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Resin Market

Resin Market

Resin Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:


Base Year:



Jan - 2024



Report Code:


Segments Covered
  • By Type By Type Epoxy , Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Polyurethane, Polystyrene, Other Types
  • By  End-use Industry By End-use Industry Packaging, Automotive & Transportation, Building & Construction, Consumer Goods/Lifestyle , Electrical & Electronics, Agriculture, Other End-use Industries
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Base YearBase Year: 2023
Forecast YearsForecast Years: 2024 - 2032
Historical YearsHistorical Years: 2018 - 2022
Revenue 2023Revenue 2023: USD 820.2 Billion
Revenue 2032Revenue 2032: USD 1403.2 Billion
Revenue CAGRRevenue CAGR (2024 - 2032): 5.52 %
Fastest Growing Region Fastest Growing Region (2024 - 2032) North America
Largest Region Largest Region (2023): Asia Pacific
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Resin Market Share

The global Resin Market is valued at USD 820.2 Billion in 2023 and is projected to reach a value of USD 1403.2 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 5.52 % between 2024 and 2032.

Key highlights of Resin Market

  • Increasing demand from various industries and the development of new applications will bolster market growth.
  • Asia Pacific is expected to dominate the market during the forecast period, with a revenue share of 48.5% in 2023
  • By Type, the Polyethylene segment dominated the largest market share globally from 2024 to 2032.
  • By End-use Industry, the Packaging segment will hold a 28.1% share globally in 2023 due to the rising e-commerce industry and growing consumer demand for sustainable and eco-friendly packaging materials.
  • The North America region is poised for remarkable growth, displaying a noteworthy Compound Annual Growth Rate (CAGR) between 2024 and 2032.

Resin Market Size, 2023 To 2032 (USD Billion)

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Resin Market: Regional Overview

The Asia Pacific region dominates the Resin market, accounting for 48.5% the largest share in 2023. The region has a solid manufacturing base, with countries like China, Japan, and South Korea leading Resin production. These countries have well-established industries and infrastructure to support the production and export of Resins. Secondly, the growing demand for Resins in various sectors such as automotive, construction, packaging, and electronics further fuels the industry's growth in the region. Additionally, a large population and improving living standards in emerging economies like India and Indonesia contribute to the increased consumption of Resins. Overall, the Asia Pacific region continues to dominate the Resin market due to its robust manufacturing capabilities and high demand from various industries.

U.S. Resin Market Overview

The U.S. Resin Market is valued at USD 147.63 Billion in 2022 and is projected to reach a value of USD 293.43 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 7.11 % between 2024 and 2032. The U.S. Resin market reflects broader global trends, strongly emphasizing innovation, sustainability, and meeting the demands of critical sectors. The automotive industry is a significant driver, with plastic Resins essential for enhancing safety, light-weighting, and vehicle design flexibility. Despite supply chain challenges and disruptions, the U.S. witnessed an 8.1 percent increase in motor vehicle and parts production in 2022. The construction sector remains a critical end-use market, influencing Resin demand through homebuilding, remodeling, and infrastructure projects. While housing starts faced a decline, leading to a 3.1 percent drop to a 1.56-million-unit pace in 2022, the demand for Resins in construction materials persisted. The U.S. also experienced growth in retail sales, an essential indicator for Resin demand, with a 0.5 percent rise in actual retail sales in 2022. The automotive and construction sectors and the healthcare industry's increasing demand for Personal Protective Equipment (PPE) contribute to the resilience and growth of the U.S. Resin market. Despite the challenges posed by increasing interest rates and housing affordability concerns, the U.S. Resin market demonstrates adaptability and continued relevance in diverse applications.

The global Resin market can be categorized as Type, End-Use Industry, and Region.

