The
plastic resins market involves products such as polyethylene, polypropylene,
polyethylene terephthalate, polyvinyl chloride, polystyrene, and polyurethane.
Plastic resins have various advantages such as durability, resistance to
corrosion and moisture, and versatility. They are extensively used across
industries like packaging, construction, automotive and transportation,
consumer goods, healthcare, electrical and electronics. The growing demand for
packaged food & beverages from rising population as well as increasing
penetration of online shopping is driving the needs for plastics in packaging
industry.
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. The growing demand from end-use industries like packaging, automobile,
construction etc coupled with expansion of production facilities of key players
in developing regions is expected to drive the market growth. Technological
advancements in plastic resin production like development of bio-based plastics
will further aid the market expansion over the forecast period.
Market Trends
Demand for sustainable and recyclable plastics: Concerns over plastic waste
have increased focus on adoption of sustainable plastics. Development of
bio-based plastics and recyclable plastics is a key trend in the market.
Growing penetration in emerging economies: Emerging economies in Asia Pacific
and Middle East are witnessing rapid industrialization which is propelling the
plastic resin demand especially in packaging and construction industries.
China, India are major contributors to the rising plastic resin consumption.
Market Opportunities
Increasing investment in R&D of advanced polymers: Continuous innovation in
plastic resin types, properties and production technologies will strengthen opportunities.
Potential areas are light weight plastics, smart polymers and high performance
plastics.
Replacement of conventional materials: Ability of plastics to replace
conventional materials like paper, metal, glass in applications like packaging
offers significant opportunity especially in food & beverages industry.
Impact of COVID-19 on Plastic Resins Market growth:
The COVID-19 pandemic has impacted the growth of the
Plastic
Resins Market Demand . In the initial phase of the pandemic, when
lockdowns were imposed globally, the demand and consumption of plastic resins
saw a decline.Various end-use industries such as automotive, construction,
consumer goods, etc faced production halts which led to reduced offtake of
plastic resins. However, with time the market has started recovering as
lockdowns eased in many regions and demand increased for essential medical
supplies and packaging of food and other consumer goods. The growing awareness
about hygiene and safety also propelled the consumption of single-use plastics.
Going forward, as vaccination programs progress, economic activities are
expected to pick up which will further boost the plastic resins market. However,
supply chain disruptions remain a challenge in some parts of the world.
The Asia Pacific region accounts for the largest share of the global plastic
resins market in terms of value. Countries such as China, India, Japan, South
Korea are major consumers and producers of plastic resins due to thriving
end-use industries in the region. The Asia Pacific region accounted for over
45% share of the global plastic resins market in 2024. Growth in population,
rising incomes and rapid industrialization will continue to drive the demand
for plastic resins in Asia Pacific in the coming years.
North America is currently the second largest market for plastic resins
globally and is expected to witness healthy growth over the forecast period on
account of recovering construction and automotive sectors in the US and Canada.
Growth prospects are high in the Middle East & Africa region as well due to
ongoing infrastructure development projects and increasing manufacturing
industries. Latin America will also offer lucrative opportunities for plastic
resin suppliers owing to rising exports from Brazil and Mexico.
About Author:
Money Singh is a seasoned content writer with over
four years of experience in the market research sector. Her expertise spans
various industries, including food and beverages, biotechnology, chemical and
materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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