The plastic resins market is primarily engaged in manufacturing polyethylene terephthalate (PET), polyethylene (PE), polypropylene (PP), polyvinyl chloride (PVC), polystyrene (PS), polyurethane (PU), polyethylene terephthalate glycol (PETG), and other resins. Plastic resins find wide applications in packaging, automotive, construction, electronics, electrical and consumer goods industries due to their properties like durability, corrosion resistance, economical pricing and ease of processing. The packaging industry accounts for the largest share of plastic resin consumption globally. Factors such as favorable government initiatives towards infrastructure development and growing middle class population are contributing significantly to the growth of the end use industries, thereby driving the demand for plastic resins.
The Global plastic resins market is estimated to be valued at US$ 1,127.35 Bn in 2024 and is expected to exhibit a CAGR of 4.4% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the plastic resins market are Dow, DuPont, BASF SE, SABIC, Sumitomo Chemical Co., Ltd., Evonik Industries AG, Celanese Corporation, Eastman Chemical Company, Chevron Phillips Chemical Co., LLC, LOTTE Chemical Corporation, Exxon Mobil Corporation, Formosa Plastics Corporation, TORAY INDUSTRIES, INC., MITSUI & CO. LTD, TEIJIN LIMITED, LG Chem, and Avient Corporation. Key players are investing significantly in capacity expansion projects and product development to strengthen their market presence.
The Plastic Resins Market Size is expected to witness lucrative growth opportunities owing to increasing demand from the packaging industry. Factors such as growing consumption of packaged food & beverages and rising e-commerce sector are positively impacting the packaging industry. Furthermore, replacing traditional materials with plastic resins across several end use industries also offers scope for market expansion.
The global plastic resins market is projected to grow steadily during the forecast period owing to rising demand across all major geographical regions including Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific dominates the global plastic resins consumption attributed to rapid industrialization and urbanization in the region.
Market Drivers
Rising applications across end use industries is one of the major drivers propelling the growth of the plastic resins market. Plastic resins are increasingly replacing conventional materials in several applications due to their properties such as durability, low cost and ease of processing. Growing consumption of packaged food & beverages coupled with increasing penetration of e-commerce is driving the demand for plastic resins from the packaging industry. In the automotive industry, plastic resins are widely replacing metal components due to advantages such as lightweight and design flexibility. Favorable regulations promoting infrastructure development are also contributing to the sales of plastic resins from the construction sector.
PEST Analysis
Political: Governments around the world are focusing on regulations to reduce plastic wastes and promote use of recyclable and sustainable plastics. Some countries have imposed bans on specific types of plastics.
Economic: The plastic resins market is driven by growth in end-use industries like packaging, construction, automotive and healthcare. Recovering global economy leads to higher consumption and demand for plastics.
Social: Rise in awareness about environment protection and reducing plastic footprint is encouraging transition to bioplastics and recyclable resins. Customers prefer sustainable and eco-friendly plastic products.
Technological: Manufacturers are investing in R&D to develop novel resins from renewable feedstocks as well as improved recycling technologies. Advancements in 3D printing also create new opportunities for specialty resins.
The Asia Pacific region accounts for the largest share of the global plastic resins market in terms of value led by China, India, Japan and other developing economies. Plastics have widespread use in various industries in the region driving the demand. North America is the second largest regional market supported by strong packaging and automotive industries in the US and copyright. Western Europe is another major consumer area for plastic resins attributed to established automotive and construction sectors.
Among countries, India is projected to experience the fastest growth in demand for plastic resins during the forecast period. Factors such as growing population, rising incomes, expanding manufacturing sector and favorable government policies are expected to boost plastic consumption in India. The construction and packaging industries will be the major contributors to increased resin usage.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)