Resin Market Set to Reach USD 861.3 Billion by 2032 | Increased Demand for High-Performance Coatings Drive Market Growth | Research by SNS Insider

The resin market growth is driven by increasing demand from various end-user industries, and rising applications of resins in sectors such as automotive, construction, electronics, and packaging.

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Austin, Oct. 10, 2024 (GLOBE NEWSWIRE) -- According to the new market research report The Resin Market is poised to witness substantial growth, projected to reach USD 861.3 Billion by 2032, growing at a compound annual growth rate of 4.9% from 2024 to 2032.

Trends Impacting the Resin Market

The resin market is significantly impacted by the surging implementation in diverse industries. Epoxy, polyurethane, and acrylic resins are used to create high-quality materials that are characterized by their sturdiness, longevity, and flexibility. Notably, for the automotive industry, the resin market benefits from a tendency to use lightweight materials. The International Organization of Motor Vehicle Manufacturers reports that the worldwide vehicle production volume in 2022 was 81 million units and is anticipated to rise to 85 million by 2030. Hence, as already mentioned, a greater globalization of production drives the resin market noticeably.

Additionally, the construction industry plays a part in accelerating the development of the resin market. A rising tendency to utilize advanced materials leads to the development and implementation of resins, among other things. A further driver is a continually increasing focus on environmentalism and sustainability. Many experts suggest that bio-based and eco-friendly resins are increasingly being used in various applications due to their biodegradability and absence of volatile organic compounds.


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Key Players :

  • Dupont
  • Mitsubishi Engineering-Plastics Corporation
  • Nova Chemicals
  • Arkema
  • BASF SE
  • LyondellBasell
  • INEOS Holdings Ltd.
  • Qenos
  • Hexion
  • Invista
  • Dow Chemical Company
  • SABIC
  • Sumitomo Chemical
  • ExxonMobil Chemical
  • Celanese Corporation
  • Solvay
  • Evonik Industries
  • Teijin Limited
  • Toray Industries
  • Formosa Plastics Corporation

Opportunities in the Resin Market

Emerging Markets and Technological Advancements

The expansion of these regions’ economies, the growth of consumers’ income levels, as well as their urbanization and infrastructure development are creating the prerequisites for the production of more resin goods. In addition, in these regions, companies can gain a competitive advantage by investing in the increased demand for innovative and sustainable materials.

Moreover, the development or improvement of resin production technologies also opens up new opportunities in the market. The implementation of innovative formulations and processing methods will make it possible to create high-performance materials that can better meet the needs of different industries. For example, recently, opportunities for developing self-healing resins and production technology of thermoplastic resins have emerged. This will allow us to better protect the products from damage and extend their service life, which will lead to an increase in investments in research on such materials.

Resin Market Report Scope:

Report AttributesDetails
Market Size in 2023US$ 560 Billion
Market Size by 2032US$ 861.32 Billion
CAGR  CAGR of 4.90% From 2024 to 2032
Base Year2023
Forecast Period2024-2032
Historical Data2020-2022
Report Scope & CoverageMarket Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Regional Analysis/CoverageNorth America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America)
Key Drivers• Growing demand from end-use industries

• Applications of different types of resins

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Which region held the largest market share in the Resin Market?

In 2023, the Asia-Pacific region dominated the resin market, accounting for approximately 42% of the total market share. It is because of the rapid industrialization and increasing consumption rates of consumer goods in countries such as China and India. As the report indicated, Asia-Pacific’s construction sector is booming and government initiatives to enhance infrastructure and urban developments are the primary reasons driving the utilization of resins. However, China is the most critical player, being one of the largest producers and consumers of resins globally. Concerning the National Bureau of Statistics of China, the country’s production of resins was 15 million tons up to December 2022. In this respect, China is expected to continue dominating the market in the future. Besides, India is emerging as an important player, with resin users growing at a projected annual rate of 10% because of the growing automobile and building industries.

