Resin Market Size, Share & Industry Analysis, By Type (Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Polyurethane, Polystyrene, and Others), By End-use Industry (Packaging, Automotive & Transportation, Building & Construction, Consumer Goods/Lifestyle, Electrical & Electronics, Agriculture, and Others), and Regional Forecast, 2024-2032

The global resin market size was valued at USD 556.00 billion in 2023 and is projected to grow from USD 582.81 billion in 2024 to USD 859.27 billion by 2032 at a CAGR of 5.0% during the forecast period. Asia Pacific dominated the resin market with a market share of 50.57% in 2023. Moreover, the resin market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 125.21 billion by 2032, driven by increasing demand for packaging from the food & beverage and cosmetics industries.

Resin is generally a solid or highly viscous substance either derived from a plant source or manufactured synthetically in a laboratory. Naturally, resins and related resinous products are produced in plants during normal growth or secreted as a result of injury to the plants. Several processes are used in manufacturing the resinous materials and in transforming them into final products. The rise in the demand for such products from various end-use sectors is supporting market growth.

The manufacturers faced shortages of raw materials due to trade and transportation restrictions, mainly in countries such as China and India during the COVID-19 pandemic. This factor limited the companies’ manufacturing activities, further decreasing their production output. However, the large-scale production of face masks, gloves, face shields, and PPE kits increased consumption.

Resin Market Trends

Adoption Of Green Initiatives for Production is the Latest Trend

The rapid growth in the packaging, pharmaceutical, food & beverage, consumer goods, and e-commerce industries is offering lucrative opportunities for the market. In recent years, consumer requirements, legislature, and sustainability trends have increased the demand for sustainable raw materials. The market has witnessed the growing demand for high-solid and water-based resins in recent years, thus significantly reducing volatile organic solvent emissions Moreover, the green international economy, sensitivity toward carbon footprint, increased focus on sustainable systems, and the development of product lifecycle analysis have taken many thermoset resin manufacturers away from the oil and gas and toward the farm. Corn and soybeans are the most common harvests in the U.S. that provide feedstock for certain monomers employed to produce unsaturated polyester, replacing monomers derived from petrochemicals. Furthermore, as part of new initiatives, many companies have introduced several new bio-based products for a wide variety of applications. For instance, in 2023, SABIC, a leading manufacturer, expanded its portfolio by launching bio-based versions of all NORYL, NORYL GTX, Flexible NORYL, and NORYL PPX resin grades to assist customers in meeting growing rigorous sustainability goals.

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Resin Market Growth Factors

Growing Demand from End-use Industries to Fuel the Product Demand, Impelling the Market Growth

The market is growing rapidly due to increasing demand from several industries, such as automotive, construction, packaging, and medical. Owing to their properties, including lightweight, chemical resistance, moisture resistance, thermoforming, high flexural strength, and cost-effectiveness, these products are highly employed in multiple end-use sectors. For instance, polypropylene offers moisture and chemical resistance and can withstand extreme temperatures. Thus, this factor is creating demand in the medical industry, where PP is mainly utilized in various medical devices. Furthermore, the packaging sector is experiencing high growth owing to the growing e-commerce industry due to the shifting preferences of customers and the increasing trend of online shopping.

Moreover, growing demand for flexible packaging from a wide range of end-user industries is expected to influence resin market growth. Flexible packaging such as pouches, seals, liners, and bags are manufactured using foils, plastic films, and paper. They are predominantly used in the packaging of miscellaneous products, edibles, non-edibles, and others.

RESTRAINING FACTORS

Fluctuation in the Crude Oil Prices May Restrict the Market Growth

A critical challenge affecting the growth of the market is the fluctuation in crude oil prices, which further impacts the overall prices of the product. Most plastic resins' petrochemical feedstock are generated as by-products of oil and natural gas production. The sharp fluctuation in oil prices highly impacts the cost of the feedstock. Oil prices are influenced by several factors, which include laws of supply and demand, natural disasters, and fluctuations in production costs. This affects the overall price of the product, thus acting as a risk factor for market growth. The stringent environmental regulations passed by different governments to reduce plastic consumption are further poised to hinder market growth. According to the UN Environment Program (UNEP) association, more than 99% of plastics are made from chemicals obtained from oil, natural gas, and coal, all of which are polluting and non-renewable resources. This plastic impacts the environment and adversely affects humans, wildlife habitats, and wildlife.

Moreover, the ban on the overuse of non-renewable resources, including crude oil & petroleum, by governments is restricting the market growth as the product is produced from non-renewable resources. This is creating a supply-demand imbalance, leading to failure in meeting end-users demands.

