Global Resin Market Report and Forecast 2024-2032

Global Resin Market Size

The global resin market reached approximately USD 556.10 billion in 2023. The market is projected to grow at a CAGR of 5.1% between 2024 and 2032, reaching a value of around USD 870.12 billion by 2032.

Global Resin Market Outlook

The global resin market value is increasing due to healthy economic growth and the extensive use of many resin-containing products. As per the American Chemistry Council (ACC) Plastics Industry Producers’ Statistics Group, the production of resin in North America reached 125.5 billion pounds in 2022, witnessing a 1.3% y-o-y growth. This indicates a strong demand for resins from diverse end-use sectors, including automotive, infrastructure, consumer electronics, industrial machinery, and furnishing and furniture, among others.

The development of bio-based resins, produced from bio-sourced materials, is expected to revolutionise the 3D printing market. With technological advancements and innovations, resin demand is expected to witness a further surge in the forecast period.

The Rising Demand for Thermoplastic Resins is One of the Crucial Resin Market Trends

• From 2024 to 2032, the market is expected to grow at varying Compound Annual Growth Rates (CAGR) across different product types. Thermoplastic resins are assessed to lead with the highest projected CAGR of 5.7% during the forecast period of 2024-2032. The versatility, ease of processing, and wide application of thermoplastic resins in industries such as automotive, packaging, and electronics are providing lucrative resin market opportunities. 

• Thermosetting resins follow closely with a projected CAGR of 5.4%, favoured for their durability, heat resistance, and suitability for applications requiring high mechanical strength, such as aerospace and construction. 

• As per the resin industry analysis, other types of resins, which may include speciality resins or emerging materials, are projected to grow at a CAGR of 4.8%. These projections reflect the diverse applications and demand drivers across the market, supported by technological advancements, evolving consumer preferences, and regulatory shifts promoting sustainable and high-performance materials.

The Rising Demand for Resins in End-Use Sectors Like Automotive are Driving the Resin Market Growth

• From 2024 to 2032, the market is projected to grow at varying Compound Annual Growth Rates (CAGR) across different applications. Automotive applications lead with the highest forecasted CAGR of 5.8%, driven by increasing demand for lightweight and fuel-efficient vehicles. Advancements in electric and hybrid vehicles requiring specialised resins are driving the resin demand growth. 

• Packaging follows closely with a projected CAGR of 5.5%, supported by rising consumption of packaged goods globally and the shift towards sustainable packaging solutions. 

• Electrical and electronics applications are assessed to grow at a rate of 5.2% between 2024 and 2032. The expanding electronics industry and the need for resins with excellent insulation and heat resistance properties are boosting the resin market revenue. 

• Construction applications are expected to see a CAGR of 4.9%, driven by infrastructure development and the use of resins in building materials and coatings. 

• Other applications, including aerospace, healthcare, and industrial sectors, are projected to grow at a combined CAGR of 4.6%. These forecasts highlight the pivotal role of resin materials across diverse industries and their contribution to technological innovation and sustainable development.

Global Resin Market Regional Analysis

• From 2024 to 2032, the market is expected to exhibit varying Compound Annual Growth Rates (CAGR) across different regions. The Asia Pacific leads the resin market share, with the highest projected CAGR of 6.6%, driven by rapid industrialisation, infrastructural development, and increasing demand from sectors such as automotive, construction, and packaging in countries like China, India, and Japan. 

• The resin market demand in the Middle East and Africa follows with a CAGR of 5.5%, supported by growth in construction, automotive, and packaging industries amid urbanisation and economic diversification efforts. 

• Latin America is anticipated to grow at 4.9%, propelled by expanding manufacturing activities and investments in infrastructure. 

• North America and Europe exhibit comparatively lower growth rates of 4.2% and 3.9% respectively, influenced by mature markets and sustainability initiatives promoting eco-friendly resin solutions. These rankings underscore regional resin market challenges and opportunities, reflecting economic conditions, industrial growth, and regulatory landscapes influencing resin demand and production across diverse sectors.

Resin Market Regional Insight

From 2024 to 2032, the market is projected to grow at varying Compound Annual Growth Rates (CAGR) across different countries. India leads with the highest forecasted CAGR of 7.6%, driven by robust growth in construction, automotive, and packaging industries amid urbanisation and infrastructure development. The resin industry in China follows closely with a projected CAGR of 6.3%, supported by extensive manufacturing activities and increasing demand across various sectors. Meanwhile, Saudi Arabia and Brazil are projected to grow at rates of 5.8% and 5.6% respectively, propelled by investments in petrochemicals and industrial applications.

As per the resin industry statistics, Canada and Mexico are forecasted to see growth rates of 4.8% and 4.7% respectively, leveraging their strong manufacturing bases and demand from the automotive and construction sectors. The UK, Australia, USA, Japan, Germany, France, and Italy also exhibit positive growth, ranging from 4.7% to 3.2%, driven by technological advancements, environmental regulations promoting sustainable materials, and steady industrial production.

Key Questions Answered in This Report:

• How has the global resin market performed historically, and what are the growth expectations for the future?

• What are the primary factors influencing demand and growth in the global resin market?

• What are the key segments within the global resin market, and how are they expected to evolve over the forecast period?

• What are the major challenges and opportunities facing stakeholders in the global resin market?

• Who are the key players in the global resin market, and what strategies are they employing to maintain a competitive edge?

• What are the regulatory and policy factors influencing the resin market globally or regionally?

• How competitive is the global resin market according to Porter's five forces analysis, including factors like bargaining power of buyers and suppliers?

• What are the current trends shaping the global resin market landscape, and how are they expected to evolve in the future?

• How are technological advancements impacting the global resin market, and what role do innovation and R&D play in driving growth?

• What are the consumer preferences and buying behavior trends influencing the global resin market?

• How sustainable are current growth rates in the global resin market, and what factors could potentially disrupt these trends?

• What are the regional dynamics within the global resin market, and how do they contribute to overall market growth?

• What are the economic factors influencing the global resin market, such as GDP growth, inflation rates, and currency fluctuations?

• How are demographic shifts, such as aging populations or urbanization trends, affecting demand in the global resin market?

• What are the key strategic partnerships, mergers, and acquisitions shaping the competitive landscape of the global resin market?

• What are the regulatory and legal frameworks impacting the global resin market globally or in key regions?

• How are changing consumer lifestyles and preferences influencing product or service demand within the global resin market?

• What are the emerging market trends and niche opportunities within the global resin market that stakeholders should be aware of?

• How resilient is the global resin market to external shocks or disruptions, such as geopolitical tensions or natural disasters?

• What are the potential barriers to market entry and growth for new players in the global resin market?

Key Benefits for Stakeholders:

Expert Market Research's industry report provides a comprehensive quantitative analysis of various market segments, historical and current market trends, and forecasts the dynamics of the global resin market spanning from 2018 to 2032.

The research report delivers up-to-date insights into the market drivers, challenges, and opportunities shaping the global resin industry.

Stakeholders can leverage Porter's five forces analysis to assess the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. This analysis aids in evaluating the competitiveness and attractiveness of the global Resin market.

The competitive landscape section enables stakeholders to gain a deep understanding of their competitive environment. It offers insights into the current market positions of key players, their strategies, and their market shares.

Additionally, the report highlights emerging trends, regulatory influences, and technological advancements that are pivotal for stakeholders navigating the global resin market landscape.

Key Highlights of the Report