The global plastic calendering resins market is anticipated to hold a market value of USD 23.6 Billion in 2023, and eventually USD 42.26 Billion by 2033. The projected growth rate is nearly 6% during the forecast period from 2023 to 2033.
The market is anticipated to be driven by increased demand for food & beverages and healthcare packaging. Moreover, the government's strict standards and policies to reduce single-use plastic waste, increased biodegradable plastics, and focus on a sustainable future have resulted in the widespread use of and demand for bio-plastic calendering resins.
Rising awareness regarding various characteristics of plastic calendering resins such as durability, flexibility, toughness, and abrasion resistance is expected to boost the demand for various types of plastic calendering resins.
| Report Attributes | Details |
|---|---|
| Estimated Market Value in 2023 | USD 23.6 Billion |
| Estimated Market Value in 2033 | USD 42.26 Billion |
| Projected CAGR from 2023 to 2033 | 6% |
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The global Plastic Calendering Resins market garnered USD 22.26 Billion in 2022, expanding at a historical CAGR of 4%. The COVID-19 pandemic had a negative impact on the market for plastic calendering resins.
The pandemic led to the sealing of national borders and the temporary shutdown of industries and markets in 2020. There was a huge spike in the demand from the medical industry, which turned out to be positive for this industry.
The disruption in global supply chains negatively impacted the sales of other plastic products, transportation, and supply of raw materials, which led to a drop in sales of construction and automotive products, thereby leading to a reduction of plastic calendering resins demand from these sectors.
However, plastic calendering resins witnessed a recovery in demand in 2022, and the market is expected to witness significant growth over the forecast period. The estimation reveals that the industry is projected to secure a market value of USD 42.26 Billion by 2033.
Growing Technological Advancements and Financial Investments to Aid Market Growth
The ongoing Research and Development and technological developments in the field of plastic calendering resins and the widespread adoption of and need for calendered resins across various sectors are expected to drive the market in the coming future.
Moreover, there is an increasing need for lightweight, durable, flexible, high abrasion resistance, and easily recyclable material, which is one of the major factors driving the demand for plastic calendering resins.
The fluctuating crude oil prices also have an impact on the plastic calendering resins industry. The cost of plastic calendering resin manufacturing is high because of the process involved in converting crude oil into plastic resins with the help of additives. Furthermore, rising awareness regarding sustainable living has forced manufacturers to develop recycled plastic resins and focus on Research and Development activities.
In November 2021, SK Chemicals began mass production of its first chemical recycling copolyester, named ECOTRIA CR, with the help of plastic waste recycling technology. The new technology is expected to help the company to be ahead of its competitors and capture market share.
Regulations Pertaining to Plastic Usage to Hinder Market Growth
The volatile raw material prices and easy availability of various packaging materials used in the packaging sector are expected to act as major restraining factors towards the growth of the market. In addition to this, strict regulatory policies pertaining to plastic usage and the pressure of cutting prices can challenge market growth over the forecast period.
Presence of Key Players in the Region to Increase Consumer Demand
North America is expected to grow over the forecast period owing to the use of plastic in End-uses and plastic waste generation in the region. Factors such as the presence of major market players, the availability of raw materials, and the high adoption of advanced technologies are the key factors driving the market in the region.
Increasing Investments to Develop Packaging to Boost Regional Market
Asia Pacific accounted for the largest revenue share of over 30.0% in 2022 and is anticipated to expand at the highest CAGR over the forecast period. The region is expected to dominate the packaging segment in the coming years. The packaging industry’s growth is primarily driven by the food & beverage segment due to the rising population in the country, significant disposable incomes, and changes in food habits.
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Food & Beverage Segment to Dominate the Category
The food & beverages segment accounted for the largest share of over 30.0% in 2022 and is expected to retain its position in the market over the forecast period. This can be attributed to the usage of calendering resins in food packaging as it improves shelf life, is easy to store, and can be re-sealed. Flexible packaging is a better packaging alternative to traditional packaging, which, in turn, will boost the demand in the food industry.
