The global plastic resin market was estimated at USD 829.28 billion in 2023 and it is expected to surpass around USD 1,296.5 billion by 2033, poised to grow at a CAGR of 4.57% from 2024 to 2033.
The global plastic resin market has experienced significant growth in recent years, fueled by the ever-expanding demand across various industries. This overview aims to provide insights into the key aspects of the plastic resin market, encompassing its definition, types, applications, and market trends.
The growth of the plastic resin market is underpinned by several key factors. Firstly, increasing demand across diverse industries, including packaging, automotive, and healthcare, fuels the market's expansion. Additionally, the versatility of plastic resins, such as polyethylene, polypropylene, and PVC, allows for their widespread application in various products. Technological advancements in polymer science contribute to the development of innovative and high-performance resin materials, driving market growth. Moreover, a growing emphasis on sustainable practices has led to the adoption of biodegradable and recycled resin options, aligning with environmental concerns. Circular economy initiatives, aimed at promoting recycling and minimizing plastic waste, further propel the market forward. Stringent regulatory frameworks addressing environmental impact also play a crucial role in shaping the plastic resin market, fostering a shift towards more responsible and sustainable practices within the industry.
| Report Coverage | Details |
| Growth Rate from 2024 to 2033 | CAGR of 4.57% |
| Market Revenue by 2033 | USD 1,296.5 billion |
| Revenue Share of China in 2023 | 41% |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
The crystalline resin sector held the largest revenue share of 55% share in 2023. The surge in demand for crystalline resins is projected, attributed to their exceptional qualities that thrive in situations involving wear, bearings, and structural loads. Their widespread utilization in packaging is notable, driven by their durability and effective barrier qualities, especially in response to the burgeoning e-commerce sector and the packaging of consumer products.
Characterized by a high melting point and a rigid surface, crystalline resins exhibit resilience against solvent penetration. However, their strength is coupled with a reduction in impact resistance due to their crystalline nature. Three primary types of resins—epoxy resins, polyethylene, and polypropylene—contribute to this sector's diversity. Globally, polyvinyl chloride (PVC) stands out as one of the most extensively used thermoplastic polymers. In its unaltered state, PVC is notably brittle. It finds applications in specific construction activities, clothing fibers, and the healthcare industry. Notably, in the construction sector, PVC serves purposes such as insulation around electrical wires and as an alternative to rubber in specific flooring applications.
In 2023, the packaging segment asserted its dominance in the market, driven by the thriving packaging industry. The surge in demand for packaged foods and beverages is a key driver for the growth of this segment, with the anticipation of continued expansion. Notably, stringent criteria established by various government agencies regarding the safe use of plastic materials in food and beverage applications are expected to further propel the growth of the packaging segment.
The automotive application segment is poised to exhibit the fastest CAGR over the forecast period. This growth is supported by the increased use of plastics in automotive components and the rising production of passenger cars and heavy-duty vehicles, particularly in the Asia Pacific and Central & South America regions. Plastic resins offer enhanced design flexibility, enabling the fabrication of intricate parts and components that can be tailored to meet specific automobile specifications.
In the medical application segment, a significant upsurge in the adoption of plastic resins is anticipated. These resins play a crucial role in the production of medical devices, providing advantages such as improved clarity, cost-effectiveness, and biocompatibility. Various polymers, including Polyethylene (PE) and Polystyrene (PS), are combined to achieve the desired qualities for use in medical devices. The cost-effectiveness of plastic resins compared to alternative materials contributes to the production of affordable medical devices and equipment.
In 2023, China region dominated the market with the largest market share of 41%. This stronghold can be attributed to factors such as rapid urbanization, increased construction activities, and a surge in demand for consumer goods and packaging within the region. As a global manufacturing powerhouse, China plays a pivotal role in driving substantial demand for plastic resins across diverse sectors, including automotive, electronics, packaging, and construction. The market is further fueled by the escalating demand for polyethylene terephthalate (PET) plastic bottles, widely used in packaging bottled water, juices, soft drinks, medications, household cleaners, and personal care products.
