Resins Market Research Report Information 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 By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

Global Resins Market Overview

Resins Market Size was valued at USD 535.5 Billion in 2022. The resin market industry is projected to grow from USD 564.9 Billion in 2023 to USD 867.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.50% during the forecast period (2023 - 2032). Increased demand for sustainable and environmentally friendly resins and expanding use of resins in the automotive industry are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Resins Market Trends

• 
  

  Growing demand for sustainable and environmentally friendly resins is driving the market growth

  
  

Market CAGR for resins is being driven by the rising demand for sustainable and environmentally friendly resins. There is a growing global consciousness about the impact of traditional petroleum-based resins on the environment. These resins are often derived from fossil fuels and can have a significant carbon footprint. As environmental concerns intensify, there is a heightened desire to shift towards more sustainable and green materials, including resins.

Governments and regulatory bodies are implementing stricter environmental regulations and sustainability standards. Industries are compelled to meet these requirements by adopting eco-friendly materials, including resins. Compliance with these regulations is not only a legal obligation but also a way to avoid potential fines and penalties. Consumers are becoming increasingly environmentally conscious and are choosing products that are labeled as eco-friendly. This trend has created a market pull for sustainable resins in various consumer goods, from packaging materials to automotive components, where manufacturers are responding by adopting green resin options. Many sustainable resins are derived from renewable resources or are recyclable, which can lead to cost savings for manufacturers in the long run. Reduced waste, efficient resource utilization, and improved energy efficiency contribute to overall cost-effectiveness. Companies in various industries understand that integrating sustainable practices, including the use of eco-friendly resins, can enhance their market competitiveness. Sustainable products can attract a broader customer base, and a reputation for environmental responsibility can be a significant selling point.

Scientific advancements and research efforts have led to the development of new sustainable resin formulations. These resins can offer the same performance characteristics as traditional resins while being derived from bio-based sources or featuring recycling capabilities. Manufacturers are investing in research and development to create innovative and green resin options. Reducing dependency on fossil fuels and non-renewable resources is essential for supply chain resilience. The availability and price of petroleum-based resins can be volatile, making them less predictable for manufacturers. Sustainable resins offer a more stable supply chain and can be produced locally, reducing supply chain risks. The concept of a circular economy, where products and materials are reused, remanufactured, or recycled, has gained prominence. Sustainable resins are vital for creating products that fit within this framework, as they can be designed for easier recycling or repurposing, reducing overall waste. Thus driving the resin market revenue.

Resins Market Segment Insights

Resins Type Insights

The Resins Market segmentation, based on type, includes Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Polyurethane, Polystyrene, and Others. The polyethylene segment dominates the market, accounting for the largest market revenue due to its versatility, cost-effectiveness, and widespread utility in various industries. It is favored for its adaptability to different processing methods, making it suitable for applications as diverse as packaging materials, pipes, and plastic bottles. The ease of production and excellent properties like durability, flexibility, and resistance to moisture and chemicals further solidify polyethylene's prominence in the resin market. Polyethylene Terephthalate (PET) is typically the second most dominant resin type in the market. PET is widely used in various applications, including packaging, textiles, and beverage containers, making it a significant player in the resin market.

Resins End Use Industry Insights

The global resin market segmentation, based on the end-use industry, includes Packaging, Automotive & Transportation, Building & Construction, Consumer Goods/Lifestyle, Electrical & Electronics, Agriculture, and Others. The building & construction category dominates the market due to its extensive and consistent demand for structural support solutions. Struts, such as steel beams and scaffolding systems, are integral components in building projects, providing the necessary framework and support for structures. The construction industry's continuous need for struts, driven by the construction of residential, commercial, and infrastructure projects, solidifies its dominance in the struts construction market. Further, automotive & transportation is the second dominant category as resins are widely used in the automotive and transportation industry for various applications, including vehicle components, coatings, adhesives, and lightweight materials, contributing to their significant presence in this segment.

Figure 1: Resins Market, by End User Industry, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Resins Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American resin market area dominates this market due to its strong presence in key industries like automotive, construction, and electronics, where resins are extensively used in various applications. Additionally, the region's focus on research and development, technological innovation, and adherence to stringent quality and safety standards further solidify its leadership.

Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: RESINS MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe's resin market accounts for the second-largest market share due to the robust demand for resins in the automotive and construction sectors, where these materials are crucial for lightweight, durability, and sustainability initiatives. Further, the German Resins market held the largest market share, and the UK Resins market was the fastest-growing market in the European region.

