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The global resin market size expected to grow significantly by 2026. The resin is a solid or highly viscous substance of plant which can be converted into polymers. It is a brittle, amorphous, and transparent solids which are insoluble in water. Resins are natural and synthesised, natural resins exude or ooze out from the bark of the trees and tend to harden on exposure to air whereas synthetic resins are commercially produced that are viscous substances converted into rigid polymers. High adhesive strength, electrical insulation, chemical resistance are properties of resin which will drive high demand from packaging, electrical & electronics, consumer goods end use industries.
On basis of type, Resins can be segmented into polypropylene, polyvinyl chloride, polyurethane, polyethylene terephthalate, polystyrene, expanded polystyrene, acrylonitrile butadiene styrene, polyamides, polycarbonates, poly methyl methacrylate, other thermoplastics other plastics. Polypropylene is the largest market for resins because of its properties such as high flexibility, heat and chemical resistance which have several applications in the packaging, automotive, and electrical & electronics, and other end-use industries.
Key Market Driver -
Key Market Driver – Increased demand for sustainable packaging solutions.
Key Market Restraint -
Key Market Restraint – Availability and fluctuations in the pricing of raw materials.
On the basis of end-use industries, resins market can be segmented into Packaging, Building & Construction, Automotive, Electrical & Electronic, Agriculture, and consumer goods. Packaging industry is the largest among the segments owing to its growing demand for sustainable packaging of products such as packaged food items, packaging films & sheets and others. Polyethylene also shows gradually increasing demand from consumer goods end-use industry due to its major use as adhesives during manufacturing of products like furniture and others. Automotive is the fasted growing end-use industry due to its increasing demand for production of light weight auto parts.
Key market drives for resin market is the increasing demand for sustainable packaging for food items, water bottles from the packaging end-use industry. Automotive is also showing high demand due to increasing trend of light weight vehicles.
Key market restraints for resin market is the availability and fluctuations in the pricing of raw materials used for the synthesis of resin in several end-use industries. Government regulations can also be a restraining factor for resin market.
Some of the key players are Dupont, Arkema, BASF, Ineos holdings limited, Hexion, Iinvista, Lyondellbasell, Mitsubishi engineering-plastics corporation, Mitsui chemicals, Nova chemicals, Quenos, Radici group, SABIC, Repsol, Sumitomo Chemical Co. Ltd., Teijin Limited., Tosoh Corporation, Toray Group.
On geographical basis resin market can be segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is the largest segment for resin market due to high demand from developing countries such as India, China, Japan and others. Among which china is the largest consumer resin due to increased demand from packaging and automotive end-use industries. Population growth and technological advancement is expected to support growth of resin market during forecast period. North America and Europe is expected to show gradual growth due to demand from automotive and electrical & electronics industries.
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Rising demand for resins from consumer goods and building & construction industries are expected to improve resin market in Latin America and Middle east & Africa during forecast period. Technological advancement and rising trend of sustainable development will support the growth of resin market globally.
By End-Use Industry
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