Global Resin Market to Exhibit a CAGR of 5.0% between 2023 and 2030; Consumer Spending and Packaging Solutions Reflect a Positive Trajectory

The global resin market size was USD 533.55 billion in 2022. The market is projected to grow from USD 559.2 billion in 2023 to USD 787.31 billion in 2030 at a CAGR of 5.0% during the forecast period. Fortune Business Insights™ presents this information in its report titled “Resin Market Size, Share & COVID-19 Impact 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, 2023-2030”.

The rise in consumer spending capacity has fueled the demand for individual vehicles, resulting in a thriving automotive industry and supporting overall market growth. The pharmaceuticals, consumer goods, e-commerce, and foods and beverages industries are experiencing an increased demand for packaging solutions. This growing demand across various sectors is expected to boost the resin market share further and contribute to its expansion.

COVID-19 Pandemic Disrupts Chemical Sector with Raw Material Shortages and Production Challenges

The COVID-19 pandemic has had a destructive impact on various aspects of life, including the chemical sector. Manufacturers in the industry have faced shortages of raw materials due to trade and transportation restrictions, leading to significant disruptions in their supply chains. Furthermore, the recurrent instabilities in crude oil prices have influenced production costs, further complicating the pricing of end products.

SABIC Introduces LNP Elcrin WF0061BiQ: A Sustainable Breakthrough in Chemical Upcycling of Ocean-Bound PET Waste

In May 2022, SABIC, a renowned global chemical manufacturer, unveiled a groundbreaking product named LNP Elcrin WF0061BiQ. This innovative material represents a significant step forward in sustainability by utilizing ocean-bound polyethylene terephthalate (PET) waste flasks and bottles as a feedstock for chemical upcycling into PBT resin. This development showcases SABIC's commitment to addressing the environmental challenges of plastic waste and reinforces its dedication to creating sustainable solutions in the chemical industry.

Rising Demand for Flexible Packaging Drives Market Growth Across Diverse Industries

The market for flexible packaging is witnessing substantial growth, driven by increasing demand from diverse industries. Flexible packaging, encompassing pouches, seals, liners, and bags, is produced using foils, plastic films, and paper. This versatile packaging solution finds widespread applications in packaging various products, including edibles, non-edibles, and more. The growing preference for flexible packaging in multiple sectors is expected to significantly influence market growth, as it offers convenience, protection, and enhanced shelf appeal for a wide range of consumer goods.

However, overuse of non-renewable resources is prohibited which may constrain the resin market growth.

Key Players in Focus on High-Performance Polymers and Regional Growth

The market is highly competitive, with a fragmented landscape. Key players in the industry are actively expanding their manufacturing capabilities for high-performance polymers and compounds to surge their presence in specific regions. This strategic approach aims to capture opportunities and meet the evolving needs of various end-use industries.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/resin-market-101746

Notable Industry Development: 

• November 2021- Leading bioplastics manufacturing companies Danimer Scientific, Inc. and Total Corbion PLA, focused on the expansion and fabrication of biodegradable materials, announced a long-term collaborative arrangement for the supply of biobased polymer Luminy PLA to manufacture compostable products.

List of Key Players Profiled in the Report:

• 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)

Further Report Findings:

• Asia Pacific benefits from favorable conditions such as affordable labor and raw materials, which have attracted numerous manufacturers to establish resin production units. This availability of resources, coupled with the region's growing consumer preference for gadgets in their daily activities, is driving the market.


• In Europe, stringent regulations about vehicle emissions have incentivized automotive manufacturers to increase the usage of plastics in their vehicles. As automakers strive to meet emission standards, the demand for plastic materials in the European automotive industry is witnessing a notable surge.

Report Scope & Segmentation