Resin Market Report Scope & Overview

The Resin Market size was USD 560 billion in 2023 and is expected to Reach USD 821.09 billion by 2031 and grow at a CAGR of 4.9% over the forecast period of 2024-2031.

Resin is a solid or very viscous substance that can be converted into polymers. It is a blend of organic substances, both natural and manmade. Plants create natural resins, whereas chemical reactions make synthetic resins.

Resin Market Revenue Analysis

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Polyethylene resin (PE) is a type of thermoplastic polymer made from ethylene, a hydrocarbon gas. It is the most common plastic in the world. Polyester resin is a versatile resin that is widely used in boat construction, furniture manufacture, and fiberglass production. Polyurethane resin is an elastic and flexible resin that is often used in foams, cushions, and seals. Other Epoxy resin, Silicone resin, and Acrylic resins are used in adhesives, coatings, manufacture of lenses, windows, gaskets, seals, and molds.

The increasing need for resins in various end-use sectors including automotive, construction, packaging, electrical & electronics, and consumer goods is driving the expansion of the resin market. The increased demand for durable and lightweight materials in the automotive industry is projected to propel the resin market forward in the approaching years.



  • Growing demand from end-use industries

  • Applications of different types of resins

Polyethylene (PE) is the most frequently used resin, with applications ranging from packaging to films, bottles, and electrical insulation. Polypropylene (PP) is the world's second most extensively used resin. Packaging, automotive parts, and smart textiles are all examples of where PP is employed PVC is utilized in many different applications, such as pipes, siding, and flooring. PU is utilized in a wide range of products, including foams, pillows, and tires. PET is used in a variety of applications, including bottles, films, and fibers.


  • Stringent Regulations hinder the resin market

The Environmental Protection Agency (EPA), the Occupational Safety and Health Administration (OSHA), and the Consumer Product Safety Commission (CPSC) are other government entities that regulate the usage of resins. These organizations implement resin-use laws to protect human health and the environment. These government bodies' requirements might make it more difficult and expensive for resin manufacturers to promote their goods. This may result in a fall in resin demand and a slowing of the resin market's growth.


The packaging industry's rapid growth, as well as rising demand for packaging solutions from the food and beverage, consumer goods, pharmaceutical, and e-commerce industries, will provide profitable prospects for the market. Plastics are widely utilized in the packaging of various items in the form of films, corrugated boxes, poly bags, foil-sealed bags, trays, and rigid boxes. Electrical and electrical industries, as well as pharmaceutical producers, have advanced the plastic packaging business. Furthermore, flexible packaging is favored by food and beverage makers, which enhances the packaging solutions industry and influences plastics demand growth.


  • Fluctuation in crude oil prices

Since resins are created from petroleum-based materials, the cost of resins is directly correlated with the cost of crude oil. When the cost of crude oil rises, so does the price of resins. This may render resins costlier to use, resulting in decreasing resin demand. Disruption of resin supply: As the price of crude oil rises, so does the cost of making resins. This may result in lower earnings for resin producers and higher resin prices for end users. This may dissuade enterprises from employing resins in their goods, stifling the resin market's growth.


The commencement of the war was accompanied by harsh economic sanctions, including a US ban on Russian oil imports. Crude oil prices immediately surpassed $100 per barrel, signaling an increase in resin cost. Russia increased its PE and PP manufacturing capacity and resin exports in the years following 2020. While current export attempts were impeded by war-related sanctions, the dominant rationale held that Russia will prioritize its relationship with China for two key reasons: First, China didn't impose sanctions on Russia, and second, China received more than half of Russia's high-density PE shipments in 2021.


The recession has negatively impacted the resin market. During a recession, the economy's demand and supply chain is disrupted. The industrial output index for plastic materials and resins fell by 4.5% from March to April 2022. During the same period, the total capacity utilization rate for resin manufacturing also fell by 3.9%. The price of the raw materials used to create resins, including oil and natural gas, might also change on the verge of inflation. This may cause resin prices to increase or decrease. Government rules may also have an impact on the resin market. Therefore, the prices of resin affected manufacturing capacity. For instance, the government's imposition of tariffs on imported resins may increase the cost of resins for both enterprises and consumers.


By Type

by End-use industry

  • Automotive & Transportation

  • Consumer goods/lifestyle

  • Building & Construction

  • Electrical & electronics

  • Packaging

  • Agriculture

  • Other


The Asia Pacific resin market is expanding due to rising demand for resins in the automotive, construction, and packaging industries. The demand is due to the presence of major resin producers, exporters, and consumers in countries like China and India. China is a big producer of electronics such as televisions, laptop computers, and smartphones.

