The global plastic resins market size was estimated at USD 731.25 billion in 2021, projected to grow at a compound annual growth rate (CAGR) of 4.5% from 2022 to 2030. Rising product demand from the construction, automotive, and electrical & electronics sectors is the key factor driving the market growth. The rapidly developing global automotive industry is expected to trigger the product demand in applications such as under-the-hood components, exteriors, and interiors of automobiles. The increasing application of resins in the automotive industry is spurred by the demand for lightweight and inexpensive multi-utility vehicle models with high fuel efficiency and an emphasis on aesthetics and comfort.
The product consumption is also expected to increase in the healthcare sector owing to the growing production of Personal Protective Equipment (PPE), such as face masks, face shields, medical gowns, and various medical devices, due to the rising cases of COVID-19 across the globe. Increasing spending in the construction sector by various governments, especially in India and China, is expected to push the product demand in infrastructure and construction applications.
In 2021, the Asia Pacific region emerged as one of the fastest-growing construction markets. China, Japan, Indonesia, and Australia are among the prominent countries where the construction market is expected to witness significant growth over the forecast period.
The crystalline resins product segment accounted for the maximum revenue share of more than 62% in 2021 and is expected to maintain its dominance throughout the forecast period. The Polyethylene (PE) resin sub-segment accounted for a prominent share in the crystalline type segment owing to their increasing demand from food packaging, stretch wrap, medical applications, etc. The non-crystalline resin segment accounted for around 1/5th of the overall revenue share in 2021. However, the demand for these products is expected to decline over the forecast years owing to the increasing utilization of other polymers, such as polyamide, polyether ether ketone, and liquid crystal polymers.
The super engineering plastic segment is expected to grow at a CAGR of 5.3% during the forecast period. This can be primarily attributed to the wide usage of these products in semiconductor packaging, high-speed connectors packaging, and medical applications, due to their high electrical and thermal properties. The engineering plastic segment accounted for a small share of the market. However, it is expected to witness an above-average growth during the forecast period as these plastics possess good mechanical & thermal properties, wear & chemical resistance, and dimensional stability.
The packaging segment accounted for the highest revenue share of more than 36% in 2021 and is projected to expand further at a steady CAGR over the forecast period. The growing packaging industry supported by the increasing demand for packaged foods and beverages will boost the segment growth. In addition, various government bodies have laid down stringent guidelines regarding the safe usage of plastic materials in food and beverage applications, which is likely to support the segment growth.
The automotive application sector is expected to witness prominent growth in the market over the coming years supported by the increasing utilization of plastics in automotive components coupled with a rise in the production of passenger cars as well as heavy-duty vehicles, particularly in Asia Pacific and Central & South America regions. The medical devices application segment is estimated to register the fastest CAGR from 2022 to 2030. Resins are widely utilized in the manufacturing of medical devices as they offer better clarity, cost-effectiveness, and biocompatibility. Various polymers, such as Polyethylene (PE) and Polystyrene (PS), are blended to achieve desirable properties for use in medical devices.
China accounted for the highest revenue share of 33% in 2021. China is self-sufficient in terms of plastic production with an adequate number of plants and production capacity required to fulfill the local demand. Furthermore, China exports various types of plastics to neighboring countries owing to a large production base. North America is anticipated to witness moderate growth over the forecast years. Regulatory policies framed by the FDA, EPA, and other agencies are likely to act as a restraint. However, the impact of this factor is expected to be mitigated by alternative production processes and sustainability through the life cycle of the product.
Europe is expected to witness a below-average growth rate over the coming years. Stringent environmental regulations by regulatory bodies, such as the European Chemicals Agency (ECHA) and the European Commission, characterize the market in Europe. Landfill bans have existed for decades in many European countries, such as Denmark, France, Germany, and Austria. High landfill tipping fees, dumping tariffs, waste management, and closing costs of landfills have encouraged the European population to switch to recycled products. Zero Waste Europe, an organization involved in eliminating waste in the society in collaboration with the European Commission intends to bring residual waste to zero.
The global plastic resins market is significantly fragmented owing to the presence of a large number of local as well as regional players. The global players face intense competition from each other as well as from the regional players who have strong distribution networks and good knowledge about regulations and suppliers. Key manufacturers are continuously focusing on strengthening their presence in the emerging markets of the Asia Pacific and Middle East & Africa through different expansion strategies.
