The Plastic Resins Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Plastic Resins Global Market Report 2024, 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 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 $936.96 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. 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.
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.
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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
Recycled plastic resin are shaping the plastic resins market. Companies in the plastic resins market are focusing on developing recycled plastic resins to help their customers in manufacturing sustainable products and hence, expand their market share. For instance, In October 2022, NOVA Chemicals Corporation, a Canadian-based producer of polyethylene resins, announced the launch of its new, mechanically recycled polyethylene resin, EX-PCR-NC4. Incorporating this product allows converters and brand owners to meet their sustainability goals without compromising package performance in applications such as shrink, e-commerce, heavy-duty sacks, and protective packaging.
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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