Anticipated significant growth is expected in the European plastic resins industry. The European market is characterized by stringent environmental regulations imposed by regulatory bodies such as the European Chemicals Agency (ECHA) and the European Commission. Several European countries, including Denmark, France, Germany, and Austria, have enforced landfill prohibitions for an extended period. The imposition of high landfill tipping fees, dumping taxes, and associated waste management and landfill closure expenses has motivated Europeans to shift towards recycled products. Collaborative initiatives like Zero Waste Europe, working in conjunction with the European Commission, aim to reduce residual waste to zero, further influencing the plastic resins market in the region.
By Product
By Application
By Region
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Plastic Resin Market
5.1. COVID-19 Landscape: Plastic Resin Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Plastic Resin Market, By Product
8.1. Plastic Resin Market, by Product, 2024-2033
8.1.1. Crystalline Resin
8.1.1.1. Market Revenue and Forecast (2021-2033)
8.1.2. Non-crystalline Resin
8.1.2.1. Market Revenue and Forecast (2021-2033)
8.1.3. Engineering Plastic
8.1.3.1. Market Revenue and Forecast (2021-2033)
8.1.4. Super Engineering Plastic
8.1.4.1. Market Revenue and Forecast (2021-2033)
Chapter 9. Global Plastic Resin Market, By Application
9.1. Plastic Resin Market, by Application, 2024-2033
9.1.1. Packaging
9.1.1.1. Market Revenue and Forecast (2021-2033)
9.1.2. Automotive
9.1.2.1. Market Revenue and Forecast (2021-2033)
9.1.3. Construction
9.1.3.1. Market Revenue and Forecast (2021-2033)
9.1.4. Electrical & Electronics
9.1.4.1. Market Revenue and Forecast (2021-2033)
9.1.5. Logistics
9.1.5.1. Market Revenue and Forecast (2021-2033)
9.1.6. Consumer Goods
9.1.6.1. Market Revenue and Forecast (2021-2033)
9.1.7. Textiles & Clothing
9.1.7.1. Market Revenue and Forecast (2021-2033)
9.1.8. Furniture & Bedding
9.1.8.1. Market Revenue and Forecast (2021-2033)
9.1.9. Agriculture
9.1.9.1. Market Revenue and Forecast (2021-2033)
9.1.10. Medical Devices
9.1.10.1. Market Revenue and Forecast (2021-2033)
9.1.11. Others
9.1.11.1. Market Revenue and Forecast (2021-2033)
Chapter 10. Global Plastic Resin Market, Regional Estimates and Trend Forecast
10.1. North America
10.1.1. Market Revenue and Forecast, by Product (2021-2033)
10.1.2. Market Revenue and Forecast, by Application (2021-2033)
10.1.3. U.S.
10.1.3.1. Market Revenue and Forecast, by Product (2021-2033)
10.1.3.2. Market Revenue and Forecast, by Application (2021-2033)
10.1.4. Rest of North America
10.1.4.1. Market Revenue and Forecast, by Product (2021-2033)
10.1.4.2. Market Revenue and Forecast, by Application (2021-2033)
10.2. Europe
10.2.1. Market Revenue and Forecast, by Product (2021-2033)
10.2.2. Market Revenue and Forecast, by Application (2021-2033)
10.2.3. UK
10.2.3.1. Market Revenue and Forecast, by Product (2021-2033)
10.2.3.2. Market Revenue and Forecast, by Application (2021-2033)
10.2.4. Germany
10.2.4.1. Market Revenue and Forecast, by Product (2021-2033)
10.2.4.2. Market Revenue and Forecast, by Application (2021-2033)
10.2.5. France
10.2.5.1. Market Revenue and Forecast, by Product (2021-2033)
10.2.5.2. Market Revenue and Forecast, by Application (2021-2033)
10.2.6. Rest of Europe
10.2.6.1. Market Revenue and Forecast, by Product (2021-2033)
10.2.6.2. Market Revenue and Forecast, by Application (2021-2033)
10.3. APAC
