What Is the Current Size and Future Growth Projections of the Plastic Resins Market?
The plastic resins market has shown steady growth in recent years. The market size stood at $742.85 billion in 2024, and it is forecasted to reach $779.85 billion in 2025, growing at a Compound Annual Growth Rate (CAGR) of 5.0%. This growth in the historic period can be attributed to the expansion of the plastics and polymer industries, increasing demand for versatile and lightweight materials, and the development of high-performance resins.
The plastic resins market size is expected to see strong growth in the next few years. It is projected to reach $1013.4 billion in 2029, growing at a CAGR of 6.8%. This growth in the forecast period can be attributed to the demand for sustainable and eco-friendly resin formulations, the growth in electric vehicle production, and the expansion in 3D printing and additive manufacturing. Major trends include the use of bio-based and biodegradable plastic resins and the adoption of circular economy practices in resin production.
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What Are the Key Drivers of the Plastic Resins Market?
The growth of the plastic resins market is largely driven by the rising demand for lightweight materials in the automotive and aviation industries. The lightweight materials provide high performance equivalent to aluminum and steel in terms of safety and durability while also reducing weight and carbon dioxide emissions. Moreover, the usage of plastic resins in the manufacturing of various automotive and aviation parts such as door panels, flooring, and engine components has further stimulated the market growth.
What Are the Segments in the Plastic Resins Market?
The plastic resins market segments include:
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
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Who Are The Major 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 Are the Current Trends in the Plastic Resins Market?
One emerging trend in the plastic resins market is the development and use of recycled plastic resins. Companies have been focusing on developing recycled plastic resins to help their customers manufacture sustainable products and expand their market share. For instance, in October 2022, NOVA Chemicals Corporation, a Canadian-based producer of polyethylene resins, has launched its new, mechanically recycled polyethylene resin, EX-PCR-NC4.
Which Region Dominates the Plastic Resins Market?
Asia-Pacific was the largest region in the plastic resins market in 2024 and is expected to continue as the fastest-growing region during the forecast period. The report covers other regions including Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Is The Plastic Resins Market Definition?
The plastic resins market comprises of sales of plastic resins by entities that are used for making different varieties of plastic products. Plastic resins are the base for all kinds of plastics, they are made to go through different processes, be transformed, and make fit for specific needs. They are mostly utilized by the electrical, and automotive industries for packaging and manufacturing of various parts. The Plastic Resins Market research report covers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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