Concerning North America, the utilization of unsaturated polyester resins is significant in the automotive and aerospace sectors. On the other hand, Europe’s high consumption of such resins is attributed to the tough environmental policies encouraging the application of environmentally friendly resins. Similar endeavors are underway in North America, where there is a need to reduce carbon footprints, resulting in investment in bio-based and recycling technology for resins.

Which End-Use Segment Dominated the Resin Market in 2023?

The packaging segment accounted for the largest share around 24% in 2023. The fact is that different types of resin, including but not limited to PE, PP, and PVC, can be used in the production of both flexible and rigid packaging that ensures the product’s protection, prolongs shelf life, and makes it more appealing to customers. Importantly, the expansion of the food and beverage industry contributes to the increased utilization of resins as the number of preferences for packaged goods grows. At the same time, environmental concerns trigger the development of bio-based and recyclable resins that are gaining popularity and meeting the global demand for sustainability.

Which Type Segment Dominated the Resin Market in 2023?

Polyethylene (PE) held the highest market share around 22% in 2023. It is considered one of the most commonly used plastics worldwide. Owing to its excellent chemical resistance, strength, and good plasticity, it is an ideal material for a wide range of industries. In particular, PE is used in the packaging, automotive, consumer goods, and construction industries. When it comes to packaging, polyethylene is mainly used to produce various flexible films, including bags for shopping and garbage, beverage containers, and other items. Indeed, PE is widely used because it is relatively inexpensive, lightweight, and provides good moisture and other substances barrier. The use of packaging materials in general, and PE in particular, has increased over the years thanks to the growing demand for packed goods.

Key Segments:

By Type

  • Polypropylene
  • Polystyrene
  • Polyvinyl chloride
  • Polyurethane
  • Acrylonitrile
  • Polyethylene terephthalate
  • Polyamide
  • Polyethylene
  • Polycarbonate

By End-Use

  • Automotive & Transportation
  • Consumer goods/lifestyle
  • Building & Construction
  • Electrical & electronics
  • Packaging
  • Agriculture
  • Other

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Recent Developments

  • In 2023, BASF launched a new line of bio-based resins designed for the automotive and construction sectors, emphasizing sustainability and performance. This innovative product line aims to cater to the growing demand for environmentally friendly materials.
  • In 2023, Covestro announced the expansion of its production capacity for polyurethane resins in Asia-Pacific to meet the increasing demand in the region's booming construction market. This strategic move aims to strengthen Covestro's market presence in rapidly growing economies.

Conclusion

The resin market is poised for robust growth, driven by innovative applications and increasing demand across various industries. Companies focusing on product development, sustainable practices, and expanding into emerging markets are well-positioned to capitalize on the significant opportunities within the resin market. With the projected growth trajectory, stakeholders are encouraged to adapt to the changing landscape and invest in advanced technologies to remain competitive in this dynamic market.

Table of Contents – Major Key Points

1. Introduction

1.1 Market Definition

1.2 Scope (Inclusion and Exclusions)

1.3 Research Assumptions

2. Executive Summary

2.1 Market Overview

2.2 Regional Synopsis

2.3 Competitive Summary

3. Research Methodology

3.1 Top-Down Approach

3.2 Bottom-up Approach

3.3. Data Validation

3.4 Primary Interviews

4. Market Dynamics Impact Analysis

4.1 Market Driving Factors Analysis

4.1.1 Drivers

4.1.2 Restraints

4.1.3 Opportunities

4.1.4 Challenges

4.2 PESTLE Analysis

4.3 Porter’s Five Forces Model

5. Statistical Insights and Trends Reporting

5.1 Production Capacity and Utilization, by Country, by Type, 2023

5.2 Feedstock Prices, by Country, by Type, 2023

5.3 Regulatory Impact, by Country, by Type, 2023.

5.4 Environmental Metrics: Emissions Data, Waste Management Practices, and Sustainability Initiatives, by Region

5.5 Innovation and R&D, by Type, 2023

6. Competitive Landscape

7. Resin Market Segmentation, by Type

8. Resin Market Segmentation, by End-Use

9. Regional Analysis

10. Company Profiles

11. Use Cases and Best Practices

12. Conclusion

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