July 16, 2024
Plastic Resins Market

Plastic Resins Market Poised For Growth Amid Rising Technological Advancements

The plastic resins market has seen rapid growth in recent years as technological advancements have enabled new applications. Plastic resins are synthetic or semi-synthetic polymers used in a wide range of industries to manufacture plastic products. The major resins types include polyethylene (PE), polypropylene (PP), polystyrene (PS), polyvinyl chloride (PVC), polyethylene terephthalate (PET), polyurethane (PU) and others. Plastic resins are lightweight, durable and economical materials used to produce plastic consumer goods, food packaging, construction materials, automotive components and industrial goods among others. The versatility and high performance-to-cost ratio of plastic resins has led to increased demand across sectors.

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. Technological advancements such as bioplastics and development of recycled resins provide key opportunities for market players. Polyethylene resins dominated the market in 2021 owing to wide usage in films, bags, bottles and containers due to properties such as chemical resistance, durability and permeability.

Market Drivers

The growth of the Plastic Resins Market Demand  is driven by increasing demand from the packaging industry. Plastic resins are highly suitable for flexible and rigid packaging applications due to their moisture and corrosion resistance. The packaging industry accounted for approximately 26% share of the global plastic resins market in 2021. Another major driver is the construction industry. Plastic resins find extensive applications in construction materials such as pipes, fittings, flooring, doors & windows owing to benefits such as durability, strength and corrosion resistance. The construction industry is expected to drive over 15% of plastic resins demand over the forecast period.

Current challenges in the plastic resins market

The plastic resins market faces challenges related to sustainability and environment protection. There is growing global concern about plastic waste, especially single-use plastics which are not recycled and end up polluting the environment. Governments across regions are implementing stricter regulations to curb plastic pollution and promote circular economy. Plastic producers need to increasingly focus on developing bio-based and recyclable resins. Another challenge is volatility in raw material prices. The prices of key inputs like crude oil and natural gas frequently fluctuate depending on global supply and demand forces. This poses pricing challenges for plastic resin manufacturers.

SWOT Analysis
Strength: Plastics have versatile properties and wide applications across industries due to which demand is steady. Ability to customize resins as per application needs is a plus.
Weakness: Heavy reliance on crude oil prices makes the industry susceptible to volatility in energy costs. Growing environmental regulations pose compliance challenges.
Opportunity: Shift towards sustainability presents scope for bio-based and recyclable resins. Emerging technologies for chemical recycling expand growth avenues.
Threats: Stricter plastic waste management rulescan reduce single-use plastic consumption. Substitution threat from alternative materials like paper, glass etc.

Geographical regions of concentration

North America accounts for the largest share of the global plastic resins market, both in terms of production and consumption. The United States is one of the leading producers of major resins like polyethylene, polyvinyl chloride, polypropylene and polystyrene. Europe is another major regional market for plastic resins supported by established chemical industry.

Fastest growing geographical region
The Asia Pacific region is poised to witness the fastest growth in the global plastic resins market over the forecast period. Rapid industrialization and infrastructural development across developing economies like China and India are driving the demand. Growing population and rising disposable incomes are augmenting plastic consumption in various end-use sectors including packaging, construction and automotive.

*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it

About Author - Ravina Pandya

Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.  LinkedIn Profile

About Author - Ravina Pandya

Ravina Pandya, a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals.  LinkedIn Profile

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