Parameter Details
Segments Covered

By Type

  • Epoxy
  • Polyethylene
  • Polypropylene
  • Polyethylene Terephthalate
  • Polyvinyl Chloride
  • Acrylonitrile Butadiene Styrene
  • Polyamide
  • Polycarbonate
  • Polyurethane
  • Polystyrene
  • Other Types

By End-use Industry

  • Packaging
  • Automotive & Transportation
  • Building & Construction
  • Consumer Goods/Lifestyle
  • Electrical & Electronics
  • Agriculture
  • Other End-use Industries

By Region

  • North America
    • U.S.
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • DuPont
  • Arkema
  • INEOS Holdings Ltd.
  • Hexion
  • Invista
  • LyondellBasell
  • Mitsubishi Engineering-Plastics Corporation
  • Nova Chemicals
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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Resin Market: Type Overview

In 2023, Polyethylene segment dominated the market. Based on the Type, the market can be categorized into Epoxy, Polyethylene, Polypropylene, Polyethylene Terephthalate, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polyamide, Polycarbonate, Polyurethane, Polystyrene, and Other Types. Polyethylene is a versatile thermoplastic Resin that offers excellent properties such as high tensile strength, impact resistance, and chemical resistance. These properties make it highly suitable for packaging materials, consumer goods, automotive components, and construction applications. Additionally, its low cost and easy processing further contribute to its popularity. The increasing demand for polyethylene can also be attributed to the rapid growth of the packaging industry, especially in emerging economies. The rise in e-commerce, coupled with an increasing consumer preference for convenient and sustainable packaging solutions, has boosted the demand for polyethylene-based packaging materials. Furthermore, the growing focus on sustainability and environmental consciousness has led to a shift towards recyclable and biodegradable materials. Polyethylene can be recycled easily, allowing it to meet the sustainability requirements and regulations of various industries.

Resin Market: End-use Industry Overview

The packaging segment is expected to hold the largest market share in the Resin market. Based on the End-use Industry, the market can be categorized into Packaging, Automotive & Transportation, Building & Construction, Consumer Goods/Lifestyle, Electrical & Electronics, Agriculture, and Other End-use Industries. Packaging is essential to almost all industries, including food and beverage, pharmaceuticals, personal care, and consumer goods. Resins are extensively used to produce various packaging materials, including bottles, containers, films, and wraps. Resins offer excellent properties such as durability, flexibility, chemical resistance, and lightweight, making them an ideal choice for packaging applications. Additionally, the growing consumer demand for sustainable and eco-friendly packaging materials has further propelled the growth of the Resin market in the packaging segment. Resins like PET, PP, and LDPE are widely used to produce packaging materials. The rising e-commerce industry has also influenced the growth of the packaging segment in the Resin market. The growing demand for E-commerce has led to an increased requirement for protective packaging materials to ensure the safe transportation of products. Resins provide excellent cushioning and protection, further driving their demand in the packaging industry.

Key Trends

  1. One of the significant trends in the Resin industry is the growing consumer demand for eco-friendly and sustainable Resins. With the rising awareness about environmental preservation and sustainability, consumers seek products with minimal environmental impact. This has led to the development and adoption of Resin products made from renewable resources such as plant-based extracts or recycled materials. These eco-friendly Resins offer the same performance characteristics as their traditional counterparts while reducing carbon footprint and promoting a circular economy.
  2. Resins are extensively used in the packaging industry for various applications, such as films, bottles, containers, and caps. The rising demand for convenient and lightweight packaging solutions has fueled the growth of the Resin market in this sector. The shift towards flexible packaging materials, such as polyethylene and polypropylene films, is driven by their cost-effectiveness, versatility, and barrier properties. Resins with enhanced durability and moisture resistance are also gaining traction in food packaging. With the growing e-commerce industry and the need for sustainable packaging solutions, the demand for Resins in the packaging industry is expected to surge in the foreseeable future.
  3. The healthcare sector has seen increased demand for plastic Resins due to the production of Personal Protective Equipment (PPE) kits, face masks, medical gowns, face shields, and other medical devices, driven by the COVID-19 pandemic. The electronics industry, particularly in the Asia-Pacific region, is a major consumer of plastic Resins, with China, India, and Japan leading in demand. The growth of the electronic industry in China and India is expected to support the demand for plastic Resins.
  4. R&D and innovation are crucial in driving the Resin market forward. Manufacturers are investing heavily in research and development activities to enhance the performance characteristics of Resins, improve their processing efficiencies, and explore novel applications. Developing high-performance Resins with enhanced strength, impact, and chemical resistance is a key focus area. Additionally, a growing focus is on developing Resins compatible with advanced manufacturing processes such as 3D printing and additive manufacturing. Integrating nanotechnology and intelligent materials in Resin formulation also opens new possibilities for product development. Overall, the focus on R&D and innovation is expected to fuel the growth and evolution of the Resin market in the coming years.