For instance, On February 1, 2022, BASF started marketing polyamide (PA) and polyphthalamides (PPA) grades in Europe that it acquired as part of the takeover of Solvay’s PA66 business. Ultramid® One J (PA66/6T) has good mechanical and dielectric properties under humid conditions and elevated temperatures.
Owing to the global pandemic, companies have also undertaken various initiatives. For instance, in March 2021, Eastman Chemical Company donated over 1,000 feet of PETG film to the Austin Peay State University in Clarksville for making 3D-printed face shields. Some prominent players in the global plastic resins market include:
BASF SE
SABIC
Dow, Inc.
Evonik Industries AG
Sumitomo Chemical
Arkema
Celanese Corp.
Eastman Chemical Company
Chevron Phillips Chemical Co., LLC
Lotte Chemical Corp.
Covestro AG
Toray Industries, Inc.
Teijin Ltd.
Report Attribute |
Details |
Market size value in 2022 |
USD 754.57 billion |
Revenue forecast in 2030 |
USD 1.07 trillion |
Growth rate |
CAGR of 4.5% from 2022 to 2030 |
Base year for estimation |
2021 |
Historical data |
2019 - 2020 |
Forecast period |
2022 - 2030 |
Quantitative units |
Volume in kilo tons, revenue in USD million and CAGR from 2022 to 2030 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product, application, region |
Regional scope |
North America; Europe; China; Asia; Pacific; Central & South America; MEA |
Country scope |
U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman |
Key companies profiled |
BASF SE; Dow, Inc.; SABIC; Evonik Industries AG; Sumitomo Chemical; Arkema; Celanese Corp.; Eastman Chemical Company; Chevron Phillips Chemical Co., LLC; Lotte Chemical Corp.; Covestro AG; Toray Industries, Inc.; Teijin Ltd. |
Customization scope |
Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For this study, Grand View Research has segmented the global plastic resins market report based on product, application, and region:
Product Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
Crystalline
Epoxy
Polyethylene
Polypropylene
Non-crystalline
Polyvinyl Chloride (PVC)
Polystyrene (PS)
Acrylonitrile Butadiene Styrene (ABS)
Polymethyl Methacrylate (PMMA)
Engineering Plastic
Nylon
Polybutylene Terephthalate (PBT)
Polycarbonate (PC)
Polyamide
Super Engineering Plastic
Polyphenylene Sulfide (PPS)
Polyether Ether Ketone (PEEK)
Liquid Crystal Polymer (LCP)
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
Packaging
Food
Beverage
Medical
Retail
Others
Automotive
Construction
Electrical & Electronics
OA Equipment and Home Appliances
Electronic Materials
Others
Logistics
Consumer Goods
Textiles & Clothing
Clothing
Industrial use
Others
Furniture & Bedding
Agriculture
Medical Devices
Others
Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Italy
Poland
Spain
China
Asia
India
Japan
Thailand
Malaysia
Indonesia
Vietnam
Singapore
Philippines
Pacific
Central & South America
Brazil
Argentina
Middle East & Africa
Saudi Arabia
United Arab Emirates (UAE)
Oman
b. The plastic resin market size was estimated at USD 731.25 billion in 2021 and is expected to reach USD 754.57 billion in 2022.
b. The plastic resin market is expected to grow at a compound annual growth rate of 4.5% from 2022 to 2030 to reach USD 1.07 trillion by 2030.
b. Asia Pacific dominated the plastic resin market with a share of 52.6% in 2021. This is attributable to the growing packaging industry supported by increasing consumer inclination toward consumption of packaged products, such as food and beverages.
b. Some key players operating in the plastic resin market include BASF SE; SABIC; DowDuPont, Inc.; Evonik Industries AG; Sumitomo Chemical; Arkema; Celanese Corporation; and Eastman Chemical Company.
b. Key factors that are driving the plastic resin market growth include increasingly utilized for manufacturing medical devices, and its application for the packaging industry.
b. The packaging application segment accounted for the highest revenue share of more than 36% in 2021 and is projected to expand further at a steady CAGR over the forecast period.
b. The crystalline resins product segment accounted for the maximum revenue share of more than 61% in 2021 and is expected to maintain its dominance throughout the forecast period.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.
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