Resin Market Segmentation Analysis

By Type Analysis

Polyethylene Leads the Segment due to High Demand from Packaging and Automotive Industries

Based on type, the market is segmented into polyethylene, polypropylene, polyethylene terephthalate, polyvinyl chloride, acrylonitrile butadiene styrene, polyamide, polycarbonate, polyurethane, polystyrene, and others.

In terms of type, polyethylene held the largest share in the global market and was followed by polypropylene, owing to their high demand from the packaging and automotive industries. In the packaging industry, polyethylene and polypropylene are used for making bottles, plastic films, containers, and food packaging trays. In addition, their properties, such as mold-ability, excellent heat, chemical, electrical & impact resistance, are boosting their demand in the automotive, pharmaceutical, and healthcare industries. The polyethylene segment is expected to grow considerably by the end of foreast period.

The growth of the PET segment is associated with rising demand from the packaging industry due to its favorable physical characteristics. PET is a highly flexible material, can be molded into any shape, and is highly recyclable, hence the segment is expected to grow significantly during the forecast period.

Moreover, increasing demand for lightweight, durable, and insulating material from the automotive, and electrical & electronics industries is boosting the demand for polyvinyl chloride. In addition, the increased use of polyvinyl chloride pipes in the agriculture and construction industries is expected to considerably upsurge their demand.

The consumption of acrylonitrile butadiene styrene (ABS) is growing gradually due to its wide usage in consumer goods and electrical & electronics industries owing to its properties such as strength, rigidity, and dimensional stability.

Polyamide production is gaining traction due to its wide use in textiles, automotive, kitchen utensils, and sportswear for its high durability and strength properties. The increasing incorporation of advanced & high-performance materials in sportswear is anticipated to boost the polyamide segment growth significantly.

The preference for polyurethane in the furniture industry for bedding and cushioning is surging demand due to its availability in various forms, such as fibers, foams, and surface coatings. Population growth and changing lifestyle choices drive the demand for furniture, thereby increasing the consumption of polyurethane.

Polystyrene is used in refrigerators, air conditioners, instrument panels, and disposable utensils such as cups, bowls, and plates. Moreover, it is largely used in building insulation and cold chain packaging due to its heat resistance. These factors are anticipated to propel segment growth moderately during review period.

Polycarbonate is a high-performance, amorphous, and transparent material and is used for applications requiring resistance to extreme temperatures. Its high impact strength, dimensional stability, and electrical insulation properties make it a favorable material for products such as safety helmets, bullet-proof glass, car headlamp lenses, roofing, and others. The rising usage in various applications will significantly drive the segment growth.

Others segment include epoxy, acrylic, and phenolic resins. These types are majorly used for applications in paints, & coatings, adhesives, and sealants. The growth of the segment is associated with an increasing number of building & construction and infrastructure development activities globally.

By End-use Industry Analysis

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Growing Need for Effective Packaging Solutions from the Food & Beverage Industry to Spur the Segment Growth

Based on end-use industry, the market is segmented into packaging, automotive & transportation, building & construction, consumer goods/lifestyle, electrical & electronics, agriculture, and others.

The packaging segment accounted for the largest share in 2023 in terms of both value and volume and is projected to retain its leading position throughout the forecast period. The rising need for effective packaging solutions from several industries, such as consumer goods, food & beverage, electrical & electronics, and construction, is driving the segment growth. Furthermore, increasing consumption of ready-to-eat and frozen foods is also supporting the segment growth.

The building & construction segment accounted for a significant share in the market in 2023. The growth of the segment can be credited to the rising urbanization and infrastructural development activities in developing countries and the renovation of existing and old structures. Resins are used in the production of several building & construction products, such as flooring, countertops, roofing, pipes & fittings, coatings, and adhesives.

The growth of the automotive & transportation segment can be attributed to the rising incorporation of plastics in automobiles. Plastics are increasingly replacing metal parts & components in vehicles due to their lower weight and similar physical properties.

The use in the electrical & electronics industry ranges from electrical insulation to electronic consumer products. PVC resin is widely used for insulating electrical wirings, while thermoset resins are used for making light fittings, handles, and switches.

The growth of the building & construction industry globally is driving the segment growth. Moreover, the increasing spending capacity of consumers has fueled the demand for household appliances, thereby supporting the segment growth.

The growth of the consumer goods/lifestyle segment is owing to the rising disposable income of consumers and changing lifestyle choices. The increasing number of technological advancements in the sportswear industry is also contributing to the segment growth. The launch of sports textiles, which regulate temperatures, is boosting the demand for the product.

The agriculture segment is estimated to grow during the forecast period due to the rise in population and urbanization, propelling the demand for food. Moreover, the rising demand for organic and exotic vegetables & fruits globally is expected to support the segment growth.

REGIONAL INSIGHTS

Regionally, the market is segregated into Latin America, the Middle East & Africa, North America, the Asia Pacific, and Europe.

