The global plastic resins market is projected to witness substantial growth, with a market valuation of US$ 764 billion by 2022 and a moderate CAGR of 4.5% from 2022 to 2032. By the end of 2032, the market size of plastic resins is anticipated to reach approximately US$ 1,186 billion.
The demand for plastic resins is being driven by the increasing need for packaging in the food and beverage industry. Plastic packaging provides perishable products with a longer shelf life and protects them from external elements that could compromise their quality. Busy work and personal schedules have led to a higher demand for packaged food items, further contributing to the growth of the plastic resins market. Additionally, the rising demand for consumer goods is expected to positively impact the market.
One of the key factors influencing the expansion of the plastic resins market is the growing demand from the automotive, electrical, and electronics industries. The global automotive industry’s rapid growth is expected to drive the demand for specific plastic resin products used in applications such as engine parts, automobile exteriors, and interiors. The use of resins in the automotive industry has increased due to the demand for small, lightweight, multi-utility vehicle models that prioritize comfort and style.
The food and beverage industry will be a significant driver of the demand for plastic resins throughout the forecast period. The growing population and increased disposable income have led to a significant increase in the demand for processed, ready-to-eat, and ready-to-cook food products. Additionally, the growing awareness of waste and associated costs has further fueled the demand for packaged foods, contributing to the sales of plastic resins.
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Technological advancements have played a crucial role in the plastic resins industry, with the development of bioplastics being a notable breakthrough. Companies have started adopting bioplastic and other plant-based packaging techniques. For example, Milliken and Company joined the global organization of PHA (GO! PHA) to promote the use of PHA, a biodegradable polymer, in single-use packaging applications.
Overall, the plastic resins market is poised for substantial growth, driven by the demand from various industries and the increasing need for packaging solutions, particularly in the food and beverage sector.
Key Takeaways from Market Study
- Plastic resinsare growing in popularity in Europe due to lax packaging waste restrictions and attractive taxation.
- The product category of crystalline resins represented the highest revenue share of more than 62 percent in 2021, and it is anticipated that it will continue to dominate the plastic resinsmarket for the duration of the projection period.
- The packaging category had the biggest revenue share of over 36% in 2021 and is anticipated to grow at a consistent CAGR throughout the forecast period.
- China is the dominant country in the Asia Pacific region and accounted for around 35 percent of the worldwide plastic resins market.
- Asia Pacific is the market leader with about 45% of the revenue share in the plastic resins market worldwide in 2020.
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Competitive Landscape
The existence of a significant number of regional and international companies has led to the highly fragmented nature of the global plastic resins market. Due to a higher level of product type susceptibility, industry participants compete fiercely with one another.
Government regulations that are strict on the use of plastic items also control the level of competition and plastic resins market expansion. To slow the rate of contamination, however, market companies are concentrating on biodegradable plastics.
Recent Developments in Global Polycarbonate Market
As part of its acquisition of Solvay’s PA66 business, BASF began marketing polyamide (PA) and polyphthalamides (PPA) grades in Europe on February 1, 2022. Under humid circumstances and high temperatures, Ultramid® One J (PA66/6T) has good mechanical and dielectric qualities.
Regional Analysis: Plastic Resins Market Performance
North America: Growing Demand for Plastic Resins in Packaging
The plastic resins market in North America is experiencing growth due to the region’s development and industrialization. Modern packaging technology and improvements in manufacturing processes are driving the demand for plastic resins. The projection period anticipates an increase in the need for plastic packaging, driven by demographics and customer preferences.
Asia Pacific: Market Leader in Plastic Resins
The Asia Pacific region holds the largest market share in the plastic resins market, accounting for about 45% of the revenue worldwide in 2020. It is predicted to continue dominating the market in the forecast period. China plays a significant role in the region, accounting for approximately 35% of the global plastic resin market.
China’s dominance can be attributed to its substantial production capacity and a high density of plastic manufacturing facilities. With over 15,000 plastic manufacturers, China possesses around one-fourth of the world’s plastic production capability.
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Plastic Resins Market by Segmentation
By Product:
- Crystalline
- Non-crystalline
- Engineering Plastic
- Super Engineering Plastic
By Application:
- Packaging
- Automotive
- Construction
- Electrical & Electronics
- Logistics
- Consumer Goods
- Textiles & Clothing
- Furniture & Bedding
- Agriculture
- Medical Devices
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
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