Plastic Resins Market Size, Share and Growth Analysis (By Product: Crystalline, Engineering Plastic, Non-crystalline, and Super Engineering Plastic; By Application: Automotive, Packaging, Construction, Consumer Goods, Logistics, Electrical & Electronics, Textiles & Clothing, Agriculture, Furniture & Bedding, Medical Devices, and Others) - Global Industry Analysis, Trends, Regional Outlook, and Forecast 2021 - 2030


The global plastic resins market valued at USD 682.50 billion in 2020 and projected to hit around US$ 960 billion by 2030, expected to grow at a compound annual growth rate (CAGR) of 4.7% from 2021 to 2030.

Plastic Resins Market Size 2020-2030

Growth Factors

Increasing demand from the industries such as automotive, construction, electrical & electronics is the key factor that drives the market growth for plastic resins market. Plastic resins are frequently used in the automotive industry for the applications that include under-the-hood components, interiors, and exteriors of automobiles. Further along with inexpensive multi-utility models of vehicles are likely to propel the demand for plastic resins in the automotive industry.

Moreover, the demand for plastic resins is supposed to excel in the healthcare sector as well owing to the increased production of Personal Protective Equipment (PPE) kits, face mask, medical gowns, face shields, and various other medical devices. This is majorly attributed to the sudden outbreak of COVID-19 in the beginning of the year 2020. In the year 2020, the market for PPE kits experienced a stellar growth of 150% due to sudden surge in the demand of PPEs. This has simultaneously influenced the growth of plastic resins too in the same year. The trend anticipated to continue for few years owing to unavailability of vaccines and rising cases of COVID-19 across the world.

Report Highlights Details
Market Size US$ 960 Billion by 2030
Growth Rate CAGR of 4.7% from 2021 to 2030
Base Year 2020
Forecast Period 2021 to 2030
Segments Covered Product, Application, Region
Companies Mentioned SABIC, BASF SE, Dow Inc., Sumitomo Chemical, Evonik Industries, Arkema, Teijin Limited, Eastman Chemical Company, Celanese Corporation

Product Insights

The crystalline resin product held majority of revenue share of approximately 60% in the year 2020 and estimated to maintain its dominance over the forecast period. The Polyethylene (PE) resin is the market leader in the crystalline resin sub-segments because of their rising demand from food & packaging, medical, and stretch wraps applications. As per the analysis, polyethylene is one of the most popular industries among plastics market and capture around 1/6th of the total market revenue in the global plastic resins market. This is primarily attributed to the significant demand of the product in packaging and construction sectors as well as accelerating growth of these end-use sectors proliferate the growth of the product.

On the other hand, engineering plastic product segment held lesser share in the global plastic resins market in the year 2020 compared to other products, whereas witnesses accelerating growth during the forthcoming time period as these materials possess excellent thermal & mechanical properties, dimensional stability, and wear & chemical resistance. Increasing application of super engineering plastics in semiconductor packaging medical applications, and high-speed connectors packaging estimated to propel the market growth of the product.

Application Insights

Based on application, packaging industry emerged as the market leader in terms of revenue and accounted for more than 35% revenue share in the year 2020 and expected to witness a steady growth during the forecast period. The significant growth of the segment is mainly because of the rising demand for packed foods & beverages particularly in the developing nations owing to increasing penetration of western culture in the daily lifestyle. As per an interview conducted by the FnBnews.com with the managing director of the German Engineering Federation (VDMA) India, India is the world’s third largest market for packaged food.

Automotive industry anticipated to exhibit prominent growth over the forecast period owing to increasing application of plastics in automotive components. Further, rising production of passenger vehicles along with heavy commercial vehicles because of significant demand from e-commerce transportation and logistics industry. Further, rising demand for electric vehicles and autonomous vehicles also triggers the growth in production of passenger vehicles that in turn propels the market growth of plastic resins.

Regional Insights

The Asia Pacific is the front-runner in the global plastic resins market and accounted for nearly 45% of the revenue share in the year 2020. Further, the region anticipated to maintain its dominance during the forecast period. China is the leading nation across the Asia Pacific and accounted for approximately 35% share in the global plastic resins market. This is mainly attributed to the adequate production capacity and large number of plastic manufacturing plants in the country. China accounts for nearly one-fourth of the world’s plastic production capacity and has more than 15,000 plastic factories.

