The Resin Market size was USD 532.6 billion in 2022 and is expected to Reach USD 780.99 billion by 2030 and grow at a CAGR of 4.9% over the forecast period of 2023-2030.
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.
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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.
KEY DRIVERS
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.
RESTRAIN
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.
OPPORTUNITY
Rapid Growth in the packaging industry
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.
CHALLENGES
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
Polypropylene
Polystyrene
Polyvinyl chloride
Acrylonitrile
Polyamide
Polyethylene
polycarbonate
by End-use industry
Automotive & Transportation
Consumer goods/lifestyle
Building & Construction
Electrical & electronics
Packaging
Agriculture
Other
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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.
REGIONAL 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
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.
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
| Report Attributes | Details |
| Market Size in 2022 | US$ 532.6 Billion |
| Market Size by 2030 | US$ 780.99 Billion |
| CAGR | CAGR of 4.9 % From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| 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 |
Ans. USD 780.99 billion is the projected Resin Market size of the market by 2030.
Ans. USD 532.65 billion is the projected value in 2022 for Resin Market.
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 2022.
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
4.3.1.1 US
4.3.1.2 Canada
4.3.1.3 Germany
4.3.1.4 France
4.3.1.5 United Kingdom
4.3.1.6 China
4.3.1.7 Japan
4.3.1.8 South Korea
4.3.1.9 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
10.2.4.1 USA Resin Market by Type
10.2.4.2 USA Resin Market by End User
10.2.5 Canada
10.2.5.1 Canada Resin Market by Type
10.2.5.2 Canada Resin Market by End User
10.2.6 Mexico
10.2.6.1 Mexico Resin Market by Type
10.2.6.2 Mexico Resin Market by End User
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Resin Market by Country
10.3.1.2 Eastern Europe Resin Market by Type
10.3.1.3 Eastern Europe Resin Market by End User
10.3.1.4 Poland
10.3.1.4.1 Poland Resin Market by Type
10.3.1.4.2 Poland Resin Market by End User
10.3.1.5 Romania
10.3.1.5.1 Romania Resin Market by Type
10.3.1.5.2 Romania Resin Market by End User
10.3.1.6 Hungary
10.3.1.6.1 Hungary Resin Market by Type
10.3.1.6.2 Hungary Resin Market by End User
10.3.1.7 Turkey
10.3.1.7.1 Turkey Resin Market by Type
10.3.1.7.2 Turkey Resin Market by End User
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Resin Market by Type
10.3.1.8.2 Rest of Eastern Europe Resin Market by End User
10.3.2 Western Europe
10.3.2.1 Western Europe Resin Market by Country
10.3.2.2 Western Europe Resin Market by Type
10.3.2.3 Western Europe Resin Market by End User
10.3.2.4 Germany
10.3.2.4.1 Germany Resin Market by Type
10.3.2.4.2 Germany Resin Market by End User
10.3.2.5 France
10.3.2.5.1 France Resin Market by Type
10.3.2.5.2 France Resin Market by End User
10.3.2.6 UK
10.3.2.6.1 UK Resin Market by Type
10.3.2.6.2 UK Resin Market by End User
10.3.2.7 Italy
10.3.2.7.1 Italy Resin Market by Type
10.3.2.7.2 Italy Resin Market by End User
10.3.2.8 Spain
10.3.2.8.1 Spain Resin Market by Type
10.3.2.8.2 Spain Resin Market by End User
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Resin Market by Type
10.3.2.9.2 Netherlands Resin Market by End User
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Resin Market by Type
10.3.2.10.2 Switzerland Resin Market by End User
10.3.2.11 Austria
10.3.2.11.1 Austria Resin Market by Type
10.3.2.11.2 Austria Resin Market by End User
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Resin Market by Type
10.3.2.12.2 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
10.4.4.1 China Resin Market by Type
10.4.4.2 China Resin Market by End User
10.4.5 India
10.4.5.1 India Resin Market by Type
10.4.5.2 India Resin Market by End User
10.4.6 Japan
10.4.6.1 Japan Resin Market by Type
10.4.6.2 Japan Resin Market by End User
10.4.7 South Korea
10.4.7.1 South Korea Resin Market by Type
10.4.7.2 South Korea Resin Market by End User
10.4.8 Vietnam
10.4.8.1 Vietnam Resin Market by Type
10.4.8.2 Vietnam Resin Market by End User
10.4.9 Singapore
10.4.9.1 Singapore Resin Market by Type
10.4.9.2 Singapore Resin Market by End User
10.4.10 Australia
10.4.10.1 Australia Resin Market by Type
10.4.10.2 Australia Resin Market by End User
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Resin Market by Type
10.4.11.2 Rest of Asia-Pacific Resin Market by End User
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Resin Market by Country
10.5.1.2 Middle East Resin Market by Type
10.5.1.3 Middle East Resin Market by End User
10.5.1.4 UAE
10.5.1.4.1 UAE Resin Market by Type
10.5.1.4.2 UAE Resin Market by End User
10.5.1.5 Egypt
10.5.1.5.1 Egypt Resin Market by Type
10.5.1.5.2 Egypt Resin Market by End User
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Resin Market by Type
10.5.1.6.2 Saudi Arabia Resin Market by End User
10.5.1.7 Qatar
10.5.1.7.1 Qatar Resin Market by Type
10.5.1.7.2 Qatar Resin Market by End User
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Resin Market by Type
10.5.1.8.2 Rest of Middle East Resin Market by End User
10.5.2 Africa
10.5.2.1 Africa Resin Market by Country
10.5.2.2 Africa Resin Market by Type
10.5.2.3 Africa Resin Market by End User
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Resin Market by Type
10.5.2.4.2 Nigeria Resin Market by End User
10.5.2.5 South Africa
10.5.2.5.1 South Africa Resin Market by Type
10.5.2.5.2 South Africa Resin Market by End User
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Resin Market by Type
10.5.2.6.2 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
10.6.4.1 Brazil Resin Market by Type
10.6.4.2 Brazil Resin Market by End User
10.6.5 Argentina
10.6.5.1 Argentina Resin Market by Type
10.6.5.2 Argentina Resin Market by End User
10.6.6 Colombia
10.6.6.1 Colombia Resin Market by Type
10.6.6.2 Colombia Resin Market by End User
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Resin Market by Type
10.6.7.2 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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