The rising demand for packages from the food and beverage and cosmetics industries is expected to drive the North American industry. The region is expected to increase significantly due to rising demand for packaging materials, consumer goods, electronic gadgets, and other products. This rising packaging requirement will create new opportunities for North American end products.

Europe is mostly expanding due to increased plastic usage in the automotive industry. Because of their features such as electrical insulation, corrosion suppression, and other aspects, plastics are employed in automobiles. Furthermore, car pollution rules have encouraged automakers to increase the amount of plastic in their vehicles, supporting market development.

Latin America is expected to rise significantly as a result of increased investments, pharmaceutical disposal income, and new infrastructure initiatives. Packaging demand from textile and beverage applications influences the Middle East and Africa.


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North America

  • US

  • Canada

  • Mexico


  • Eastern Europe

    • Poland

    • Romania

    • Hungary

    • Turkey

    • Rest of Eastern Europe

  • Western Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Netherlands

    • Switzerland

    • Austria

    • Rest of Western Europe

Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Vietnam

  • Singapore

  • Australia

  • Rest of Asia Pacific

Middle East & Africa

  • Middle East

    • UAE

    • Egypt

    • Saudi Arabia

    • Qatar

    • Rest of Middle East

  • Africa

    • Nigeria

    • South Africa

    • Rest of Africa

Latin America

  • Brazil

  • Argentina

  • Colombia

  • Rest of Latin America


Dupont, Mitsubishi Engineering-Plastics corporation, Nova Chemicals, Arkema, BASF SE, LynondellBasell, INEOS Holdings Ltd., Qenos, Hexion, Invista, and other key players are mentioned in the final report.

Arkema-Company Financial Analysis


INEOS- In 2023 INEOS styrolution announces the commercialization of K-Resins KR21 by leading Asian household appliance makers, specifically refrigerator inliners

SABIC- In 2023 Sabic promote bio-based variants of all NORYL resin grades to promote the bio-economy of plastics

BASF SE- In 2023 BASF Shanghai Coatings, as well as the resin facility of BASF Coatings in Caojing, Shanghai, all declared their intention to use 100% renewable energy and begin operations

Resin Market Report Scope:
Report Attributes Details
Market Size in 2023  US$ 560 Billion
Market Size by 2031  US$ 821.09 Billion
CAGR   CAGR of 4.9% From 2024 to 2031
Base Year 2023
Forecast Period  2024-2031
Historical Data  2020-2022
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Type (Polypropylene, Polystyrene, Polyvinyl chloride, Polyurethane, Acrylonitrile, Polyethylene terephthalate, Polyamide, Polyethylene, polycarbonate)
• By End-use industry (Automotive & Transportation, Consumer goods/lifestyle, Building & Construction, Electrical & electronics, Packaging, Agriculture, other)
Regional Analysis/Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Company Profiles Dupont, Mitsubishi Engineering-Plastics corporation, Nova Chemicals, Arkema, BASF SE, LynondellBasell, INEOS Holdings Ltd., Qenos, Hexion, Invista
Key Drivers • Growing demand from end-use industries
• Applications of different types of resins
Market Opportunity • Rapid Growth in the packaging industry


Frequently Asked Questions

Ans. USD 821.09 billion is the projected Resin Market size of the market by 2031.

Ans. USD 560 billion is the market size of the Resin Market in 2023.

Ans. The CAGR of the Resin Market over the forecast period is 4.9%.

Ans. Asia Pacific is the fastest-growing region of the Resin Market in 2023.

Ans. Drivers are Growing demand from end-use industries and applications of different types of resins

Table of Contents

1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions

2. Research Methodology

3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges

4. Impact Analysis
4.1 Impact of Ukraine- Russia War
4.2 Impact of Ongoing Recession
4.3. Introduction
4.3.1 Impact on major economies US Canada Germany France United Kingdom China Japan South Korea Rest of the World

5. Value Chain Analysis

6. Porter’s 5 forces model

7. PEST Analysis

8. Resin Market Segmentation, By Type
8.1 Polypropylene
8.2 Polystyrene
8.3 Polyvinyl chloride
8.3 Polyurethane
8.4 Acrylonitrile
8.5 Polyethylene terephthalate
8.6 Polyamide
8.7 Polyethylene
8.8 Polycarbonate

9. Resin Market Segmentation, By End User
9.1 Automotive & Transportation
9.2 Consumer goods/lifestyle
9.3 Building & Construction
9.4 Electrical & electronics
9.5 Packaging
9.6 Agriculture
9.7 other