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The market size in the Asia Pacific stood at USD 281.15 billion in 2023. The region held the highest resin market share in 2023 and is projected to maintain its prominent position throughout the upcoming years. The dominance is primarily attributed to the presence of major plastic-producing and consuming countries such as China and India. Furthermore, China, being the manufacturing hub for the consumer goods industry, significantly holds leading market share and contributes toward regional growth. In addition, the availability of raw materials and low production costs has resulted in strong growth of the market in the Asia Pacific region.

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The growth of the market in Europe can be credited to the increasing demand for plastics for applications in the automotive industry. Plastics such as polyethylene, polypropylene, and PET are preferred for use in automobiles due to their properties, such as corrosion inhibition, electrical insulation, excellent heat resistance, and favorable physical properties.

North America is estimated to witness significant growth during the forecast period. The growth is characterized by increasing demand for packaging from the food & beverage and cosmetics industries. Stringent regulations regarding the quality of plastic used for packaging food products are expected to further support the market growth. The construction companies in North America rely on foams made from plastic resins for insulation applications. Therefore, the increase in the number of residential construction activities is poised to fuel consumption.

Latin America is estimated to witness a substantial growth rate during the 2024-2032 period. Factors such as rising urbanization & infrastructural development activities, increasing disposable income, and rising investments in the pharmaceutical industry are resulting in market growth in Latin America. Furthermore, many companies operating in the market have planned to improve the sustainability of their production processes and offerings, which shall be one of the key reasons for the growth of the market.

In the Middle East & Africa, a key factor influencing the growth is the increasing demand for packaging from the textile and beverage industries. The region has a heavy dependency on bottled drinking water, therefore, it experiences a high demand for bottle manufacturing. In addition, the rising demand for lightweight and feasible packaging solutions is aiding the rise in demand for the product.

List of Key Companies in Resin Market

Leading Players Expand Production Capabilities to Boost Their Regional Presence

The global resin market is highly fragmented. Key players are expanding their production capabilities for high-performance polymers and compounds to increase their regional presence. In addition, these players have adopted strategies such as new product developments, collaborations, agreements, and research activity expansions to gain dominance in market.

LIST OF KEY COMPANIES PROFILED:

• DuPont (U.S.)


• Arkema (France)


• BASF SE Germany)


• INEOS Holdings Ltd. (U.K.)


• Hexion (U.S.)


• Invista (U.S.)


• LyondellBasell (Netherlands)


• Mitsubishi Engineering-Plastics Corporation (Japan)


• Mitsui Chemicals (Japan)


• Nova Chemicals (Canada)


• Qenos (Australia)


• Radici Group (Italy)


• SABIC (Saudi Arabia)


• Repsol (Spain)


• Sumitomo Chemical Co. Ltd. (Japan)


• Teijin Limited (Japan)


• Tosoh Corporation (Japan)


• Toray Group (Japan)

KEY INDUSTRY DEVELOPMENTS:

• November 2023 - LyondellBasell, one of the major licensors of polyolefin technologies, announced that Indian Oil Corporation Ltd. (IOCL) selected LyondellBasell’s Hostalen “Advanced Cascade Process” (Hostalen ACP) technology for a novel 200 kiloton per year (KTA) high-density polyethylene (HDPE) plant in Panipat, India.


• March 2023 – INEOS, one of the major players operating globally, through its subsidiary INEOS Styrolution, announced the commercialization of K-Resin KR21 by key domestic appliance manufacturers in Asia, particularly for refrigerators inliners.


• December 2022 – Arkema, declared doubling its capacity of polyester resins in its facility located in Navi Mumbai, India, strengthening the Group’s place in the global powder coatings market and its pledge to develop low-VOC technologies.


• May 2022 – SABIC, a global manufacturer of chemicals, introduced a new product under the brand name LNP Elcrin WF0061BiQ. This innovative material utilizes ocean-bound polyethylene terephthalate (PET) waste flasks and bottles as a feedstock for chemical upcycling into PBT resin.


• February 2022: DuPont agreed to divest the majority of the mobility & materials segment to Celanese. This definitive agreement within the performance resins and advanced solutions business lines represents USD 3.5 billion of net sales. This development will help the company to create a market-leading portfolio and serve the consumer, automotive, and industrial markets with unmatched manufacturing capability, scale, and technical expertise.

An Infographic Representation of Resin Market

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REPORT COVERAGE

The research report provides a comprehensive market analysis and emphasizes crucial aspects such as leading companies, types, and end-use industries. In addition, it provides quantitative data regarding volume and value, market analysis, research methodology for market data, and insights into market trends and highlights vital industry developments and competitive landscape. In addition to the abovementioned factors, the report encompasses various factors that have contributed to the market's growth in recent years.

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