Polymer Resin for Packaging and Oil & Gas Market Research Report Information by Type (Polyethylene, Polypropylene, Others) By Application (Oil & Gas, Packaging) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)-Ind

Polymer Resin for Packaging and Oil & Gas Market Research Report Information by Type (Polyethylene, Polypropylene, Others) By Application (Oil & Gas, Packaging) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa)-Industry Forecast to 2030

The size of the polymer resin market for packaging and oil and gas was estimated at USD 162,186.2 million in 2023. The industry for polymer resin used in packaging and oil and gas is expected to reach USD 249,101.5 million by 2030, growing at a compound annual growth rate (CAGR) of 6.32% between 2024 and 2030. The predicted rise of the packaging sector and the expansion of the oil and gas industry will propel the polymer resin market for packaging and oil and gas. The rapidly expanding oil and gas industry, and consequently the polymer resin for packaging and oil & gas market, are expected to be boosted by a number of factors, including low interest rates in most developed countries, increased investment in oil and gas, rapidly increasing gas demand, lower production costs, expansion of LNG storage and transportation infrastructure, security concerns, and continued use of unconventional oil and gas resources like shale oil and tight gas.

However, growing knowledge of polymer resin's negative health impacts is a major factor impeding the market's growth for the material. The public's understanding of the negative consequences of polymer resin is one of the main market barriers facing the industry. Concerns with polymer resin have begun to surface in the market as public awareness of these health dangers has grown. Furthermore, the market for polymer resin would encounter difficulties since the growth of the industry could be limited by the unstable costs of raw materials. However, it is anticipated that prospects for the polymers will arise due to the increasing use of biodegradable polymer resin. The creation of biodegradable polymers, which overcome all the shortcomings of conventional plastics, can be seen as a viable remedy for the problem. Bioplastics provide a useful way to maintain the many advantages of conventional plastics. They are primarily or fully made from biological resources as opposed to crude oil.

Insights on market segments
Based on type, the polymer resin market for packaging and oil and gas has been divided into three segments: polyethylene, polypropylene, and others.

Based on application, the Polymer Resin for Packaging and Oil & Gas Market has been divided into two segments: Packaging and Oil & Gas.

Regional Perspectives
Region: North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa make up the key segments that make up the Polymer Resin for Packaging and Oil & Gas market. With a compound annual growth rate (CAGR) of 7.12%, the Asia Pacific region emerged as the leading and fastest-growing category in the polymer resin for packaging and oil and gas market. By the end of the projected period, the segment is expected to be valued USD 100,213.5 million. Rapid economic growth in Southeast Asian, Chinese, and Indian nations has raised disposable incomes, which has increased consumer expenditure on packaged products.

Because of the continuous industrialization and infrastructure development in the Asia-Pacific area, the oil and gas industry also largely depends on polymer resins. This region's nations are making significant investments to increase their capacities for transportation, production, and oil and gas exploration. Because polymer resins are flexible, durable, and resistant to corrosion, they are crucial for building pipelines and other infrastructure, especially in the form of high-density polyethylene (HDPE) pipes.

Key Players
Borealis AG, BASF SE, INEOS Group, Exxon Mobil Corporation, Solvay, Roto Polymers, Dow Chemical Company, Nan Ya Plastics Corp, Shell Plc, Solvay, Roto Polymers, Dow Chemical Company, and Saudi Arabia Basic Industries Corporation are the major participants in the industry.