Resin Market Surge in Food Production to boast growth Around the World by 2028
The global resin market size is expected to gain momentum by reaching USD 715.93 billion by 2028 while exhibiting a CAGR of 4.4% between 2021 and 2028. The increasing demand for polypropylene from the automotive and construction industries has fueled the growth of this market. Resins are used for providing mechanical strength, adhesion to metals and heat resistance in automotive, which, in turn, may propel market growth. Additionally, the rising demand for resins in the packaging industry is also creating opportunities for market growth. These factors may propel market development in the upcoming years.
The report presents a holistic study of this market and current trends and future anticipations to establish proximate investment gains. An in-depth analysis of any upcoming opportunities, threats, competitions or driving factors is also mentioned in the report. Step by step, a thorough regional analysis is offered. The COVID-19 impacts have been added to the report to help investors and business owners understand the threats better. The top players in the market are identified, and their strategies to bolster the market growth are shared in the report.
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By type, the market is divided into polyethylene, polypropylene, polyethylene terephthalate, polyvinyl chloride, acrylonitrile butadiene styrene, polyamide, polycarbonate, polyurethane, polystyrene and others. By end-use industries, it is segmented into packaging, automotive & transportation, building & construction, consumer goods/lifestyle, electrical & electronics, agriculture and others.
- Based on end-user industries, the consumer goods/lifestyle segment held a share of 12.3%, electrical & electronics held a market share of 9.6%, agriculture segment held a share of 4.7%, and others held a market share of 16.5% in 2020.
Finally, based on region, the market is categorized into North America, Europe, Asia Pacific, South America and the Middle East & Africa.
Drivers & Restraints
Increasing Demand for Polypropylene in Automotive Industry to Drive Market Growth
The increasing demand for polypropylene (PP) in the construction, automotive, and medical industries is expected to drive market growth. It is used in auto parts to provide chemical resistance in the automotive industry and is extremely cost-effective. Additionally, the growing population and developing societies’ demand for individual vehicles has increased, thereby supporting market growth. Apart from the automotive industry, it is used in the medical industry to protect medical devices from moisture, it also provides high flexural strength and the ability to withstand extreme temperatures conditions. These factors are likely to fuel the resin market growth.
However, the fluctuating crude oil prices may restrain market growth.
Asia Pacific to Dominate Backed by Presence of Major Plastic Producer in the Region
Asia Pacific is expected to remain at the forefront and hold the highest position market during the forecast period due to the presence of major plastic producing and consuming countries such as China and India. In addition, the region has availability of labor and raw materials at affordable cost, thereby establishing several manufacturing units. The region’s market stood at USD 261.12 billion in 2020.
Europe is expected to show a significant resin market share due to its increasing demand in the automotive industry. Plastics are used in automobiles owing to their properties such as corrosion inhibition, electrical insulation and other favorable physical properties.
Key Players to Focus on Launches to Strengthen their Market Prospectus
The global market for hair wigs contains many prominent companies that are constantly trying to develop unique devices to cater to the demand from patients across the globe. To do so, they are joining hands with local or reputed firms, launching new solutions, doing partnerships and collaborations to strengthen their portfolio in the market. Below are two industry developments:
- July 2021: Toray launched a new resin technical center in Munich, Germany, at its Automotive Center Europe (AMCEU). Toray Resins Europe GmbH markets and sells high-performance compounds, which is expected to strengthen its product portfolio.
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List of Key Players Profiled in Report
- DuPont (U.S.)
- Arkema (France)
- BASF SE (Germany)
- INEOS Holdings Ltd. (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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