The plastic resins market size is projected to be valued at USD 798.38 billion in 2023 and is expected to rise to USD 1,239.86 billion by 2033. The sales of plastic resins are expected to expand at a significant CAGR of 4.5% during the forecast period.
The primary aspect influencing the plastic resins market expansion is rising item interest from the automotive, electrical, and electronics industries. It is expected that the significantly expanding global auto industry might spur interest in certain products, such as those used in applications like engine parts, automobile exteriors, and interiors, and increase the adoption of plastic resins.
The demand for small, lightweight multi-utility vehicle models that prioritize comfort and style has prompted an increase in the use of resins in the automotive industry. This has also changed the market outlook.
The car sector has a strong demand for plastic resins for interior, exterior, and subsurface components. Further, strict rules governing the recycling and degradability of conventional materials like metal and wood are anticipated to boost the demand for materials for pipes, windows, cables, storage tanks, and other purposes in the construction sector.
The primary driver of the market's growth is rising demand from sectors like automotive, construction, electrical & electronics. The demand for plastic resins in the automobile sector is projected to increase as low-cost multi-utility vehicle models become popular.
| Attribute | Details |
|---|---|
| Plastic Resins Market Estimated Size (2023) | USD 798.38 billion |
| Plastic Resins Market CAGR (2023 to 2033) | 4.5% |
| Plastic Resins Market Forecasted Size (2033) | USD 1,239.86 billion |
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Resins used in plastic packaging are incredibly strong, flexible, non-corrosive, safe, and long-lasting. Plastic resins' strength offers defense against electronics and delicate things. Perishables have a long shelf life and are protected from pollutants and dust thanks to plastic packing.
One of the environment-friendly packaging options on the market is plastic resin, which uses less energy to produce than metals and other packaging substitutes. One of the main reasons for the rising demand for plastic resins is their ease of molding. The packaging resins industry might develop in the coming years as a result of these superior features and the relatively low cost than alternatives.
The Food & Drug Administration (FDA) strictly regulates the use of plastic due to worries about how plastic packaging could affect foods and medicines. Furthermore, the plastic packaging used for children's toys comes within the purview of the Consumer Product Safety Commission. The government's strict regulations for plastic disposal and consumer and environmental safety are likely to impede the market expansion.
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The product category of crystalline resins represented a high revenue share of more than 62 percent in 2021, and it is anticipated that it might continue to dominate the market for the projection period.
A significant portion of the crystalline type sector was made up of the Polyethylene (PE) resin sub-segment due to the growing demand for these materials in food packaging, stretch wrap, and other industries. In 2021, the non-crystalline resin market accounted for around 1/5 of total sales.
The demand for plastic resins is predicted to decrease during the forecasted years due to the rising use of alternative polymers including polyamide, polyether ether ketone, and liquid crystal polymers.
The packaging category held a significant revenue share of over 36% in 2021 and is anticipated to expand at a consistent CAGR throughout the forecast period. The market growth would be aided by the expanding packaging industry and the rising demand for packaged goods and beverages.
Additionally, strict regulations regulating the safe use of plastic materials in food and beverage applications have been established by several government agencies, which is anticipated to boost the segment's sales of plastic resins.
In terms of development and industrialization, North America is one of the booming regions. The development of modern packaging technology and improvements in manufacturing processes are anticipated to fuel the rise of demand for plastic resins. Further, due to demographics and customer preferences, it is anticipated that the need for plastic packaging could rise during the projection period.
With about 45% of the revenue share in the plastic resins market worldwide in 2020, Asia Pacific is the market leader. Furthermore, it was predicted that the region is likely to continue to dominate during the forecast period. China is the dominant country in the Asia Pacific region and accounted for around 35 percent of the worldwide plastic resins market. This is mostly attributable to the nation's substantial production capacity and high density of plastic manufacturing facilities. With more than 15,000 plastic manufacturers, China has roughly one-fourth of the world's capability for producing plastic.
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The existence of a significant number of regional and international companies has led to the highly fragmented nature of the global market. Due to a high level of product type susceptibility, industry participants compete fiercely with one another.
Government regulations that are strict on the use of plastic items also control the level of competition and market expansion. Further, to slow the rate of contamination, however, market companies are concentrating on biodegradable plastics.
Recent Developments in the Global Plastic Resins Market
As a part of its acquisition of Solvay's PA66 business, BASF began marketing polyamide (PA) and polyphthalamides (PPA) grades in Europe on February 1, 2022. Under humid circumstances and high temperatures, Ultramid® One J (PA66/6T) has good mechanical and dielectric qualities.
