Plastic Resins Market Porter's Five Forces Analysis and Technology Landscape

Plastic Resins Industry Overview

The global plastic resins market size is expected to reach USD 1.07 trillion by 2030, according to a new report by Grand View Research, Inc. It is projected to expand at a 4.5% CAGR over the forecast period. The increasing consumption of plastic resins in construction, automotive, electrical, and electronics applications is boosting the market growth. Government intervention to reduce overall vehicle weight to improve fuel efficiency and reduce carbon emissions has prompted automakers to use resins to replace steel and aluminum in automotive components.

Favorable federal regulations on CO2 emissions set by agencies such as the National Highway Traffic Safety Administration and the Environmental Protection Agency (EPA), as well as EU initiatives to develop plastics applications for light-weight and fuel-efficient cars, are expected to fuel global growth and promote the market. However, the ongoing health crisis and the lockdown imposed by various governments to contain the spread of the coronavirus pandemic have led to a decline in the consumption of plastic resins. It is expected to further negatively impact the market growth in the years to come.

Plastic Resins Market Segmentation

Grand View Research has segmented the global plastic resins market report based on product, application, and region:

Based on the Product Insights, the market is segmented into Crystalline Resin, Non-crystalline Resin, Engineering Plastic, and Super Engineering Plastic

• The crystalline resins product segment accounted for the maximum revenue share of more than 62% in 2021 and is expected to maintain its dominance throughout the forecast period.
• The Polyethylene (PE) resin sub-segment accounted for a prominent share in the crystalline type segment owing to their increasing demand from food packaging, stretch wrap, medical applications, etc.
• The super engineering plastic segment is expected to grow at a CAGR of 5.3% during the forecast period. This can be primarily attributed to the wide usage of these products in semiconductor packaging, high-speed connectors packaging, and medical applications, due to their high electrical and thermal properties.

Based on the Application Insights, the market is segmented into Packaging, Automotive, Construction, Electrical & Electronics, Logistics, Consumer Goods, Textiles & Clothing, Furniture & Bedding, Agriculture, Medical Devices, and Others

• The packaging segment accounted for the highest revenue share of more than 36% in 2021 and is projected to expand further at a steady CAGR over the forecast period.
• The growing packaging industry supported by the increasing demand for packaged foods and beverages will boost the segment growth.
• The automotive application sector is expected to witness prominent growth in the market over the coming years supported by the increasing utilization of plastics in automotive components coupled with a rise in the production of passenger cars as well as heavy-duty vehicles, particularly in Asia Pacific and Central & South America regions.
• The medical devices application segment is estimated to register the fastest CAGR from 2022 to 2030.

Plastic Resins Regional Outlook

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The global plastic resins market is significantly fragmented owing to the presence of a large number of local as well as regional players. The global players face intense competition from each other as well as from the regional players who have strong distribution networks and good knowledge about regulations and suppliers. Key manufacturers are continuously focusing on strengthening their presence in the emerging markets of the Asia Pacific and Middle East & Africa through different expansion strategies.

Some prominent players in the global Plastic Resins market include:

• BASF SE
• SABIC
• Dow Inc.
• Evonik Industries
• Sumitomo Chemical
• Arkema
• Celanese Corporation
• Eastman Chemical Company
• Chevron Phillips Chemical Co., LLC
• Lotte Chemical Corporation

 Order a free sample PDF of the Plastic Resins Market Intelligence Study, published by Grand View Research.