U.S. 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 Country Forecast, 2023-2030

The U.S. resin market size was valued at USD 83.99 billion in 2022 and is projected to grow at a CAGR of 4.3% during the forecast period.

The increasing consumer demand for high-performance products, such as cars, electric appliances, waterproof flooring, window panels, seat cushions, tire wheels, and hard parts of automobiles, is anticipated to boost market growth. These resins offer massive properties, including hardness, brittleness, and remarkable resistance to heat, solvents, acids, and bases. Associated properties of resins and their expanding use in industries such as packaging, automotive & transportation, and building & construction are anticipated to bolster market growth.

The market experienced a downturn during the COVID-19 pandemic in the country. The growth was hampered due to the intensity of the pandemic in 2020. COVID-19 led to uncertain lockdowns, interrupting the entire supply chain of the U.S. market.

U.S. Resin Market Trends

Increasing Consumption of Resin in the Packaging Industry is the Prominent Trend in the Country

The expanding e-commerce industry is associated with an increasing consumption of products from the packaging industry. Over the past years, e-commerce websites offering various services such as instant food and daily essentials have increased. These services require flexible and long-lasting packaging that can withstand the logistics operations. This product is a suitable material that fulfills flexible and long-lasting packaging requirements. The product is used in consumer goods packaging, such as wrappers or dairy products. Thus, expansion in the e-commerce industry is fueling the packaging industry, leading to a surge in demand for the product.

U.S. Resin Market Growth Factors

Increasing Adoption in the End-use Industries owing to the Massive Physical and Chemical Properties to Drive Market Development

The growing end-use industries in the U.S., such as building & construction, consumer goods/lifestyle, electrical & electronics, agriculture, packaging, and automotive & transportation, are surging the product demand. These end-use industries use the product owing to its massive properties such as chemical resistance, lightweight, high flexural strength, moisture resistance, and cost-effectiveness.  For instance, polypropylene is utilized in medical devices such as surgical instruments, disposable syringes, finger joint prostheses, and connectors. Thus, all these uses across end-use industries are expected to surge the product demand during the industry forecast period.

RESTRAINING FACTORS

Rising Environmental Concern Related to the Plastic Pollution May Hamper Market Growth

The product offers the utmost benefits to the end-use products. However, the increasing restriction on its use and resin manufacturing activities are expected to hinder market growth. For instance, the United Environmental Protection Agency has imposed pollution-based restrictions on epoxy resins under the National Emission Standards for Hazardous Air Pollutants (NESHAP) Act. The increasing limitations on product manufacturing may hamper the U.S. resin market growth.

U.S. Resin Market Segmentation Analysis

By Type Analysis

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

The growing packaging industry in the country is anticipated to boost the growth of the polyethylene segment. The polyethylene segment held the largest U.S. resin market share in 2022 due to its usage in making bottles, food trays, containers, and plastic resin wrapping films. Thus, rising usage of the type in end-products is expected to boost the segment growth in the country.

The growth of polypropylene, polyethylene terephthalate, and polyvinyl chloride is associated with the wide availability of these types in the country, owing to the presence of key resin producers such as Hexion and Invista. This product offers favorable properties, required to produce end-use products such as car bumpers, bottles, wrapping films, blood bags, and flexible packaging bags. Thus, all these properties are expected to surge the product demand in the forecast period.

By End-use Analysis

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

In 2022, the packaging segment accounted for the largest share in the U.S. market. The expansion in the e-commerce industry is surging the product demand in the country. The packaging solution providers increasingly adopt the product as a raw material, enhancing the life span and durability of packaging products such as containers, boxes, wrapping films, and others. This growing material utilization in the packaging industry is fueling the product demand in the country.

The growth of automotive & transportation, building & construction, consumer goods/lifestyle, and electrical & electronics segments is due to the increasing population and consumer choice for high-quality products. These end-use industries faced the increased demand for cars, construction products such as high-quality windows, durable plastic bottles, and safer kitchen appliances. Thus, the increasing population has created more product demand than in previous years.

List of Key Companies in U.S. Resin Market

In terms of the competitive landscape, the market depicts the presence of established and emerging resin companies. Key players include DuPont, Hexion, Mitsui Chemicals, BASF SE, and Arkema. These industry players primarily compete based on the price and application characteristics of the product. Furthermore, companies emphasize product innovation, social marketing, acquisition, and collaborations to propel market growth.

LIST OF KEY COMPANIES PROFILED:

• DuPont (U.S.)


• Hexion (U.S.)


• Mitsui Chemicals (Japan)


• BASF SE (Germany)


• Arkema (France)


• Invista (U.S.)


• INEOS Holdings Ltd. (U.K.)


• LyondellBasell (Netherlands)


• Nova Chemicals (Canada)


• Radici Group (Italy)


• SABIC (Saudi Arabia)


• Repsol (Spain)

KEY INDUSTRY DEVELOPMENTS:

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

REPORT COVERAGE

The study report thoroughly examines key factors such as leading companies, types, and end-use industries. It also provides market trends and highlights significant technological advancements in the industry. The study includes different variables that have contributed to the market's growth in recent years. It examines the industry's newest market dynamics, opportunities, historical data, and revenue growth estimates at the country levels.

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Report Scope & Segmentation