One of the most significant technological developments in the plastic resin industry is the creation of bioplastic. Plastics made from renewable biomass sources, such as maize starch, woodchips, vegetable fats and oils, and other byproducts of agriculture, are known as bioplastics. Bioplastics like PLA, PHA, and CPLA were created to address the biodegradability issue. PLA is compostable, recyclable, and biodegradable.
As per the plastic resins market analysis, businesses have begun using bioplastic and other plant-based packaging techniques. For instance, to promote the use of PHA, a biodegradable polymer, in single-use packaging applications, Milliken and Company joined the global organization of PHA (GO! PHA).
| Attributes | Details |
|---|---|
| Growth Rate | CAGR of 4.5% from 2023 to 2033 |
| Base Year of Estimation | 2023 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD billion and Volume in Units and F-CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, growth factors, Trends, and Pricing Analysis |
| Key Segments Covered | By Product type, By Application, By Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; The Middle East & Africa; Oceania |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, Italy, France, The United Kingdom, Spain, Russia, China, Japan, India, GCC Countries, Australia |
| Key Companies Profiled | SABIC; BASF SE; Dow Inc.; Sumitomo Chemical; Evonik Industries; Arkema; Teijin Limited; Eastman Chemical Company; Celanese Corporation; Chevron Phillips Chemical Co., LLC; Exxon Mobil Corporation; Lotte Chemical Corporation; Formosa Plastics Corporation; Toray Industries, Inc.; Covestro AG; Mitsui & Co. Plastics Ltd. |
| Customization & Pricing | Available upon Request |
The plastic resins market CAGR for 2033 is 4.5%.
The market is estimated to reach USD 1,239.86 billion by 2033.
Key players are expanding their product portfolio.
The market is estimated to secure a valuation of USD 798.38 billion in 2023.
The key market players are the BASF, SABIC, and Dow.
1. Executive Summary
2. Market Overview
3. Market Background
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product
5.1. Crystalline
5.1.1. Epoxy
5.1.2. Polyethylene
5.1.3. Polypropylene
5.2. Non-crystalline
5.2.1. Polyvinyl Chloride (PVC)
5.2.2. Polystyrene (PS)
5.2.3. Acrylonitrile Butadiene Styrene (ABS)
5.2.4. Polymethyl Methacrylate (PMMA)
5.3. Engineering Plastic
5.3.1. Nylon
5.3.2. Polybutylene Terephthalate (PBT)
5.3.3. Polycarbonate (PC)
5.3.4. Polyamide
5.4. Super Engineering Plastic
5.4.1. Polyphenylene Sulfide (PPS)
5.4.2. Polyether Ether Ketone (PEEK)
5.4.3. Liquid Crystal Polymer (LCP)
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
6.1. Packaging
6.1.1. Food
6.1.2. Beverage
6.1.3. Medical
6.1.4. Retail
6.1.5. Others
6.2. Automotive
6.3. Construction
6.4. Electrical & Electronics
6.4.1. OA Equipment and Home Appliances
6.4.2. Electronic Materials
6.4.3. Others
6.5. Logistics
6.6. Consumer Goods
6.7. Textiles & Clothing
6.7.1. Clothing
6.7.2. Industrial use
6.7.3. Others
6.8. Furniture & Bedding
6.9. Agriculture
6.10. Medical Devices
6.11. Others
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. North America
7.2. Latin America
7.3. Western Europe
7.4. Eastern Europe
7.5. South Asia and Pacific
7.6. East Asia
7.7. Middle East and Africa
8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
15. Key Countries Market Analysis
16. Market Structure Analysis
17. Competition Analysis
17.1. SABIC
17.2. BASF SE
17.3. Dow Inc.
17.4. Sumitomo Chemical
17.5. Evonik Industries
17.6. Arkema
17.7. Teijin Limited
17.8. Eastman Chemical Company
17.9. Celanese Corporation
17.10. Chevron Phillips Chemical Co., LLC
17.11. Exxon Mobil Corporation
17.12. Lotte Chemical Corporation
17.13. Formosa Plastics Corporation
17.14. Toray Industries, Inc.
17.15. Covestro AG
17.16. Mitsui & Co. Plastics Ltd.
18. Assumptions & Acronyms Used
19. Research Methodology
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Plastic Resins Market
