Global Resin Market to Reach USD 825.24 Billion by 2031 | CAGR of 4.9%
Category : Materials And Chemicals | Published Date : Nov 2024 | Type : Press Release
Resin Market Scope & Overview:
In the newly published report, Consegic Business Intelligence states that the Resin Market size was valued at USD 567.38 billion in 2023 and is projected to grow at a CAGR of 4.9% during the forecast period to reach USD 825.24 billion by 2031. Resins, both synthetic and natural, are utilized across various industries due to their adhesive, coating, and molding properties. They are key components in the manufacturing, construction, automotive, and electronics sectors, offering durability, flexibility, and chemical resistance. Major resin types, such as thermoplastics and thermosetting resins, are employed for diverse applications including packaging, coatings, adhesives, and composites.
The report comprises the Resin Market Share, Size & Industry Analysis, based on Type (Thermoplastic Resins, Thermosetting Resins), End-User Industry (Packaging, Automotive, Construction, Electronics, Healthcare, Consumer Goods, Paints & Coatings, Others), and Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa), and Forecast, 2024-2031.
The report contains detailed information on Resin Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profiles, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
The rising demand for lightweight, durable materials in automotive and packaging applications is a key driver propelling the resin market.
Segmental Analysis :
Based on type, the market is bifurcated into Thermoplastic Resins and Thermosetting Resins.
- The thermoplastic resins segment accounted for the largest market share in 2023, driven by their versatility, recyclability, and ease of processing. Thermoplastics such as polyethylene (PE), polypropylene (PP), and polyethylene terephthalate (PET) are widely used in packaging, consumer goods, and construction applications.
- The thermosetting resins segment is anticipated to grow at the fastest rate during the forecast period, fueled by their superior mechanical strength, thermal stability, and chemical resistance. Resins like epoxy and polyurethane are extensively employed in automotive, electronics, and aerospace industries for high-performance applications.
Based on the end-user industry, the market is segmented into Packaging, Automotive, Construction, Electronics, Healthcare, Consumer Goods, Paints & Coatings, and Others.
- The packaging segment held the largest market share in 2023, accounting for 29.15%, attributed to the extensive use of resins in flexible and rigid packaging solutions for food, beverages, and consumer goods.
- The automotive segment is projected to grow at the fastest rate, driven by the increasing adoption of lightweight materials for improving fuel efficiency and supporting the production of electric vehicles.
Based on regions, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
- Asia-Pacific: Accounted for the highest market share of 39.65% in 2023, valued at USD 224.97 billion, driven by rapid industrialization, urbanization, and strong demand from the construction and electronics sectors. Countries like China and India are major consumers of resins, particularly for packaging and infrastructure development.
- North America: Experienced the fastest growth, with a CAGR of 5.5%, supported by advancements in automotive, construction, and packaging industries. The U.S. is a significant contributor, focusing on high-performance resins for automotive coatings, adhesives, and composites.
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 825.24 Billion |
| CAGR (2024-2031) | 4.9% |
| Type | Thermoplastic Resins (PE, PP, PVC, PS, PET, ABS, Others), Thermosetting Resins (Epoxy, UPR, PU, Melamine, Alkyd, Phenolic) |
| End-User Industry | Packaging, Automotive, Construction, Electronics, Healthcare, Consumer Goods, Paints & Coatings, Others |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The resin market is highly competitive, with key players focusing on product innovation, sustainability, and strategic collaborations to strengthen their market presence. Companies like Dow Chemical Company and BASF SE dominate with diversified portfolios, while others invest in bio-based and advanced resin solutions.
List of prominent players in the Resin Industry:
- Dow Chemical Company (USA)
- BASF SE (Germany)
- ExxonMobil Corporation (USA)
- SABIC (Saudi Arabia)
- LyondellBasell Industries N.V. (Netherlands)
- Chevron Phillips Chemical Company (USA)
- INEOS Group (UK)
- Eastman Chemical Company (USA)
- Mitsui Chemicals, Inc. (Japan)
- Sumitomo Chemical Co., Ltd. (Japan)
Recent Industry Developments :
- 2021: Arkema completed a $1.65 billion acquisition of Ashland's Performance Adhesives business, expanding its portfolio with advanced pressure-sensitive adhesive technologies and reinforcing its North American footprint.
- 2023: BASF launched a bio-based resin for automotive applications, focusing on sustainability and reduced carbon emissions.
