Plastic Resins Market by Product (Crystalline, Engineering Plastic, Non-Crystalline), Application (Automotive, Construction, Consumer Goods) - Global Forecast 2024-2030

Plastic Resins Market by Product (Crystalline, Engineering Plastic, Non-Crystalline), Application (Automotive, Construction, Consumer Goods) - Global Forecast 2024-2030

The Plastic Resins Market size was estimated at USD 488.96 billion in 2023 and expected to reach USD 513.50 billion in 2024, at a CAGR 5.01% to reach USD 688.54 billion by 2030.

The plastic resin encompasses polymers derived from the polymerization process. These materials form the cornerstone of various products utilized across a diverse range of industries, including packaging, construction, automotive, healthcare, and electronics. The applications of plastic resins are vast due to their versatility, durability, and cost-effectiveness, making them a fundamental material in modern manufacturing and design. Plastic resins are categorized into two main types: thermosetting resins, which irreversibly cure, and thermoplastics, which can be melted and reformed. Growing advances in polymer chemistry that create more efficient, durable, and sustainable materials drive market growth. Continuous exploration of new uses for plastic resins in emerging sectors, including renewable energy and medical devices, is driving demand for plastic resin. Growing demand for consumer goods, automotive, and construction materials, major consumers of plastic resins, is creating a platform for market growth. Shifts towards more sustainable and eco-friendly materials push the industry towards recycling and developing bio-based resins. Fluctuating prices of raw materials associated with plastic resins hamper the market's growth. Growing research into non-fossil fuel-based plastics that significantly reduce environmental impact is expected to create opportunities for market growth.

Regional Insights

In the Americas, the demand for sustainable and bio-based plastic resins is rising with increasing consumer environmental awareness. Investments in recycling technologies and initiatives aimed at reducing plastic waste are shaping the market dynamics in this region. The Americas remains a global leader in plastic resin innovation, with numerous patents filed each year focusing on enhancing the environmental footprint of plastic products. Asia Pacific is the most significant region in the global plastic resins market due to rapid industrialization, urbanization, and an increasing middle-class population contributing to the high demand for plastics. China, the major producer and consumer of plastic resins, significantly influences the market trends for plastic resins. The European Union enforces some of the strictest environmental regulations globally, heavily impacting the plastic resin industry. These regulations drive the demand for biodegradable and recycled plastics, fostering innovation in sustainable materials. The Middle East, particularly GCC countries, is leveraging its petrochemical industry to expand its footprint in the global plastics market. In contrast, Africa presents untapped potential with its growing population and increasing industrialization, though infrastructure and environmental challenges remain significant hurdles.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Plastic Resins Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Rising construction and infrastructural development activities worldwide
Growing focus on using lightweight components in the automotive sector
Increasing usage of plastic resins in the packaging sector

Market Restraints

Fluctuation in prices of raw materials associated with plastic resins

Market Opportunities

Rising development of biodegradable and bio-based plastics resins
Growing development of new application areas for plastics in advanced medical devices

Market Challenges

Certain environmental concerns with the usage of plastic resins

Market Segmentation Analysis

Product: Growing usage of crystalline plastics due to their rigidity, excellent chemical resistance, and low moisture absorption
Application: High potential of plastic resins across the automotive industry for their lightweight nature

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Plastic Resins Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Plastic Resins Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Katoen Natie to Invest USD 60 Million at Norfolk Plastic Resin Export Facilities

Katoen Natie invested USD 59.9 million to enhance its warehousing and rail infrastructure in Norfolk, Virginia, aiming to cater to the escalating demand for plastic resin exports. This expansion features a new 450,000-square-foot warehouse alongside a rail yard and an augmentation of the existing rail spur. Strategically located near the Port of Virginia and connected to major rail networks, including CSX and Norfolk Southern, the facility specializes in the reception of bulk plastic resin pellets via rail, prepared for shipment in intermodal containers from the port.

TotalEnergies Launches New HDPE Resin for Tethered Caps

TotalEnergies has launched an innovative high-density polyethylene (HDPE) resin tailored for tethered cap applications, marking its debut in the commercial sector. This advanced resin is designed to decrease material usage, bolster recovery initiatives, and propel advancements in recycling methodologies. This stride emphasizes TotalEnergies' commitment to sustainability and presents a promising frontier in the utilization and recyclability of plastic resins.

Sabic to launch thin-wall transparent copolymer resins at MD&M West

SABIC is set to unveil two groundbreaking LNP CRX polycarbonate (PC) copolymer resins at MD&M West 2023. These new additions, distinguished by their remarkable chemical and impact resistance, slender transparency, dimensional stability, and ease of processing, are poised to revolutionize the market. Tailored for applications such as transparent covers, screens, and display lenses, these materials are engineered to surpass the limitations commonly associated with existing PC resins and co-polyester resins, especially in environments involving disinfectants or harsh chemicals. The portfolio features the LNP ELCRES CRX1314TW copolymer and its eco-friendly counterpart, the LNP ELCRIN CRX1314BTW copolymer, which notably reduces the carbon footprint by up to 42%, as verified by a rigorous life cycle assessment (LCA).

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Plastic Resins Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Plastic Resins Market, highlighting leading vendors and their innovative profiles. These include Amcor PLC, Arkema S.A, Avery Dennison Corporation, BASF SE, Covestro AG, DuPont de Nemours, Inc., Eni S.p.A., Evonik Industries AG, Exxon Mobil Corporation, Formosa Plastics Corporation, GSI Creos Corporation, INEOS AG, Kuraray Co., Ltd., Lanxess AG, LG Chem Ltd., Lotte Chemical Corporation, LyondellBasell Industries Holdings B.V., NOVA Chemicals Corporation, Saint-Gobain Group, Saudi Basic Industries Corporation, Sumitomo Chemical Co., Ltd., Teijin Limited, The Dow Chemical Company, Toray Industries, Inc., and Toyobo Co., Ltd..

Market Segmentation & Coverage

This research report categorizes the Plastic Resins Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product
Crystalline
Epoxy
Polyethylene
Polypropylene
Engineering Plastic
Nylon
Polyamide
Polybutylene Terephthalate
Polycarbonate
Non-Crystalline
Acrylonitrile Butadiene Styrene
Polymethyl Methacrylate
Polystyrene
Polyvinyl Chloride
Super Engineering Plastic
Liquid Crystal Polymer
Polyether Ether Ketone
Polyphenylene Sulfide
Application
Automotive
Construction
Consumer Goods
Electrical & Electronics
Furniture & Bedding
Medical Devices
Packaging
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year