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Key Factor Supporting Plastic Resins Market Development in 2025: Demand For Lightweight Materials In Automotive And Aviation Industries Boosts Plastic Resins Market
Plastic Resins
How Large Will the Plastic Resins Market Size By 2025?
In recent times, the plastic resins market has witnessed consistent growth. The size of the market is anticipated to swell from $742.85 billion in 2024 to $779.85 billion in 2025, with a compound annual growth rate of 5.0%. The substantial market growth in the past period is mainly due to the expansion in the plastics and polymer sectors, the burgeoning manufacturing and injection molding industries, escalated demand for multi-functional and lightweight materials, the evolution of high-performance resins, and the increase in automotive and transportation applications.
How Big Is the Plastic Resins Market Size Expected to Grow by 2029?
The market for plastic resins is projected to experience robust expansion in the upcoming years, potentially reaching $1013.4 billion by 2029, with a compound annual growth rate (CAGR) of 6.8%. This surge during the predicted period is likely due to the development of environment-friendly resin formulations, a rise in the production of electric vehicles, specialized resin solutions tailored for particular applications, and the increased need for resins that are resistant to high temperatures and chemicals, as well as the spread of 3D printing and additive manufacturing. Notable trends during this projection period include the adoption of bio-based and biodegradable plastic resins, regulatory conformity regarding resin safety, the emergence of nanocomposite and fortified plastic materials, smart resins that offer self-healing and shape-memory functions, and the promotion of circular economy practices in the manufacturing of resins.
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Which Key Market Drivers Powering Plastic Resins Market Expansion and Growth?
The escalating need for lightweight materials in the automotive and aviation sectors is fuelling the growth of the plastic resins market. Such materials have proven high performance, attaining equivalent safety and durability benefits as aluminum and steel while lessening weight and carbon dioxide discharges in vehicles and aircraft. Plastic resins are a hybrid mix that is rotationally transformed into strong and flexible objects that can imitate the look of stone and metal materials at a lesser cost and weight, making them ideal for the manufacturing of various automotive and aviation components like door panels, flooring, and engine parts. Taking a case in point, in March 2023, Jamco Corporation, an aircraft engines and engine parts firm located in Japan, showcased its Venture Premium Class Seat; this seat is specially designed with sustainability as a key feature and aims at reducing operational charges for airlines. The Venture seat from Jamco comprises a considerable quantity of recycled matter, weighs less than conventional seats, is easy to set up, and necessitates lesser overall maintenance. As such, the burgeoning demand for lightweight materials in the automotive and aviation sectors is propelling the expansion of the plastic resins market.
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Which Fast-Growing Trends Are Poised to Disrupt the Plastic Resins Market?
The plastic resins industry is being shaped by recycled plastic resins. Firms within the market are tailoring their focus towards the production of recycled plastic resins, enabling their clients to create eco-friendly items and potentially increase their market footprint. For example, in October 2022, NOVA Chemicals Corporation, a polyethylene resins manufacturer based in Canada, unveiled its new mechanically recycled polyethylene resin, EX-PCR-NC4. Utilization of this product supports converters and brand owners in fulfilling their sustainability commitments without sacrificing packaging efficacy in fields such as shrink, e-commerce, heavy-duty sacks, and protective packaging.
What Are the Emerging Segments in the Plastic Resins Market?
The plastic resins market covered in this report is segmented -
1) By Product: Crystalline, Non-Crystalline, Engineering Plastic, Super Engineering Plastic
2) By Resin Type: Polyethylene, Polyvinyl Chloride, Acrylonitrile Butadiene Styrene, Polycarbonate, Polystyrene, Polymethyl Methacrylate, Polybutylene Terephthalate
3) By Application: Packaging, Automotive, Construction, Electrical And Electronics, Logistics, Textiles And Clothing, Furniture And Bedding, Medical Device
Subsegments:
1) By Crystalline: Polypropylene (PP), Polyethylene Terephthalate (PET), Polyamide (Nylon), Polyoxymethylene (POM)
2) By Non-Crystalline: Polystyrene (PS), Poly(methyl methacrylate) (PMMA), Polyvinyl Chloride (PVC), Polycarbonate (PC)
3) By Engineering Plastic: Acrylonitrile Butadiene Styrene (ABS), Polyamide (Nylon), Polybutylene Terephthalate (PBT), Polyphenylene Oxide (PPO)
4) By Super Engineering Plastic: Polysulfone (PSU), PolyetheretherKe*tone (PEEK), Polyetherimide (PEI), Liquid Crystal Polymer (LCP)
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Who Are the Global Leaders in the Plastic Resins Market?
Major companies operating in the plastic resins market include BASF SE, Saudi Basic Industries Corporation., Dow Inc., Evonik Industries AG, Sumitomo Chemical Co. Ltd., Arkema S.A., Celanese Corporation, Eastman Chemical Company, Chevron Phillips Chemical Co. LLC, Lotte Chemical Corporation, Covestro AG, Toray Industries Inc., Teijin Ltd., Exxon Mobil Corporation, Mitsui And Co. Plastics Ltd., Braskem Sa, LyondellBasell Industries, LG Chem Ltd., E. I. du Pont de Nemours and Company, INEOS Group Limited, Formosa Plastics Corporation, Total Petrochemicals & Refining USA Inc., Mitsubishi Chemical Corporation, Asahi Kasei Corporation, Mitsui Chemicals Inc., Reliance Industries Limited, Sinopec Corp., China National Chemical Corporation, Nova Chemicals Corporation
Which are the Top Profitable Regional Markets for the Plastic Resins Industry?
Asia-Pacific was the largest region in the plastic resins market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the plastic resins market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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