The Asia-Pacific resin market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to rapid industrialization, infrastructure development, and the growth of manufacturing industries in the region, which require resins for a wide range of applications. Moreover, China’s Resins market held the largest market share, and the Indian Resins market was the fastest growing market in the Asia-Pacific region.

Resins Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the resin market grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the resin industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global resin industry to benefit clients and increase the market sector. In recent years, the resin industry has offered some of the most significant advantages to several industries. Major players in the Resins market, including DuPont, Arkema, BASF SE, INEOS Holdings Ltd., Hexion, Invista, LyondellBasell, Mitsubishi Engineering-Plastics Corporation, Mitsui Chemicals, Nova Chemicals, Qenos, Radici Group, SABIC, Repsol, Sumitomo Chemical Co. Ltd., Teijin Limited, Tosoh Corporation, Toray Group, and others, are attempting to increase market demand by investing in research and development operations.

Kuraray Co., Ltd. is a global specialty chemical company headquartered in Tokyo, Japan. Kuraray is known for its innovative products and technologies, primarily in the fields of specialty resins, films, fibers, and chemicals. Their materials find applications in industries such as automotive, packaging, electronics, construction, and more. Kuraray's product portfolio includes specialty resins like EVAL™ EVOH resins used in food packaging, Trosifol® interlayer films for laminated glass, and TPU (thermoplastic polyurethane) films and sheets, among others. Kuraray is involved in various corporate social responsibility initiatives, including those related to safety, ethics, and community engagement. They are committed to improving the well-being of society and the environment. In March 2022, Kuraray Co., Ltd., a Japanese specialty chemicals company, announced the acquisition of Ashland Performance Materials, a leading provider of specialty chemicals and materials. The acquisition is expected to expand Kuraray's portfolio of products and technologies and give it access to Ashland's global customer base.

Eastman Chemical Company is a global specialty chemical company headquartered in Kingsport, Tennessee, USA. The company operates in various sectors, including Advanced Materials, Chemical Intermediates, Additives, and functional Products, serving industries such as transportation, construction, healthcare, and consumer goods. Eastman is known for its commitment to innovation and sustainability, consistently developing advanced materials and technologies while prioritizing responsible and eco-friendly practices. Their diverse portfolio of products includes specialty plastics, adhesives, coatings, and cellulose esters, which find applications in a wide range of industries. In February 2022, Eastman Chemical and Sabic, two global leaders in specialty chemicals, announced a partnership to develop and commercialize new sustainable resin technologies. The partnership is expected to accelerate the development of new products that meet the growing demand for sustainable solutions in the resins market.

Key Companies in the Resins market include

• DuPont


• Arkema


• BASF SE


• INEOS Holdings Ltd.


• Hexion


• Invista


• LyondellBasell


• Mitsubishi Engineering-Plastics Corporation


• Mitsui Chemicals


• Nova Chemicals


• Qenos


• Radici Group


• SABIC


• Repsol


• Sumitomo Chemical Co. Ltd.


• Teijin Limited


• Tosoh Corporation


• Toray Group

Resins Industry Developments

January 2023: Polynt-Reichhold, a leading global producer of specialty chemicals, announced the acquisition of Reichhold Industries, a leading producer of unsaturated polyester resins and other specialty chemicals. The acquisition is expected to expand Polynt-Reichhold's portfolio of products and technologies and give it access to Reichhold's global customer base.

December 2022: Dow and Neste, two global leaders in the chemicals and materials industries, announced a partnership to develop and commercialize new sustainable resin technologies. The partnership is expected to accelerate the development of new products that meet the growing demand for sustainable solutions in the resins market.

July 2022: One Rock Capital Partners, a private equity firm, announced the acquisition of Prefere Resins Group, a pan-European leader in adhesive resins and formulations. The acquisition is expected to help Prefere accelerate its growth and sustainability initiatives.

Resins Market Segmentation

Resins Type Outlook

• Polyethylene


• Polypropylene


• Polyethylene Terephthalate


• Polyvinyl Chloride


• Acrylonitrile Butadiene Styrene


• Polyamide


• Polycarbonate


• Polyurethane


• Polystyrene


• Others

Resins End Use Industry Outlook

• Packaging


• Automotive & Transportation


• Building & Construction


• Consumer Goods/Lifestyle


• Electrical & Electronics


• Agriculture


• Others

Resins Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America