10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Resin Market by Country
10.2.2North America Resin Market by Type
10.2.3 North America Resin Market by End User
10.2.4 USA USA Resin Market by Type USA Resin Market by End User
10.2.5 Canada Canada Resin Market by Type Canada Resin Market by End User
10.2.6 Mexico Mexico Resin Market by Type Mexico Resin Market by End User
10.3 Europe
10.3.1 Eastern Europe Eastern Europe Resin Market by Country Eastern Europe Resin Market by Type Eastern Europe Resin Market by End User Poland Poland Resin Market by Type Poland Resin Market by End User Romania Romania Resin Market by Type Romania Resin Market by End User Hungary Hungary Resin Market by Type Hungary Resin Market by End User Turkey Turkey Resin Market by Type Turkey Resin Market by End User Rest of Eastern Europe Rest of Eastern Europe Resin Market by Type Rest of Eastern Europe Resin Market by End User
10.3.2 Western Europe Western Europe Resin Market by Country Western Europe Resin Market by Type Western Europe Resin Market by End User Germany Germany Resin Market by Type Germany Resin Market by End User France France Resin Market by Type France Resin Market by End User UK UK Resin Market by Type UK Resin Market by End User Italy Italy Resin Market by Type Italy Resin Market by End User Spain Spain Resin Market by Type Spain Resin Market by End User Netherlands Netherlands Resin Market by Type Netherlands Resin Market by End User Switzerland Switzerland Resin Market by Type Switzerland Resin Market by End User Austria Austria Resin Market by Type Austria Resin Market by End User Rest of Western Europe Rest of Western Europe Resin Market by Type Rest of Western Europe Resin Market by End User
10.4 Asia-Pacific
10.4.1 Asia Pacific Resin Market by Country
10.4.2 Asia Pacific Resin Market by Type
10.4.3 Asia Pacific Resin Market by End User
10.4.4 China China Resin Market by Type China Resin Market by End User
10.4.5 India India Resin Market by Type India Resin Market by End User
10.4.6 Japan Japan Resin Market by Type Japan Resin Market by End User
10.4.7 South Korea South Korea Resin Market by Type South Korea Resin Market by End User
10.4.8 Vietnam Vietnam Resin Market by Type Vietnam Resin Market by End User
10.4.9 Singapore Singapore Resin Market by Type Singapore Resin Market by End User
10.4.10 Australia Australia Resin Market by Type Australia Resin Market by End User
10.4.11 Rest of Asia-Pacific Rest of Asia-Pacific Resin Market by Type Rest of Asia-Pacific Resin Market by End User
10.5 Middle East & Africa
10.5.1 Middle East Middle East Resin Market by Country Middle East Resin Market by Type Middle East Resin Market by End User UAE UAE Resin Market by Type UAE Resin Market by End User Egypt Egypt Resin Market by Type Egypt Resin Market by End User Saudi Arabia Saudi Arabia Resin Market by Type Saudi Arabia Resin Market by End User Qatar Qatar Resin Market by Type Qatar Resin Market by End User Rest of Middle East Rest of Middle East Resin Market by Type Rest of Middle East Resin Market by End User
10.5.2 Africa Africa Resin Market by Country Africa Resin Market by Type Africa Resin Market by End User Nigeria Nigeria Resin Market by Type Nigeria Resin Market by End User South Africa South Africa Resin Market by Type South Africa Resin Market by End User Rest of Africa Rest of Africa Resin Market by Type Rest of Africa Resin Market by End User
10.6 Latin America
10.6.1 Latin America Resin Market by Country
10.6.2 Latin America Resin Market by Type
10.6.3 Latin America Resin Market by End User
10.6.4 Brazil Brazil Resin Market by Type Brazil Resin Market by End User
10.6.5 Argentina Argentina Resin Market by Type Argentina Resin Market by End User
10.6.6 Colombia Colombia Resin Market by Type Colombia Resin Market by End User
10.6.7 Rest of Latin America Rest of Latin America Resin Market by Type Rest of Latin America Resin Market by End User

11 Company Profile
11.1 Dupont
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Mitsubishi Engineering-Plastics Corporation
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 BASF SE (U.S.)
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Nova Chemicals
11.4 Company Overview
11.4.2 Financials
11.4.3 Product/Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Arkema
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 LynondellBasell
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 INEOS Holdings Ltd.
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Qenos
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Hexion
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 Invista
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View

12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions

13. USE Cases and Best Practices

14. Conclusion

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Secondary Research

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Primary Research

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Data Bank Validation

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