Plastic Resins Market to Cross $1013.85 billion Revenue by 2030

Plastic Resins Market overview

“The Plastic Resins Market Predictable at $790.55 billion in 2022, is estimated to increase at a CAGR of 4.56% from $830.55 billion in 2023 to $1013.85 billion by 2030.”

Plastic resins, derived from natural gas and oil, are synthetic materials used in various industries like packaging, automotive, construction, and electronics. They come in various forms like polyethylene terephthalate, polyvinyl chloride, low-density polyethylene, and polypropylene. Each has unique physical properties, uses, and recyclability levels. Reclaimed plastic resin is often heat-resistant, allowing for reclaimed and injection-molded forms. These resins are widely used in various industries, including agriculture and medical devices.

The plastic resins market's growth is primarily driven by increased product interest from the automotive, electrical, and electronics industries, particularly in engine parts, automotive exteriors, and interiors, as the global auto industry continues to grow rapidly.

The automotive industry's increased use of resins is driven by the demand for lightweight, comfortable, and stylish multi-utility vehicle models, altering market expectations.

The automotive industry is experiencing high demand for plastic resins for interior, exterior, and subsurface components. The building sector is also expected to see increased demand for materials like pipes, windows, cables, and storage tanks due to recycling restrictions.

The automotive, construction, and electrical/electronics industries are driving market growth, with plastic resin consumption expected to rise due to the popularity of low-cost multi-utility vehicle models.

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Market Dynamics

Growth Factors

Plastic packaging resins are strong, flexible, non-corrosive, safe, and long-lasting, providing protection against electronics and delicate items, extending shelf life, and protecting perishables from pollution and dust.

Plastic resin is gaining popularity due to its eco-friendly nature and cost-effectiveness, making it a popular choice for packaging. Its simplicity in molding is a key factor in its increasing demand, and its superior characteristics and lower cost make it a promising sector for future growth.

The plastic resins market is growing due to increasing demand from industries like automotive, construction, electrical, and electronics. These industries use plastic resins for under-the-hood components, interiors, and exteriors, with low-cost multi-utility vehicle types expected to further drive demand.

The demand for plastic resins in the healthcare sector is expected to rise due to the surge in production of Personal Protective Equipment (PPE) kits, face masks, medical gowns, and face shields due to the COVID-19 outbreak. The market for PPE kits is expected to grow by 150% by 2020, impacting the increase of plastic resins. This trend is expected to persist for several years due to vaccination shortages and increased COVID-19 infections.

Growth Drivers

Key End-Use Industry Growth

Plastics in automotive applications can reduce fuel consumption by reducing vehicle density and weight. Increased consumer safety awareness in industries like electronics, healthcare, and construction is expected to boost the plastic products market, leading to increased demand for plastic resins.

The growing car industry is driving a rise in the use of plastics in various aspects of vehicles, including exteriors, interiors, and under-hood components. These materials are commonly used in commercial, residential, and industrial constructions, and are driven by the need for safe, lightweight, and affordable multi-utility vehicle/sport-utility vehicle models. The pleasant touch and odor-free quality of plastics contribute to improved steering wheels, handles, and interiors.

Plastics' advantages like impact strength, aesthetics, moldability, scratch resistance, cabin insulation, vibration reduction, recyclability, and lightweightness are expected to drive increased demand in the future. Rapid urbanization and population growth in developing countries are pushing the federal government to increase construction spending to meet infrastructure needs. Increased government investment in India and China is also driving plastics demand in construction and infrastructure applications.

A Shift in the Glass and Metal Replacement Trend

Plastics are expected to drive the global plastics resin industry by replacing glass, metals, wood, natural rubber, and concrete. Olefins, polystyrene, and PVC are replacing materials in automotive, construction, healthcare, and consumer goods.

Increased carbon emission restrictions and public awareness are promoting the use of lightweight plastics in automobiles and industrial gear, replacing heavy metals and heavy substances.

Lower density plastics reduce carbon emissions by saving fuel and improving mechanical performance. Carbon emissions, caused by incomplete combustion of fuels like natural gas, crude oil, and coal, contribute significantly to climate change and degrade the ozone layer, protecting life on Earth. To mitigate these environmental and health impacts, regulatory agencies have implemented strict laws.

The Clean Air Act mandates the US Environmental Protection Agency to implement control strategies for carbon emissions from automobile vehicles, effective October 2008. This has led to a greater demand for fuel-efficient vehicles and plastic-based industrial machinery.

Competitive Landscape of the Plastic Resins Market

• 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.
• SABIC
• BASF SE
• Dow Inc.
• Sumitomo Chemical
• Evonik Industries
• Arkema
• Teijin Limited

Recent Developments in Plastic Resins Market

April 2022 - Evonik Industries expanded capacities for petrochemical specialties. 

