ltd. ', ' Braskem SA ', ' Mitsubishi Chemical Holdings Corporation ', ' Arkema S.A. ', ' Solvay S.A. ', ' Covestro AG ', ' Evonik Industries AG ', ' Reliance Industries Limited ', ' Nova Chemicals Corporation ', ' Hanwha Chemical Corporation '

The demand for plastic is increased in the automobile industry as it helps to reduce fuel consumption by reducing the density and weight of the vehicles. Plastic resins have wide application in automotive industry such as seat cushions, suspension brushing, wheels, tires and hard parts. Recently, manufacturers in the automobile industry are focusing on production of electric vehicles due increasing consumer awareness about the benefits of electric vehicles. This factor is anticipated to drive market growth.

The technological advancement in the plastic resin is the creation of bioplastic. These plastics are made from renewable biomass sources. The examples are as follows PLA, PHA, and CPLA. PLA is compostable, recycled, and biodegradable.

Asia Pacific is expected to account for the largest revenue share in 2021. China is the leading country in Asia Pacific and is expected to account for approximately 35% share in the plastic resin market. China is self-sufficient in terms of plastic production with an adequate number of plants and production capacity to meet the local demand. China accounts for nearly one-fourth of the world’s plastic production capacity and has more than 15,000 plastic factories. China produces roughly seven million metric tons of plastic products every month. Further, China exports various types of plastics to neighbouring countries due to its large production base.

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Global Plastic Resins Market

Product ID: SQMIG15A2107