Chicago, Dec. 12, 2022 (GLOBE NEWSWIRE) -- The global resin market is expected to exhibit strong growth, reaching USD 667.6 billion by 2028. As per the report titled "Resin Market Size, Share & COVID-19 Impact Analysis, By Type (Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Polyurethane, Polystyrene and Others), By End Use Industry (Packaging, Automotive & Transportation, Building & Construction, Consumer Goods/Lifestyle, Electrical & Electronics, Agriculture and Others) and Regional Forecasts, 2022-2028" observes that the market size in 2021 stood at USD 521.6 billion and USD 667.6 billion in 2028. The market is expected to exhibit a CAGR of 4.20% during the forecast period.
DuPont and Celanese have a Deal whereby DuPont will Sell Celanese the Majority of its Mobility and Materials Business
In February 2022, DuPont and Celanese have a deal in place to sell Celanese the majority of the mobility and materials business. 3.5 billion USD in net sales are represented by this binding agreement in the business lines of performance resins and innovative solutions. With unmatched manufacturing capability, scale, and technical expertise, the company will be able to develop a market-leading portfolio and serve the consumer, automotive, and industrial markets.
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Market Overview
The construction and automotive industries' rising need for polypropylene is anticipated to expand the resin market. The demand for private vehicles was sparked by increased consumer purchasing power, propelling the automotive sector and fostering market expansion. The pharmaceutical, food & beverage, consumer products, and e-commerce industries' rising demand for packaging solutions will fuel the market's expansion. High levels of plastic are used due to changing consumer lives and demanding work schedules. This element offers the market a chance for expansion. The price of resin was affected by changes in crude oil, which will limit market expansion.
Growth Factor
Growing Demand for Polypropylene in the Automotive Industry Will Fuel Market Expansion
The demand for polypropylene (P.P.) is anticipated to rise in the construction, automotive, and medical sectors. It is extremely economical and provides chemical resistance in auto parts used in the automotive industry. The demand for individual vehicles has increased due to the expanding population and emerging economies, which has aided market expansion. It is also used in the automotive industry and has applications in the medical sector. It shields medical equipment from moisture and offers high flexural strength and resistance to harsh weather conditions. These elements are probably going to fuel the resin market's expansion.
Unstable Raw Material Prices to Limit Market Growth
Raw resin materials include hydrocarbon fuels like sand, salt, natural gas, coal, crude oil, and coal. Natural gas is used extensively in polyethylene (P.E.) production because it is widely available and reasonably priced there. Due to the intense competition in the area, resins are in high demand, and P.E. producers export many of their products. Global price volatility for the resin is anticipated to continue due to supply-demand fluctuations. Most raw materials are produced in the downstream petrochemical processes. Political unrest, supply-demand imbalances, and seasonal variations are the main causes of crude oil price volatility.
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List of Key Players Profiled in the Resin Market Report
- DuPont (U.S.)
- Arkema (France)
- BASF SE (Germany)
- INEOS Holdings Ltd. (U.K.)
- Hexion (U.S.)
- Invista (U.S.)
- Lyondellbasell (Netherlands)
- Mitsubishi Engineering-Plastics Corporation (Japan)
- Mitsui Chemicals (Japan)
- Nova Chemicals (Canada)
- Qenos (Australia)
- Radici Group (Italy)
- SABIC (Saudi Arabia)
- Repsol (Spain)
- Sumitomo Chemical Co. Ltd. (Japan)
- Teijin Limited (Japan)
- Tosoh Corporation (Japan)
- Toray Group (Japan)
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Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the resin market plan acquisitions to improve their brand recognition globally. For instance, in June 2021, Iupital MA series, a polyacetal resin of medical grade, was created by Mitsubishi Engineering-Plastics. This line of goods allows better design options for compact and lightweight medical equipment and devices by offering a variety of high-rigidity, standard, low-friction, and high-flow grades.
Notable Industry Development
- February 2022: RegXcellence, a new service for regulatory excellence for plastic additives, was introduced by BASF. RegXcellence offers digital solutions with advisory support to streamline the management of regulatory issues and hasten innovation opportunities. This launch will facilitate specialized access to a variety of international regulatory support.
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Report Scope and Segmentation
| Report Coverage | Details |
| Forecast Period | 2022-2028 |
| Forecast Period 2021 to 2028 CAGR | 4.20 % |
| 2028 Value Projection | 667.6 billion |
| Base Year | 2021 |
| Market Size in 2021 | 521.6 billion |
| Historical Data for | 2018 - 2021 |
| Segments covered | By Type, By End User, and By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
Segmentation of Global Resin Market
Global Resin Market – By Type
- Polyethylene
- Polypropylene
- Polyethylene Terephthalate
- Polyvinyl Chloride
- Acrylonitrile Butadiene Styrene
- Polyamide
- Polycarbonate
- Polyurethane
- Polystyrene
- Others
Global Resin Market – By End User
- Packaging
- Automotive & Transportation
- Building & Construction
- Consumer Goods/Lifestyle
- Electrical & Electronics
- Agriculture
- Others
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Regional Overview
Asia Pacific is projected to hold the largest resin market share over the forecast period. The main reason for this is the existence of significant plastic-producing and -consuming nations like China and India. In addition, the area has reasonable access to labor and raw materials, which has encouraged several enterprises to set up production facilities. China is a significant producer of cell phones, televisions, and laptops. The quick movement in customer preferences toward electronics for daily tasks also drives the industry in this area.
Further Report Findings
- The market in Asia Pacific is expected to gain a huge portion of the global resin market share in the coming years due to the existence of significant plastic-producing and -consuming nations like China and India.
- The region also has affordable access to labour and raw materials, allowing for the establishment of various manufacturing facilities.
- In Europe, the growth in this region is primarily driven by because the automotive industry is using it more and more. Due to their favourable physical characteristics, such as corrosion prevention, electrical insulation, and other attributes, plastics are used in automobiles.
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