March 2022 - SABIC completed the acquisition of Clariant's stake in scientific design, giving SABIC full ownership of the catalyst leader. April 2021 - DuPont invested approximately USD 30 Billion to build a new manufacturing facility in Zhangjiagang, Jiangsu Province in East China.

March 2022 - Consortium Zebra declared a new step forward in their transition project toward a circular economy. They emphasize achieving this by manufacturing the 100% recyclable prototype wind turbine blade made from Arkema's Elium Liquid Thermoplastic Resin and new High-Performance Glass fabrics.

March 2022 - Celanese Corporation announced the completion of the restructuring of Korea Engineering Plastics Co. Korea Engineering Plastics is a joint venture owned by Celanese Corporation and Mitsubishi Gas Chemical Company, Inc 50% respectively.

Regional Insights

With high demand from end-use industries, Europe dominates the regional market

Europe is gaining a dominant position in the regional market, estimated to reach USD 204 billion by 2030 with a 4.2% CAGR. Germany, the largest plastic producer in Europe, is self-sufficient and exports PET, PVC, and other plastic resins to neighboring countries. Additionally, a significant portion of waste plastic is recycled into products like fibers, sheets, and films.

North America's plastic resins market is expected to reach USD 130.5 billion by 2030, with a CAGR of 3.5%. The US's low-risk environment, stable economy, and strong banking sector have attracted investors, leading to increased demand for plastic resins in the construction industry. PET, a rapidly developing segment in the US plastic resins sector, is primarily used in bottle manufacturing and holds a significant market share. This growth is driven by increased construction investment in the US.

The Asia-Pacific plastic resin market is expected to reach USD 205 billion by 2030, with a CAGR of 5.3%. Southeast Asian countries like Vietnam, Indonesia, Thailand, China, Japan, and India are expected to become key growth markets. The demand is expected to rise in automotive, industrial machinery, packaging, construction, and electrical and electronics industries. India and China have experienced a surge in car production due to technology transfer from Western markets.

Segments Covered in the Plastic Resins Market

Plastic Resins Market By Product Outlook

• Crystalline
• Polyethylene
• Epoxy
• Polypropylene
• Engineering Plastic
• Nylon
• Polycarbonate (PC)
• Polybutylene Terephthalate (PBT)
• Polyamide
• Non-crystalline
• Polystyrene (PS)
• Polyvinyl Chloride (PVC)
• Polymethyl Methacrylate (PMMA)
• Acrylonitrile Butadiene Styrene (ABS)
• Super Engineering Plastic
• Polyether Ether Ketone (PEEK)
• Polyphenylene Sulfide (PPS)
• Liquid Crystal Polymer (LCP)

Plastic Resins Market By Application Outlook

• Automotive
• Packaging
• Beverage
• Retail
• Food
• Medical
• Others
• Construction
• Consumer Goods
• Logistics
• Electrical & Electronics
• Electronic Materials
• OA Equipment & Home Appliances
• Others
• Textiles & Clothing
• Industrial use
• Clothing
• Others
• Agriculture
• Furniture & Bedding
• Medical Devices
• Others

Plastic Resins Market By Regiona

• North America
• Europe
• Asia Pacific

 Frequently Asked Questions:

What is the current size and growth rate of the plastic resins market?

The Plastic Resins Market Predictable at $790.55 billion in 2022, is estimated to increase at a CAGR of 4.56% from $830.55 billion in 2023 to $1013.85 billion by 2030.

What are the key driving factors for the growth of the plastic resins market?

Increasing demand from the industries such as automotive, construction, electrical & electronics is the key factor that drives the market growth for plastic resins market. Plastic resins are frequently used in the automotive industry for the applications that include under-the-hood components, interiors, and exteriors of automobiles. Further along with inexpensive multi-utility models of vehicles are likely to propel the demand for plastic resins in the automotive industry.

Which product segment held majority of revenue share in the plastic resins market?

The crystalline resin product segment held majority of revenue share of approximately 60% in the year 2020 and estimated to maintain its dominance over the forecast period.

How much is the revenue share of packaging industry in the plastic resins market?

Based on application, packaging industry emerged as the market leader in terms of revenue and accounted for more than 35% revenue share in the year 2020 and expected to witness a steady growth during the forecast period.

What is plastic resins?

Plastic resins refer to a diverse class of polymers that consist of wide range of synthetic and semi-synthetic compounds that are malleable and can be molded into solid product of different shapes. Basic structure of different plastic resins is decided by the chain formulation process from monomer units by chemical reactions. Different properties of plastic polymers are decided by the chain structure of the carbon-hydrogen bond.

Research Methodology