Polymer Resin Market Size by Type (Polystyrene, Polyvinylchloride, Polypropylene, Polyethylene, Expandable Polystyrene, and Others), By Application (Construction, Medical, Automotive, Consumer, Industrial, Electrical & Electronics, Packaging, and Others), Regions, Segmentation, and forecast till 2030.
Pune India, Jan. 23, 2023 (GLOBE NEWSWIRE) — The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the polymer resin market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the polymer resin market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, application, and regions. The key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the paragraphs below.
The significant players operating in the global polymer resin market are BASF SE, SABIC, Dow, Inc., Evonik Industries AG, Chevron Phillips Chemical Co., LLC, Lotte Chemical Corp., Sumitomo Chemical, Arkema, Celanese Corp., Covestro AG, Toray Industries, Inc., Eastman Chemical Company, Teijin Ltd. among others. To achieve a substantial market share in the worldwide polymer resin market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Organic acids and polyhydric alcohols are used to produce polymer resins, which are very flexible and resistant to heat, chemicals, and flames. Polymer resin has many applications in automobiles and cars and is one of the most used products in the automotive industry. Manufacturing plants and car factories that produce spare parts for cars also use polymer resin. It is believed that the wide use of polymer resin in the automotive sector drives the growth of the polymer resin market. The polymer resin is used to make seat belts, bumpers, and other materials in the automotive sector. In addition to polymer resin, many alternative materials are used in the automotive, construction, and textile industries. The availability of these alternative materials has created a challenge for the market for polymer resins. The market has been challenged because some underdeveloped areas don’t use polymer resin. In addition to automotive, polymer resin is widely used in the construction industry to make doors, tiles, and other things. The polymer resin market size will expand with rapid urbanization, development of infrastructure, and increasing per capita income of people. Additionally, the construction sector’s demand for polymer resin is a major driving force.
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Scope of Polymer Resin Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Billion |
| Segments Covered | Type, Application, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | BASF SE, SABIC, Dow, Inc., Evonik Industries AG, Chevron Phillips Chemical Co., LLC, Lotte Chemical Corp., Sumitomo Chemical, Arkema, Celanese Corp., Covestro AG, Toray Industries, Inc., Eastman Chemical Company, Teijin Ltd. among others |
Segmentation Analysis
Polyethylene is expected to be the fastest-growing segment in 2022.
The type segment is polystyrene, polyvinylchloride, polypropylene, polyethylene, expandable polystyrene, and others. The polyethylene segment is expected to witness the highest growth rate during the forecast period. In the plastics industry, high-molecular-weight polymers are used for molding, low-molecular-weight polymers are used as lubricants, and medium-molecular-weight polymers are used as waxes, is boosting the growth of the market.
Packaging is expected to be the fastest-growing segment in 2022.
The application includes construction, medical, automotive, consumer, industrial, electrical & electronics, packaging, and others. The packaging segment is expected to witness the highest growth rate during the forecast period. In recent years, several government agencies have established regulations governing the safe use of plastic materials for food and beverage applications. These regulations are expected to boost the segment’s growth.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the polymer resin market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The European region witnessed a major share. In addition to the increasing adoption of medical devices and equipment, the medical industry is growing rapidly due to a growing population and chronic diseases, which will lead to the growth of the polymer resin market. Construction activities, infrastructure development, and an increase in the consumer sector in this region will also boost the market demand.
Country Analysis
- Germany
Germany’s polymer resin market size was valued at USD 92.6 billion in 2022 and is expected to reach USD 142.1 billion by 2030, at a CAGR of 5.5% from 2023 to 2030.
The nation’s plastic production capacity is sufficient to meet local demand, and the nation recycles a significant amount of waste plastic into items such as sheets, films, and fibres, boosting the market growth in the country.
- China
China’s polymer resin market size was valued at USD 48.5 billion in 2022 and is expected to reach USD 73.3 billion by 2030, at a CAGR of 5.3% from 2023 to 2030.
China is self-sufficient in producing plastic due to the number of facilities and production capacity necessary to meet local demands. The country’s extensive manufacturing infrastructure also allows exporting of various types of plastic to neighbouring countries.
- India
India’s polymer resin market size was valued at USD 37.34 billion in 2022 and is expected to reach USD 55.8 billion by 2030, at a CAGR of 5.2% from 2023 to 2030.
India will also experience stable growth due to the region’s growing consumer sector, infrastructure development, and construction activity.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the rising cases demand for the best and fast medical treatments, propelling the growth of the market across the countries.
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