Global Plastic Resins Market 2021-2030

Key Companies & Market Share Insights

The global plastic resins market is highly fragmented because of the presence of large number of regional and international players. Industry participants face intense competition among each other because of higher level of vulnerability in product type. Further, stringent government laws for the usage of plastic products further regulate the degree of competition and market growth. However, market players are focusing towards bio-degradable plastics in order to curb the rate of pollution.

Some of the prominent players in the Plastic Resins Market include:

  • SABIC
  • BASF SE
  • Dow Inc.
  • Sumitomo Chemical
  • Evonik Industries
  • Arkema
  • Teijin Limited
  • Eastman Chemical Company
  • Celanese Corporation
  • Chevron Phillips Chemical Co., LLC
  • Exxon Mobil Corporation
  • Lotte Chemical Corporation
  • Formosa Plastics Corporation
  • Toray Industries, Inc.
  • Covestro AG
  • Mitsui & Co. Plastics Ltd.

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Precedence Research has segmented the global Plastic Resins Market report on the basis of product, application, and region:

By Product Outlook

  • Crystalline
    • Polyethylene
    • Epoxy
    • Polypropylene
  • Engineering Plastic
    • Nylon
    • Polycarbonate (PC)
    • Polybutylene Terephthalate (PBT)
    • Polyamide
  • Non-crystalline
    • Polystyrene (PS)
    • Polyvinyl Chloride (PVC)
    • Polymethyl Methacrylate (PMMA)
    • Acrylonitrile Butadiene Styrene (ABS)
  • Super Engineering Plastic
    • Polyether Ether Ketone (PEEK)
    • Polyphenylene Sulfide (PPS)
    • Liquid Crystal Polymer (LCP)

By Application Outlook

  • Automotive
  • Packaging
    • Beverage
    • Retail
    • Food
    • Medical
    • Others
  • Construction
  • Consumer Goods
  • Logistics
  • Electrical & Electronics
    • Electronic Materials
    • OA Equipment & Home Appliances
    • Others
  • Textiles & Clothing
    • Industrial use
    • Clothing
    • Others
  • Agriculture
  • Furniture & Bedding
  • Medical Devices
  • Others

By Regional Outlook

North America

  • U.S.
  • Canada

Europe

  • U.K.
  • Germany
  • France

Asia Pacific

  • China
  • India
  • Japan
  • South Korea

Rest of the World

Request for Customize Report
Precedence offers custom market research services that help clients to get information on their business scenario required.

Frequently Asked Questions

What is the current size and growth rate of the plastic resins market?
The global plastic resins market valued at USD 682.50 billion in 2020 and projected to hit around US$ 960 billion by 2030, expected to grow at a compound annual growth rate (CAGR) of 4.7% from 2021 to 2030.
Increasing demand from the industries such as automotive, construction, electrical & electronics is the key factor that drives the market growth for plastic resins market. Plastic resins are frequently used in the automotive industry for the applications that include under-the-hood components, interiors, and exteriors of automobiles. Further along with inexpensive multi-utility models of vehicles are likely to propel the demand for plastic resins in the automotive industry.
The crystalline resin product segment held majority of revenue share of approximately 60% in the year 2020 and estimated to maintain its dominance over the forecast period.
Based on application, packaging industry emerged as the market leader in terms of revenue and accounted for more than 35% revenue share in the year 2020 and expected to witness a steady growth during the forecast period.
The Asia Pacific is the front-runner in the global plastic resins market and accounted for nearly 45% of the revenue share in the year 2020.
Plastic resins refer to a diverse class of polymers that consist of wide range of synthetic and semi-synthetic compounds that are malleable and can be molded into solid product of different shapes. Basic structure of different plastic resins is decided by the chain formulation process from monomer units by chemical reactions. Different properties of plastic polymers are decided by the chain structure of the carbon-hydrogen bond.
Some of the key players in the global plastic resins market are SABIC, BASF SE, Dow Inc., Sumitomo Chemical, Evonik Industries, Arkema, Teijin Limited, Eastman Chemical Company, Celanese Corporation, Chevron Phillips Chemical Co. LLC, Exxon Mobil Corporation, Lotte Chemical Corporation, Formosa Plastics Corporation, Toray Industries Inc., Covestro AG, and Mitsui & Co. Plastics Ltd. among others.

PROCEED TO BUY

   USD 4999
   USD 7999
   USD 9999

ASK FOR SAMPLE

No cookie-cutter, only authentic analysis – take the 1st step to become an Precedence client

Get a Sample
Address: Apt 1408 1785 Riverside Drive Ottawa, ON, K1G 3T7, Canada
Call: +1 9197 992 333
Email: sales@precedenceresearch.com