Plastic Resins Market Major impacting factors Analysis Report By 2030

Plastic Resins Industry Overview

The global plastic resins market size was estimated at USD 731.25 billion in 2021, projected to grow at a compound annual growth rate (CAGR) of 4.5% from 2022 to 2030.

Rising product demand from the construction, automotive, and electrical & electronics sectors is the key factor driving the market growth. The rapidly developing global automotive industry is expected to trigger the product demand in applications such as under-the-hood components, exteriors, and interiors of automobiles. The increasing application of resins in the automotive industry is spurred by the demand for lightweight and inexpensive multi-utility vehicle models with high fuel efficiency and an emphasis on aesthetics and comfort.

Gather more insights about the market drivers, restrains and growth of the Global Plastic Resins Market

U.S. plastic resin market size, by product, 2020 - 2030 (USD Billion)

The product consumption is also expected to increase in the healthcare sector owing to the growing production of Personal Protective Equipment (PPE), such as face masks, face shields, medical gowns, and various medical devices, due to the rising cases of COVID-19 across the globe. Increasing spending in the construction sector by various governments, especially in India and China, is expected to push the product demand in infrastructure and construction applications.

In 2021, the Asia Pacific region emerged as one of the fastest-growing construction markets. China, Japan, Indonesia, and Australia are among the prominent countries where the construction market is expected to witness significant growth over the forecast period.

Browse through Grand View Research’s Plastics, Polymers & Resins Industry Research Reports.

  • Food Packaging MarketThe global food packaging market size was estimated at USD 303.26 billion in 2019, exhibiting a CAGR of 5.2% over the forecast period. Growing demand for packaged food by consumers owing to quickening pace of life and changing eating habits is expected to have a major impact on the market.
  • Personal Protective Equipment Market The global personal protective equipment market size was valued at USD 77.36 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 7.3% from 2020 to 2028.

Market Share Insights

  • February 2022: BASF started marketing polyamide (PA) and polyphthalamides (PPA) grades in Europe that it acquired as part of the takeover of Solvay’s PA66 business. Ultramid® One J (PA66/6T) has good mechanical and dielectric properties under humid conditions and elevated temperatures.
  • March 2021: Eastman Chemical Company donated over 1,000 feet of PETG film to the Austin Peay State University in Clarksville for making 3D-printed face shields.

Key Companies profiled:

Some prominent players in plastic resins market include

  • Dow Inc.
  • Evonik Industries
  • Sumitomo Chemical
  • Arkema
  • Celanese Corporation
  • Eastman Chemical Company
  • Chevron Phillips Chemical Co., LLC
  • Lotte Chemical Corporation
  • Covestro AG
  • Toray Industries, Inc.
  • Teijin Ltd.

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