10.3.1. Market Revenue and Forecast, by Product (2021-2033)
10.3.2. Market Revenue and Forecast, by Application (2021-2033)
10.3.3. India
10.3.3.1. Market Revenue and Forecast, by Product (2021-2033)
10.3.3.2. Market Revenue and Forecast, by Application (2021-2033)
10.3.4. China
10.3.4.1. Market Revenue and Forecast, by Product (2021-2033)
10.3.4.2. Market Revenue and Forecast, by Application (2021-2033)
10.3.5. Japan
10.3.5.1. Market Revenue and Forecast, by Product (2021-2033)
10.3.5.2. Market Revenue and Forecast, by Application (2021-2033)
10.3.6. Rest of APAC
10.3.6.1. Market Revenue and Forecast, by Product (2021-2033)
10.3.6.2. Market Revenue and Forecast, by Application (2021-2033)
10.4. MEA
10.4.1. Market Revenue and Forecast, by Product (2021-2033)
10.4.2. Market Revenue and Forecast, by Application (2021-2033)
10.4.3. GCC
10.4.3.1. Market Revenue and Forecast, by Product (2021-2033)
10.4.3.2. Market Revenue and Forecast, by Application (2021-2033)
10.4.4. North Africa
10.4.4.1. Market Revenue and Forecast, by Product (2021-2033)
10.4.4.2. Market Revenue and Forecast, by Application (2021-2033)
10.4.5. South Africa
10.4.5.1. Market Revenue and Forecast, by Product (2021-2033)
10.4.5.2. Market Revenue and Forecast, by Application (2021-2033)
10.4.6. Rest of MEA
10.4.6.1. Market Revenue and Forecast, by Product (2021-2033)
10.4.6.2. Market Revenue and Forecast, by Application (2021-2033)
10.5. Latin America
10.5.1. Market Revenue and Forecast, by Product (2021-2033)
10.5.2. Market Revenue and Forecast, by Application (2021-2033)
10.5.3. Brazil
10.5.3.1. Market Revenue and Forecast, by Product (2021-2033)
10.5.3.2. Market Revenue and Forecast, by Application (2021-2033)
10.5.4. Rest of LATAM
10.5.4.1. Market Revenue and Forecast, by Product (2021-2033)
10.5.4.2. Market Revenue and Forecast, by Application (2021-2033)
Chapter 11. Company Profiles
11.1. BASF SE
11.1.1. Company Overview
11.1.2. Product Offerings
11.1.3. Financial Performance
11.1.4. Recent Initiatives
11.2. SABIC
11.2.1. Company Overview
11.2.2. Product Offerings
11.2.3. Financial Performance
11.2.4. Recent Initiatives
11.3. Dow
11.3.1. Company Overview
11.3.2. Product Offerings
11.3.3. Financial Performance
11.3.4. Recent Initiatives
11.4. DuPont
11.4.1. Company Overview
11.4.2. Product Offerings
11.4.3. Financial Performance
11.4.4. LTE Scientific
11.5. Evonik Industries AG
11.5.1. Company Overview
11.5.2. Product Offerings
11.5.3. Financial Performance
11.5.4. Recent Initiatives
11.6. Sumitomo Chemical Co., Ltd.
11.6.1. Company Overview
11.6.2. Product Offerings
11.6.3. Financial Performance
11.6.4. Recent Initiatives
11.7. Celanese Corporation
11.7.1. Company Overview
11.7.2. Product Offerings
11.7.3. Financial Performance
11.7.4. Recent Initiatives
11.8. Eastman Chemical Company
11.8.1. Company Overview
11.8.2. Product Offerings
11.8.3. Financial Performance
11.8.4. Recent Initiatives
11.9. Chevron Phillips Chemical Co., LLC
11.9.1. Company Overview
11.9.2. Product Offerings
11.9.3. Financial Performance
11.9.4. Recent Initiatives
11.10. LOTTE Chemical Corporation
11.10.1. Company Overview
11.10.2. Product Offerings
11.10.3. Financial Performance
11.10.4. Recent Initiatives
Chapter 12. Research Methodology
12.1. Primary Research
12.2. Secondary Research
12.3. Assumptions
Chapter 13. Appendix
13.1. About Us
13.2. Glossary of Terms
Cross-segment Market Size and Analysis for
Mentioned Segments
Additional Company Profiles (Upto 5 With No Cost)
Additional Countries (Apart From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers