The global resin market size was USD 593.94 billion in 2024. The market is projected to grow from USD 623.27 billion in 2025 to USD 875.41 billion by 2032 at a CAGR of 5.0% during the forecast period. Resin is a solid or viscous substance derived from plants or synthetically produced. Natural resins form during plant growth or are secreted when plants are injured. Various manufacturing processes convert resins into final products, and rising demand across end-use industries is driving market growth.
Resin is typically a solid or highly viscous material obtained from plants or artificially produced in a lab. The increasing need for polypropylene in the automotive and construction sectors is expected to drive the market’s growth. Fortune Business Insights presents this information in their report titled "Global Resin Market, 2025–2032."
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Segments:
Dominance of Polyethylene (PE) and Polypropylene (PP)
By type, the market is segmented into polyurethane, acrylonitrile butadiene styrene (ABS), polyethylene (PE), polystyrene, polypropylene (PP), polyethylene terephthalate (PET), polycarbonate, polyvinyl chloride (PVC), polyamide, and others.
PE and PP lead the segment, driven by their extensive use in automotive and healthcare industries. Their moldability, chemical resistance, electrical insulation, and heat resistance make them highly preferred materials.
Rapid Growth of Packaging Sector
By end-use industry, the market is categorized into agriculture, automotive & transportation, building & construction, packaging, consumer goods/lifestyle, electrical & electronics, and others.
The packaging segment is projected to grow the fastest due to rising demand for safe, convenient, and attractive packaging solutions across multiple industries.
Report Coverage:
The report offers:
Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into regional developments.
List of major industry players.
Key strategies adopted by the market players.
Latest industry developments include product launches, partnerships, mergers, and acquisitions.
Drivers & Restraints:
What is driving the demand for plastic packaging?
The shift toward digital platforms in pharmaceuticals and electronics has boosted demand for efficient packaging. Additionally, the food & beverage sector is fueling growth with rising consumption of flexible packaging for frozen and ready-to-eat meals.
What could restrain market growth?
Fluctuating crude oil prices can significantly impact resin production costs, posing a challenge to market expansion.
Regional Insights
Asia Pacific Leads Plastic Market, with China and India as Key Contributors
Asia Pacific emerged as the frontrunner recording a market value of USD 268.20 billion in 2022. This dominant position is expected to be sustained in the coming years, primarily driven by the presence of major plastic-producing and consuming nations such as China and India.
In Europe, the market growth for resin is predominantly fueled by the automotive industry's escalating demand for plastics. The increasing consumption of plastics in automotive applications has become a significant factor driving the plastic market's expansion in the region.
Competitive Landscape
Fragmented Competitive Landscape Drives Expansion of High-Performance Polymers Market
The market’s competitive landscape for high-performance polymers and compounds is characterized by fragmentation, with multiple key players vying for the resin market share. These players are actively expanding their production capabilities to cater to the growing demand and enhance their regional presence.
Key Industry Development:
November 2023 - LyondellBasell, one of the major licensors of polyolefin technologies, announced that Indian Oil Corporation Ltd. (IOCL) selected LyondellBasell’s Hostalen “Advanced Cascade Process” (Hostalen ACP) technology for a novel 200 kiloton per year (KTA) high-density polyethylene (HDPE) plant in Panipat, India.
March 2023 – INEOS, one of the major players operating globally, through its subsidiary INEOS Styrolution, announced the commercialization of K-Resin KR21 by key domestic appliance manufacturers in Asia, particularly for refrigerator inliners.
List of Key Players Profiled in the Market Report:
DuPont (U.S.)
Arkema (France)
BASF SE (Germany)
INEOS Holdings Ltd. (U.K.)
Hexion (U.S.)
Invista (U.S.)
LyondellBasell (Netherlands)
Mitsubishi Engineering-Plastics Corporation (Japan)
Mitsui Chemicals (Japan)
Nova Chemicals (Canada)
Qenos (Australia)
Radici Group (Italy)
SABIC (Saudi Arabia)
Repsol (Spain)
Sumitomo Chemical Co. Ltd. (Japan)
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