Premium Insights

The global Resin market is witnessing substantial growth, driven by the escalating demand across diverse industries such as automotive, construction, packaging, and healthcare. The market's expansion is underscored by the versatile applications of Resins, offering properties like lightweight construction, chemical resistance, and cost-effectiveness. As the world continues to recover from supply chain disruptions, significant players in the Resin industry are strategically investing in research and development to improve their product portfolios and expand their global footprint. Furthermore, the advent of bioplastics, made from renewable biomass sources, is transforming the landscape of the plastic Resin market. With an emphasis on sustainability and biodegradability, bioplastics like PLA, PHA, and CPLA are gaining prominence, aligning with the global push towards eco-friendly packaging solutions. Major industry players are actively participating in initiatives to promote the use of bioplastics, signifying a collective commitment to environmentally responsible practices.

Report Coverage & Deliverables

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Economic Insights

The Resin market's economic outlook is influenced by its pivotal role in various sectors, from automotive and construction to packaging and healthcare. Rising demand from the automotive industry, fueled by a preference for small, lightweight multi-utility vehicles, underscores the significant contribution of Resins in enhancing vehicle safety, performance, and design flexibility. Moreover, stringent regulations governing recycling and degradability propel Resins in construction for pipes, windows, cables, and storage tanks. The petrochemical feedstocks for most plastic Resins are by-products of oil and natural gas production, making the market vulnerable to oil price fluctuations. Additionally, environmental concerns and regulatory measures aimed at reducing plastic consumption pose a risk to the market's growth. Governments worldwide are implementing restrictions on non-renewable resources, emphasizing the need for sustainable alternatives in Resin production.

Competitive Landscape

Leading market players, including DuPont, Arkema, and BASF SE, actively invest in research and development to expand their product portfolios. Strategic activities such as new product launches, contractual agreements, mergers and acquisitions, and collaborations are prevalent in the Resin industry. Notable examples include Kuraray's acquisition of Ashland Performance Materials, Eastman Chemical's partnership with Sabic for sustainable Resin technologies, and Polynt-Reichhold's acquisition of Reichhold Industries. These strategic moves highlight the industry's focus on innovation, global expansion, and meeting the evolving demands of various end-use sectors.

The key players in the global Resin market include - DuPont, Arkema, BASF SE, INEOS Holdings Ltd., Hexion, Invista, LyondellBasell, Mitsubishi Engineering-Plastics Corporation, Nova Chemicals among others.

Recent Market Developments

  • In March 2023, Key domestic appliance manufacturers in Asia, specifically for refrigerator liners, have partnered with INEOS Styrolution, a major global player and a subsidiary of INEOS, to commercialize K-Resin KR21.
  • In December 2022, Arkema, a prominent Resin manufacturer, has announced plans to expand its polyester Resin capacity at its Navi Mumbai, India facility. This move will involve doubling the company's current capacity, enhancing its global powder coatings market position, and showcasing its commitment to developing low-VOC technologies.

Frequently Asked Question
  • The global Resin valued at USD 820.2 Billion in 2023 and is expected to reach USD 1403.2 Billion in 2032 growing at a CAGR of 5.52 %.

  • The prominent players in the market are DuPont, Arkema, BASF SE, INEOS Holdings Ltd., Hexion, Invista, LyondellBasell, Mitsubishi Engineering-Plastics Corporation, Nova Chemicals .

  • The market is project to grow at a CAGR of 5.52 % between 2024 and 2032.

  • The driving factors of the Resin include

  • Asia Pacific was the leading regional segment of the Resin in 2023.