The healthcare segment is expected to expand at a CAGR of 4.3% over the forecast period. The use of plastic calendering resins in manufacturing medical products and their packaging is growing owing to the recent Covid-19 outbreak in 2020. It helps in providing hygienic and non-contaminated packaging alternatives. In 2020, Vynova Group launched a bio-attributed PVC calendering resin, which can be used in healthcare and medical End-uses.
PVC Resins Segment Leads the Type Segment and is Projected to Dominate the Market
The PVC resins segment accounted for the largest share of over 55.0% in 2022 and is expected to retain its dominance over the forecast period. This can be attributed to the increasing demand for and use of PVC resin across various industries, especially the food & beverage industry. In addition, healthcare packaging and medical products require calendered plastic, which will further drive the segment.
The PET resin segment is expected to expand at a CAGR of 3.8% over the forecast period. This can be attributed to unique properties such as flexibility, heat and impact resistance, and recyclability. The food and cosmetic industries are the biggest consumers of PET resin products owing to their heat resistance and toughness. The products made from PET are excellent for cosmetic packaging, food trays, and rigid food packaging.
Some of the start-ups in the market include-
The players in the market are focusing to increase their global influence and adopt strategies such as; acquisition, collaboration, and partnerships. Key players in the market include Formosa Plastics Corporation; Westlake Corporation; Occidental Petroleum Corporation; Eastman Chemical Company; Avery Dennison Corporation; Covestro AG; China Petrochemical Corporation; Shin-Etsu Chemical Co., Ltd.; Reliance Industries Limited; SK Chemicals; LG Chem; LOTTE Chemical Corporation; SABIC; and Indorama Ventures Public Company Limited; Orbia. Some of the recent key developments among key players are:
| Report Attributes | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data | 2018 to 2022 |
| Key Regions Covered | North America; Latin America; Europe; Asia Pacific; Middle East & Africa |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Germany, United Kingdom, France, Spain, Italy, India, Indonesia, Singapore, Thailand, China, Japan, South Korea, Australia, New Zealand, GCC Countries, South Africa, Israel |
| Key Segments Covered | Type, End Use, Region |
| Key Players | Formosa Plastics Corporation, Westlake Corporation, Eastman Chemical Company, Occidental Petroleum Corporation, Shin-Etsu Chemical Co. Ltd., Avery Dennison Corporation, Covestro AG, Reliance Industries Limited, LG Chem, China Petrochemical Corporation, SK Chemicals, LOTTE Chemical Corporation, Indorama Ventures Public Company Limited, SABIC, Orbia |
| Pricing | Available upon Request |
North America will account for a major share of global plastic calendering resin demand.
From 2023 to 2033, the market is projected to expand at a 6% value CAGR, as per FMI.
By 2033, plastic calendering resins market demand is expected to reach USD 42.26 Billion
By 2023, demand for plastic calendering resins is forecast to be valued at USD 23.6 Billion
As of 2022, the market for plastic calendering resins was valued at USD 22.26 Billion
| Market Size, 2024 | USD 2,814.3 million |
|---|---|
| Industry Revenue, 2034 | USD 5,550 million |
| Value-based CAGR (2024 to 2034) | 7% |
| Market Estimated Size (2023) | USD 798.38 billion |
|---|---|
| Market Forecasted Size (2033) | USD 1,239.86 billion |
| Market CAGR (2023 to 2033) | 4.5% |
| Market Size (2022) | USD 33786.16 million |
|---|---|
| Market Size (2032) | USD 52468.87 million |
| Market CAGR (2022 to 2032) | 4.5% |
| Estimated Size, 2021 (E) | USD 2,281.1 million |
|---|---|
| Projected Size, 2031 (F) | USD 4,445.5 million |
| Value-based CAGR (2021 to 2031) | 6.9% |
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