The global plastic resins market size is expected to grow from USD 383,305.6 million in 2020 to USD 522,503.4 million by 2027, at a CAGR of 4.5% from 2021 to 2027. Plastic is not a material but a family of similar materials with different properties that can be engineered to meet the requirements of a wide variety of applications, including packaging. Plastic resins have a wide range of uses across many industries: packaging, electrical & electronics, automotive, construction, etc. Plastic resins are used in a wide variety of structures. Major advantages of using resins include adapting to various products, good mechanical properties, corrosive liquid resistance, climates, and low shrinkage. Moreover, superior electrical properties, good efficiency at high temperatures, and reasonable adhesion to substrates benefit using plastic resins.
Because of its low weight-to-strength ratio, a plastic resin is predicted to benefit from a rise in demand for lightweight materials in the automobile industry. Furthermore, the worldwide plastic resins market is likely to be fueled by the need for composite materials in pipelines and tanks and oil and gas applications throughout the forecast period. Furthermore, growth is projected to be driven by the rise in plastic resins in automotive, electrical, electronic applications and building. Automotive OEMs have been motivated to embrace resin as a replacement for steel and aluminum to produce automotive parts by regulatory action to minimize gross vehicle weight, increase fuel efficiency, and reduce carbon emissions. Though, high volatility in the prices of raw materials and recyclability issues are estimated to restrain the growth of the global plastic resins market.
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COVID-19 Impact on the Global Plastic Resins Market
The world is fighting the highly contagious COVID-19 pandemic sweeping the globe. Germany, France, Italy, Spain, the United Kingdom, and Norway are affected by the COVID-19 crisis. Due to a scarcity of raw materials and supply chain interruptions, several industries have been forced to shut down due to the epidemic. Construction and many other businesses have been halted due to the worldwide lockdown, resulting in a drop in demand for plastic resins. The shutdown of numerous enterprises, notably transportation and supply lines, has harmed the economy of several countries. Demand for the product has been hampered due to the lockout, which has prevented any development.
During the COVID-19 pandemic, the chemical industry's development will likely be hampered by a demand-supply imbalance, interruptions in raw material procurement, price instability, and various other issues. Plastic resins are widely utilized in various industries, including manufacturing, packaging, automotive, construction, electrical & electronics, consumer products, etc. These industries experienced a sharp drop in growth rates due to the countrywide shutdown. During the early phases of the COVID-19 pandemic, demand for resin-related consumer items, including packaging and hygiene products, increased quickly and dramatically. However, demand for resin-related consumer items, such as those used in car manufacture, construction, and other industrial categories, has been on the decline for a longer time.
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Global Plastic Resins Market Dynamics
Drivers: Increase in use of plastics in the automotive industry
With the increase in the production of lightweight vehicles in the automotive industry, the demand for automotive plastics is rising. Strict environmental and safety regulations imposed by governments of several countries have forced automotive OEMs to substitute metal components with polymer components. The use of plastic in vehicles decreases the vehicle's overall weight, thus increasing its fuel efficiency and reducing the emissions of greenhouse gases. In addition, an increase in automotive plastic repairs helps to expand the market size of automotive polymers.
Another factor promoting the automotive plastics market growth is the increasing demand for electric vehicles. Electric cars that rely on renewable energy sources are lightweight and more powerful than traditional vehicles. Moreover, the increased use of polymers in electric vehicles is expected to provide better performance than traditional vehicles. The surge in demand for electric vehicles worldwide is expected to help draw high market revenues over the forecast period.
Restraints: Expensive and complex plastic resin manufacturing process
Despite the success of plastic resins, it is a polymer with a few drawbacks that can prevent it from being used by manufacturers and consumers. Like many other plastics, polymer takes a long time to break down and eventually ends up in landfill sites that run out of space for decades. Incineration, which may result in toxic gas emissions, is another way to dispose of polyethylene. Polyethylene is mainly extracted from petroleum or natural gas, a finite amount of which is present. It takes a large amount of energy to produce polyethylene, resulting in high carbon dioxide emissions, contributing to global warming and climate change. However, most plastic polymers can be technically recycled, but there are many different types to sort through at first, which is costly and complicated.
