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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Plastic Resins Market Size
The global plastic resins market stood at a value of around USD 638.18 billion in 2023. The market is further expected to grow at a CAGR of 2% in the forecast period of 2024-2032 to attain a value of nearly USD 762.69 billion by 2032.
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Plastic Resins Market Growth
Based on the product, the polypropylene segment accounted for the largest market share in the plastic resins market for 2021. This can be attributed to the increased utilisation of polypropylene resins in the packaging of food and beverage products. As polypropylene resins are cost-effective, versatile, durable, and lightweight, their demand in various applications in major sectors, such as packaging, automotive, and consumer goods is surging, which is also estimated to significantly contribute to the market growth. Moreover, the increasing development of innovative polypropylene resins with improved properties by the leading companies is anticipated to provide lucrative growth opportunities to the overall market for plastic resins in the forecast period.
The Asia Pacific to Possess a Considerable Market Share in the Global Plastic Resins Industry
The Asia Pacific is anticipated to occupy a significant share of the plastic resins industry in the forecast period. The growth of the market is likely to be driven by the rapid expansion of major end users of plastic resins in the region, especially China. The heightened production of plastic resins, and their increased usage across industry verticals such as packaging, and automotive, among others are anticipated to bolster the market growth in the forecast period. Moreover, the presence of leading manufacturers of plastic and its by-products is also anticipated to propel the industry growth in the region.
Plastic Resins Industry Segmentation
Plastic resins are the core of all plastic products. These resins are created by heating hydrocarbons through the cracking process, wherein the released ethylene or propylene monomers undergo polymerisation to create polymer resins. These monomers, under heavy pressure, are mixed with a catalyst to form plastic pellets, also known as resins. These resins are then added to any plastic moulding or baking process, which then makes numerous plastics products.
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By product, the market is divided into:
- Polyethylene Terephthalate (PET)
- High Density Polyethylene (HDPE)
- Polyvinyl Chloride (PVC)
- Low Density Polyethylene (LDPE)
- Polypropylene (PP)
- Polystyrene (PS)
- Others
Based on application, the market can be categorised into:
- Packaging
- Automotive
- Construction
- Electrical and Electronics
- Consumer Goods
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rising Demand for the Product across Various Industry Verticals to Bolster the Growth of the Global Plastic Resins Industry
The global plastic resins industry is being driven by the heightened demand for plastic resins in various industry verticals including construction, automotive, packaging, and consumer goods, among others. Meanwhile, the rising demand for plastics in the manufacturing industry for the production of electronic devices and appliances is expected to provide a boost to the overall market growth. Moreover, the thriving construction industry is also predicted to propel the demand for the product in the forecast period. In addition, the exponential demand for plastic resins in the production of exterior as well as interior of automobiles is predicted to bolster the market growth, which is fuelled by the rising disposable incomes and increased demand for passenger vehicles among consumers. In 2021, plastic resins witnessed a robust demand in the production of disposable surgical wear such as gloves, gowns, hair covers, and protective shoes, among others, as the rampant spread of COVID-19 led to the increased adoption of protective gears around the globe.
Key Industry Players in the Global Plastic Resins Market
The report gives a detailed analysis of the following key players in the global plastic resins market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Arkema S.A.
- Celanese Corporation
- DuPont de Nemours, Inc.
- Evonik Industries AG
- Formosa Plastics Corporation
- Others
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product |
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| Breakup by Application |
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| Breakup by Region |
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| Market Dynamics |
|
| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
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Plastic Resins Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global plastic resins market attained a value of nearly USD 638.18 billion.
The market is projected to grow at a CAGR of 2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of USD 762.69 billion by 2032.
The major drivers of the industry, such as the increased demand for plastics in the automotive and construction industry, rising demand for plastic resins in the manufacturing and packaging industry, heightened investments in the manufacturing sector, growing demand for plastic goods, and the rapid investments in the R&D of plastic resins manufacturing, are expected to aid the market growth.
The key market trends guiding the growth of the industry include the rising demand for plastic resins across various industry verticals.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant products include polyethylene terephthalate (PET), high density polyethylene (HDPE), polyvinyl chloride (PVC), low density polyethylene (LDPE), polypropylene (PP), and polystyrene (PS), among others.
The significant applications include packaging, automotive, construction, electrical and electronics, and consumer goods, among others.
The major players in the industry are Arkema S.A., Celanese Corporation, DuPont de Nemours, Inc., Evonik Industries AG, and Formosa Plastics Corporation, among others.
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