Overview and Scope
The plastic resins market consists of sales of plastic resins by entities (organizations, sole traders, and partnerships) that are used for making different varieties of plastic products. Plastic resins are the base for all kinds of plastics, they are made to go through different processes, be transformed, and make fit for specific needs. They are mostly utilized by the electrical, and automotive industries for packaging and manufacturing of various parts.
Sizing and Forecast
The plastic resins market size has grown strongly in recent years. It will grow from <b>$710.21 billion in 2023 to $747.86 billion in 2024 at a compound annual growth rate (CAGR) of 5.3%. </b> The growth in the historic period can be attributed to growth in plastics and polymer industries, expansion of manufacturing and injection molding, demand for versatile and lightweight materials, development of high-performance resins, increase in automotive and transportation applications..
The plastic resins market size is expected to see strong growth in the next few years. It will grow to <b>$936.96 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. </b> The growth in the forecast period can be attributed to sustainable and eco-friendly resin formulations, growth in electric vehicle production, customized resin solutions for specific applications, demand for high-temperature and chemical-resistant resins, expansion in 3d printing and additive manufacturing.. Major trends in the forecast period include bio-based and biodegradable plastic resins, regulatory compliance in resin safety, nanocomposite and reinforced plastic materials, smart resins for self-healing and shape-memory applications, circular economy practices in resin production.
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Segmentation & Regional Insights
The plastic resins market covered in this report is segmented
1) By Product: Crystalline, Non-Crystalline, Engineering Plastic, Super Engineering Plastic
2) By Resin Type: Polyethylene, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polycarbonate, Polystyrene, Polymethyl Methacrylate, Polybutylene Terephthalate
3) By Application: Packaging, Automotive, Construction, Electrical And Electronics, Logistics, Textiles And Clothing, Furniture And Bedding, Medical Device
<b>Asia-Pacific</b> was the largest region in the plastic resins market in 2023. <b>Asia-Pacific</b> is expected to be the fastest-growing region in the forecast period. The regions covered in the plastic resins market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The rise in the demand for lightweight materials in the automotive and aviation industries is driving the plastic resins market. The lightweight materials have a track record of high performance, achieving the same desired effect as aluminum and steel in terms of safety and durability, while also reducing weight and carbon dioxide emissions in automobiles and airplanes. Plastic resins are a composite blend that is rotationally molded into robust and malleable items that may approximate the appearance of stone and metal materials for a fraction of the cost and weight and are used to manufacture different automotive and aviation parts such as door panels, flooring, and engine components. For instance, in March 2023, Jamco Corporation, a Japan-based aircraft engines and engine parts company, highlighted its Venture Premium Class Seat, designed with sustainability in mind, while minimizing operational costs for airlines. Jamco’s Venture seat is made with a high amount of recycled material, is lighter than traditional seats, is easy to install and requires less overall maintenance. Thus, the increasing demand for lightweight materials in the automotive and aviation industries is driving the growth of the plastic resins market.
Key Industry Players
Major companies operating in the plastic resins market include <b> 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 </b>
The plastic resins market report table of contents includes:
1. Executive Summary
2. Plastic Resins Market Characteristics
3. Plastic Resins Market Trends And Strategies
4. Plastic Resins Market – Macro Economic Scenario
5. Global Plastic Resins Market Size and Growth
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26. South America Plastic Resins Market
27. Brazil Plastic Resins Market
28. Middle East Plastic Resins Market
29. Africa Plastic Resins Market
30. Plastic Resins Market Competitive Landscape And Company Profiles
Top Major Players:
- BASF SE
- Saudi Basic Industries Corporation.
- Dow Inc.
- Evonik Industries AG
- Sumitomo Chemical Co. Ltd
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