What Has Driven the Growth of the Plastic Resins Market in Recent Years?
The plastic resins market has seen considerable growth due to a variety of factors.
• There has been a consistent growth in the size of the plastic resins market in the last few years. From $742.85 billion in 2024, it is projected to climb up to $779.85 billion in 2025, with a compound annual growth rate (CAGR) of 5.0%.
This growth during the historic period can be traced back to the expansion of the plastics and polymer industries, development in manufacturing and injection molding sectors, demand for versatile and lightweight materials, evolution of high-performance resins, and an uptick in automotive and transportation applications.
What is the Market Size Forecast for the Plastic Resins Market?
The plastic resins market is expected to maintain its strong growth trajectory in upcoming years.
• In the foreseeable future, the plastic resins market is predicted to experience substantial growth, with its size estimated to reach $1013.4 billion in 2029, growing at a compound annual growth rate (CAGR) of 6.8%.
This projected growth during the forecast period is largely attributed to factors such as the advancement in eco-friendly and sustainable resin formulas, the rise in electric vehicle manufacturing, the bespoke resin solutions tailored for specific uses, the rising demand for high-temperature and chemical-resistant resins, and the proliferation of 3D printing and additive manufacturing. Key market trends anticipated during this period include the emergence of bio-based and biodegradable plastic resins, stringent regulations pertaining to resin safety, the development of nanocomposite and fortified plastic materials, intelligent resins for self-healing and shape-memory functions, and the adoption of circular economy principles in resin production.
What Are The Core Factors Supporting Growth In The Plastic Resins Market?
The plastic resins market is being fueled by the surge in lightweight material requirements in both the automotive and aviation sectors. These lightweight materials have proven to deliver high performance, matching the safety and durability offered by aluminum and steel, but with the added benefits of reduced weight and lower carbon dioxide emissions for cars and aircraft. Plastic resins are composite mixtures that are rotomolded to form strong and flexible objects which can mimic the appearance of stone and metal materials. These can be produced at a lesser cost and weight, and find applications in the making of a variety of automotive and aviation parts, including door panels, floors, and engine parts. Take for example, in March 2023, when Japan-based aircraft engines and engine parts company, Jamco Corporation showcased its Venture Premium Class Seat. This seat was designed with an eco-friendly perspective, leading to reduced operational costs for airlines. Not only is Jamco’s Venture seat composed of a considerable amount of recycled material, but it is also lighter than conventional seats, easily installable, and requires lesser maintenance. Such rising demands for lightweight materials in the automotive and aviation sectors are driving the enlargement of the plastic resins market.
What Are The Major Segments Within The Global Plastic Resins Market?
The plastic resins market covered in this report is segmented –
1) By Product: Crystalline, Non-Crystalline, Engineering Plastic, Super Engineering Plastic
2) By Resin Type: Polyethylene, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polycarbonate, Polystyrene, Polymethyl Methacrylate, Polybutylene Terephthalate
3) By Application: Packaging, Automotive, Construction, Electrical And Electronics, Logistics, Textiles And Clothing, Furniture And Bedding, Medical Device
Subsegments:
1) By Crystalline: Polypropylene (PP), Polyethylene Terephthalate (PET), Polyamide (Nylon), Polyoxymethylene (POM)
2) By Non-Crystalline: Polystyrene (PS), Poly(methyl methacrylate) (PMMA), Polyvinyl Chloride (PVC), Polycarbonate (PC)
3) By Engineering Plastic: Acrylonitrile Butadiene Styrene (ABS), Polyamide (Nylon), Polybutylene Terephthalate (PBT), Polyphenylene Oxide (PPO)
4) By Super Engineering Plastic: Polysulfone (PSU), Polyetheretherketone (PEEK), Polyetherimide (PEI), Liquid Crystal Polymer (LCP)
Pre-Book The Plastic Resins Global Market Report 2025 Report For Swift Delivery And Comprehensive Insights:
Which Trends Are Expected To Transform The Plastic Resins Market?
The direction of the plastic resins market is being significantly influenced by recycled plastic resins. To support their clients in creating environmentally-friendly products and increase their market reach, businesses in this sector are concentrating on advancing recycled plastic resins. For example, in October 2022, NOVA Chemicals Corporation, a Canadian firm specializing in polyethylene resins, revealed their latest product, a mechanically recycled polyethylene resin called EX-PCR-NC4. This development enables converters and brand proprietors to realize their sustainability objectives without negatively impacting product efficiency in areas such as shrink, e-commerce, heavy-duty sacks, and protective packaging.
Who Are the Key Players in the Plastic Resins Market?
Major companies operating in the plastic resins market include:
• BASF SE
• Saudi Basic Industries Corporation.
• Dow Inc.
• Evonik Industries AG
• Sumitomo Chemical Co. Ltd.
• Arkema S.A.
• Celanese Corporation
• Eastman Chemical Company
• Chevron Phillips Chemical Co. LLC
• Lotte Chemical Corporation
• Covestro AG
• Toray Industries Inc.
• Teijin Ltd.
• Exxon Mobil Corporation
• Mitsui And Co. Plastics Ltd.
• Braskem Sa
• LyondellBasell Industries
• LG Chem Ltd.
• E. I. du Pont de Nemours and Company
• INEOS Group Limited
• Formosa Plastics Corporation
• Total Petrochemicals & Refining USA Inc.
• Mitsubishi Chemical Corporation
• Asahi Kasei Corporation
• Mitsui Chemicals Inc.
• Reliance Industries Limited
• Sinopec Corp.
• China National Chemical Corporation
• Nova Chemicals Corporation
What Is The Most Dominant Region In The Plastic Resins Market?
Asia-Pacific was the largest region in the plastic resins market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the plastic resins market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
