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Global Resin Market size was valued at USD 528.55 billion in 2019 and is poised to grow from USD 552.33 billion in 2023 to USD 820.82 billion by 2031, growing at a CAGR of 4.5% in the forecast period (2024-2031).

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. 'Dow Inc.', 'BASF SE', 'Covestro AG', 'LyondellBasell Industries Holdings B.V.', 'ExxonMobil Corporation', 'Eastman Chemical Company', 'Huntsman Corporation', 'Mitsubishi Chemical Corporation', 'Sabic', 'Toray Industries Inc.', 'LG Chem Ltd.', 'Formosa Plastics Corporation', 'Ineos AG', 'Sumitomo Chemical Co. Ltd.', 'DuPont de Nemours Inc.', 'Reliance Industries Limited', 'Asahi Kasei Corporation', 'Evonik Industries AG', 'Arkema SA', 'Shin-Etsu Chemical Co. Ltd.'

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.

The market players of the industry are undergoing mergers and acquisitions to reach beyond their current locations as there is a huge untapped market in developing as well as underdeveloped nations. Also, there are continuous efforts made in the field of research and development to meet the needs of an ever increasing population. For instance, production of new forms of resin is extensively done by major market players.

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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Global Resin Market

Product ID: SQMIG15A2310

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