The global plastic resins market was valued at USD 710.55 billion in 2021 and is projected to reach around US$ 1031.27 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 4.7% from 2022 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.
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.
Scope of the Plastic Resins Market
|Market Size||US$ 1031.27 Billion by 2030|
|Growth Rate||CAGR of 4.7% from 2022 to 2030|
|Forecast Period||2022 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|
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.
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.
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.
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:
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
By Application Outlook
By Regional Outlook
Rest of the World
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