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Opportunities: Use of PMMA and composites in-vehicle car production
The North America automotive industry has demonstrated substantial growth prospects for composites in different applications. The high cost and lack of a cost-effective manufacturing process for high-volume applications have restricted composite materials in the automotive industry. However, increased focus on vehicle weight reduction and subsequent improvements in efficiency have prompted industries to opt for composites and polymethyl methacrylate (PMMA) plastics. Over the next five years, industry analysts expect the demand to increase for long fiber reinforced thermoplastic (LFRT) and lightweight reinforced thermoplastic materials in automotive applications.
Scope of the Report
The study categorizes the plastic resins market based on product and application at the regional and global levels.
By Product Outlook (Sales/Revenue, USD Million, 2017-2027)
- Polyethylene Terephthalate (PET)
- High-Density Polyethylene (HDPE)
- Polyvinyl Chloride (PVC)
- Low-Density Polyethylene (LDPE)
- Polypropylene (PP)
- Polystyrene (PS)
- Others
By Application Outlook (Sales/Revenue, USD Million, 2017-2027)
- Packaging
- Automotive
- Construction
- Electrical & Electronics
- Consumer Goods
- Furniture & Bedding
- Others
By Region Outlook (Sales/Revenue, USD Million, 2017-2027)
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
The polypropylene segment is projected to account for the largest market share by product
Based on product, the global plastic resins market is segmented into polyethylene terephthalate, high-density polyethylene, polyvinyl chloride, low-density polyethylene, polypropylene, polystyrene, and others. In 2020, the polypropylene segment accounted for the largest market share of 27.7% in the global plastic resins market. Polypropylene's high operating temperature, high fatigue life, excellent stress resistance, and high cracking resistance are the key growth drivers for the polypropylene resin industry. Its high tolerance to most alkalis, acids, organic solvents, degreasing agents, and electrolytic attacks is also a significant advantage in packaging, houseware, piping, containers, and automotive parts. The reusability factor of waste polypropylene products has been another significant growth driver for the industry. Polypropylene is fairly harmless to humans and does not release toxic combustion fumes when exposed. It also does not pose any chemical risk to the atmosphere. Moreover, it can be melted and reused as a thermoplastic elastomer.
North America accounts for the highest CAGR during the forecast period
Based on the regions, the global plastic resins market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, North America is estimated to hold the highest CAGR of 5.0% in the global plastic resins market during the forecast period. The demand for plastic resins in North America is studied throughout the U.S., Mexico, and Canada. The demand for plastic resins in North America is expected to witness a substantial increase over the projected period. North America's demand for plastic resins is driven by strong growth in the packaging, automotive, and electrical & electronics industries. The growth of the food & beverages industry and the demand for sustainable and recyclable materials are expected to drive the market over the forecast period.
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The U.S. is expected to dominate the market and the fastest CAGR during the forecast period. One of the major factors driving the growth of the U.S. plastic resins market is increased packaging in the food & beverages industry. In the U.S., food production is concentrated by multinational giants such as PepsiCo, Tyson Foods, Nestle, and JBS USA. There is a rise in demand for food & beverages packaging materials in the country. Companies' involvement, such as Unilever, PepsiCo, P&G, Coca-Cola, and Nestle, has intense competition in terms of market scope, product, and development. The presence of these companies in the U.S. makes it one of the most dynamic consumer goods markets, generating a constant demand for packaging materials that plastic resins can fulfill. The increase in bio-based PET products is expected to generate market growth opportunities in the future.
Key Market Players
Every company follows its business strategy to attain the maximum market share. Celanese Corporation, Dow, Dupont, Formosa Plastics Corporation, Evonik Industries AG, LyondellBasell Industries Holdings B.V., Sabic, Sumitomo Chemical Co., Ltd., Arkema S.A., and Toray Industries Inc. are some of the leading players operating in the global plastic resins market.
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