Plastic Resins Global Market Report 2024

The plastic resins market involves the sale of plastic resins by entities such as organizations, sole traders, and partnerships. These resins serve as the foundation for manufacturing various types of plastic products, undergoing different processes to meet specific requirements. Industries, particularly in electrical and automotive sectors, extensively use plastic resins for packaging and manufacturing diverse components.

The primary products within the plastic resin market include crystalline, non-crystalline, engineering plastic, and super engineering plastic. Engineering plastics form a category that distinguishes itself from commodity plastics due to significantly enhanced mechanical properties across a wide range of temperatures, loads, and time. Various resin types, such as polyethylene, polyvinyl chloride, acrylonitrile butadiene styrene, polycarbonate, polystyrene, polymethyl methacrylate, and polybutylene terephthalate, find applications in diverse sectors like packaging, automotive, construction, electrical and electronics, logistics, textiles and clothing, furniture and bedding, and medical devices.

The plastic resins market research report is one of a series of new reports that provides plastic resins market statistics, including plastic resins industry global market size, regional shares, competitors with a plastic resins market share, detailed plastic resins market segments, market trends and opportunities, and any further data you may need to thrive in the plastic resins industry. These plastic resins market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The plastic resins market size has grown strongly in recent years. It will grow from $710.21 billion in 2023 to $747.86 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. The growth observed in the historical period can be attributed to the expansion of the plastics and polymer industries, the growth of manufacturing and injection molding activities, a heightened demand for versatile and lightweight materials, the development of high-performance resins, and an increase in applications within the automotive and transportation sectors.

The plastic resins market size is expected to see strong growth in the next few years. It will grow to $936.96 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
The anticipated growth in the forecast period can be attributed to the adoption of sustainable and eco-friendly resin formulations, the increasing production of electric vehicles, the development of customized resin solutions tailored for specific applications, a growing demand for high-temperature and chemical-resistant resins, and the expansion of 3D printing and additive manufacturing. Noteworthy trends expected in the forecast period encompass the rise of bio-based and biodegradable plastic resins, a focus on regulatory compliance for resin safety, the utilization of nanocomposite and reinforced plastic materials, the emergence of smart resins for self-healing and shape-memory applications, and the incorporation of circular economy practices in resin production.

The plastic resins market is experiencing growth driven by the increasing demand for lightweight materials in the automotive and aviation industries. These materials, known for high performance and safety, achieve comparable effects to aluminum and steel while reducing weight and carbon dioxide emissions in vehicles and aircraft. Plastic resins, a composite blend rotationally molded into durable and malleable items, are cost-effective and lightweight, used in manufacturing various automotive and aviation parts like door panels, flooring, and engine components. An example is Jamco Corporation's Venture Premium Class Seat, designed for sustainability to minimize operational costs for airlines. This seat, made with a high percentage of recycled material, is lighter than traditional seats, easy to install, and requires less maintenance. Thus, the rising demand for lightweight materials in the automotive and aviation industries propels the plastic resins market's growth.

The plastic resin market is set to benefit from rapid urbanization, fostering increased construction and infrastructure development in cities. Plastic resins find wide applications in the construction industry, including pipes, fittings, insulation, roofing, and flooring. According to the United Nations Department of Economic and Social Affairs, in 2021, 4.46 billion people globally resided in urban areas, with an estimated increase to 6.68 billion by 2050, driving substantial demand for plastic resins due to urbanization.

Recycled plastic resins are reshaping the plastic resins market as companies focus on developing sustainable products. NOVA Chemicals Corporation, a Canadian producer of polyethylene resins, launched a mechanically recycled polyethylene resin, EX-PCR-NC4, allowing converters and brand owners to meet sustainability goals without compromising package performance. This emphasis on recycled materials aligns with the industry's move towards eco-friendly practices.

Strategic partnerships are being adopted by major companies in the plastic resin market to produce 100% post-consumer recycled resin, promoting circularity in the plastics industry. In August 2023, Republic Services and Ravago formed Blue Polymers, a partnership where recycled polyethylene and polypropylene from Republic Services' Polymer Centers will be processed into recycled resin for sustainable, food-grade, and non-food-grade products. Ravago will also market and distribute a portion of the pet flake generated at the centers among its customer network.

In April 2021, Covestro AG, a Germany-based producer of advanced polymers and high-performance plastics, acquired the resins and functional materials business (RFM) from Royal DSM This strategic move significantly expanded Covestro's range of sustainable coating resins, positioning the company as one of the top providers in this rapidly growing industry. Royal DSM, based in the Netherlands, is a company that manufactures products for the health, nutrition, and materials market.

Major companies operating in the plastic resins market include BASF SE, Saudi Basic Industries Corporation., Dow Inc., Evonik Industries AG, Sumitomo Chemical Co. Ltd., Arkema S.A., Celanese Corporation, Eastman Chemical Company, Chevron Phillips Chemical Co. LLC, Lotte Chemical Corporation, Covestro AG, Toray Industries Inc., Teijin Ltd., Exxon Mobil Corporation, Mitsui And Co. Plastics Ltd., Braskem Sa, LyondellBasell Industries, LG Chem Ltd., E. I. du Pont de Nemours and Company, INEOS Group Limited, Formosa Plastics Corporation, Total Petrochemicals & Refining USA Inc., Mitsubishi Chemical Corporation, Asahi Kasei Corporation, Mitsui Chemicals Inc., Reliance Industries Limited, Sinopec Corp., China National Chemical Corporation, Nova Chemicals Corporation

Asia-Pacific was the largest region in the plastic resins market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the plastic resins market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The countries covered in the plastic resins market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

The plastic resins market consists of sales of xxx. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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