Plastic Resins Industry Overview
The global plastic resins market size is expected to reach USD 1.07 trillion by 2030, according to a new report by Grand View Research, Inc. It is projected to expand at a 4.5% CAGR over the forecast period. The increasing consumption of plastic resins in construction, automotive, electrical, and electronics applications is boosting the market growth. Government intervention to reduce overall vehicle weight to improve fuel efficiency and reduce carbon emissions has prompted automakers to use resins to replace steel and aluminum in automotive components.
Favorable federal regulations on CO2 emissions set by agencies such as the National Highway Traffic Safety Administration and the Environmental Protection Agency (EPA), as well as EU initiatives to develop plastics applications for light-weight and fuel-efficient cars, are expected to fuel global growth and promote the market. However, the ongoing health crisis and the lockdown imposed by various governments to contain the spread of the coronavirus pandemic have led to a decline in the consumption of plastic resins. It is expected to further negatively impact the market growth in the years to come.
Plastic Resins Market Segmentation
Grand View Research has segmented the global plastic resins market report based on product, application, and region:
Based on the Product Insights, the market is segmented into crystalline, non-crystalline, engineering plastic and super engineering plastic
The crystalline resins product segment accounted for the maximum revenue share of more than 62% in 2021 and is expected to maintain its dominance throughout the forecast period.
The Polyethylene (PE) resin sub-segment accounted for a prominent share in the crystalline type segment owing to their increasing demand from food packaging, stretch wrap, medical applications, etc.
The non-crystalline resin segment accounted for around 1/5th of the overall revenue share in 2021. However, the demand for these products is expected to decline over the forecast years owing to the increasing utilization of other polymers, such as polyamide, polyether ether ketone, and liquid crystal polymers.
The super engineering plastic segment is expected to grow at a CAGR of 5.3% during the forecast period. This can be primarily attributed to the wide usage of these products in semiconductor packaging, high-speed connectors packaging, and medical applications, due to their high electrical and thermal properties.
The engineering plastic segment accounted for a small share of the market. However, it is expected to witness an above-average growth during the forecast period as these plastics possess good mechanical & thermal properties, wear & chemical resistance, and dimensional stability.
Based on the Application Insights, the market is segmented into packaging, automotive, construction, electrical & electronics, logistics, consumer goods, textiles & clothing, furniture & bedding, agriculture, medical devices and others
The packaging segment accounted for the highest revenue share of more than 36% in 2021 and is projected to expand further at a steady CAGR over the forecast period.
The growing packaging industry supported by the increasing demand for packaged foods and beverages will boost the segment growth.
In addition, various government bodies have laid down stringent guidelines regarding the safe usage of plastic materials in food and beverage applications, which is likely to support the segment growth.
The automotive application sector is expected to witness prominent growth in the market over the coming years supported by the increasing utilization of plastics in automotive components coupled with a rise in the production of passenger cars as well as heavy-duty vehicles, particularly in Asia Pacific and Central & South America regions.
The medical devices application segment is estimated to register the fastest CAGR from 2022 to 2030.
Resins are widely utilized in the manufacturing of medical devices as they offer better clarity, cost-effectiveness, and biocompatibility.
Various polymers, such as Polyethylene (PE) and Polystyrene (PS), are blended to achieve desirable properties for use in medical devices.
Plastic Resins Regional Outlook
North America
Europe
Asia Pacific
Central & South America
Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
The global plastic resins market is significantly fragmented owing to the presence of a large number of local as well as regional players. The global players face intense competition from each other as well as from the regional players who have strong distribution networks and good knowledge about regulations and suppliers. Key manufacturers are continuously focusing on strengthening their presence in the emerging markets of the Asia Pacific and Middle East & Africa through different expansion strategies.
Some prominent players in the global plastic resins market include:
BASF SE
SABIC
Dow, Inc.
Evonik Industries AG
Sumitomo Chemical
Arkema
Celanese Corp.
Eastman Chemical Company
Chevron Phillips Chemical Co., LLC
Lotte Chemical Corp.
Covestro AG
Toray Industries, Inc.
Teijin Ltd.
Market Industry Development
February 1, 2022: BASF started marketing polyamide (PA) and polyphthalamides (PPA) grades in Europe that it acquired as part of the takeover of Solvay’s PA66 business. Ultramid® One J (PA66/6T) has good mechanical and dielectric properties under humid conditions and elevated temperatures.
March 2021: Eastman Chemical Company donated over 1,000 feet of PETG film to the Austin Peay State University in Clarksville for making 3D-printed face shields.
Order a free sample PDF of the Plastic Resins Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.