The global plastic resins market size was US$ 401,305.6 million in 2021. The global plastic resins market is forecast to grow to US$ 591,503.4 million by 2030 by registering a compound annual growth rate (CAGR) of 5.2% during the forecast period from 2022 to 2030.
COVID-19 Impact Analysis
The global plastic resin market was most likely affected by a demand-supply mismatch, disruptions in raw material procurement, pricing instability, and other concerns. Plastic resins have wide applications in packaging, automotive, construction, electronics, consumer goods, etc. However, the nationwide lockdown dropped the growth potential of these industries, which ultimately affected the global plastic resins market. On the contrary, the demand for resin-related consumer items, such as packaging and hygiene products, grew swiftly and it substantially increased the demand for plastic resins.
Factors Influencing the Market
Plastic resins find a wide range of applications in the construction industry, electronics industry, packaging industry, and automotive industry. Thus, all of these industries will drive the growth of the plastic resins market.
The benefits of using plastic resins, such as good mechanical properties, superior electrical properties, corrosive liquid resistance, and low shrinkage, will fuel the growth of the overall market.
Growing disposable income and rising demand for packed food items will also drive the demand for plastic resins for packaging purposes.
The demand for light-weight automotive is expected to witness steep growth. Thus, it will contribute to the plastic resin market growth. On the contrary, the expensive and complex process of manufacturing plastic resins may limit the growth of the market.
Regional Analysis
Globally, North America is forecast to hold the highest share in the plastic resin market, as the region has the prominent packaging, automotive, and electronics industries. Furthermore, the growing demand for the packed food & beverages industry will surge the demand for efficient packaging. Therefore, it will boost the growth of the plastic resins market. In addition, the region is home to some renowned multinational giants, such as PepsiCo, Tyson Foods, Nestle, etc. Thus, it will also propel the plastic resin market forward.
In terms of plastic production, the Asia-Pacific plastic resins market is forecast to record considerable growth. The production capacity for plastic resins is growing in China. Moreover, the region is home to various automotive manufacturers, such as Honda, Toyota, etc. Furthermore, due to its enormous manufacturing base, China exports a variety of plastics to neighboring countries, which will contribute to the market growth.
Competitors in the Market
Market Segmentation
The global plastic resins market segmentation focuses on Product, Application, and Region.
By Product Outlook
By Application Outlook
By Regional Outlook
