The global resin market size was valued at USD 521.6 billion in 2021. The market is projected to grow from USD 521.6 billion in 2021 to USD 667.6 billion by 2028, exhibiting a CAGR of 4.20% during the forecast period.
 
The construction and automotive industries' rising need for polypropylene is anticipated to expand the resin market. The demand for private vehicles was sparked by increased consumer purchasing power, propelling the automotive sector and fostering market expansion. The pharmaceutical, food & beverage, consumer products, and e-commerce industries' rising demand for packaging solutions will fuel the market's expansion. High levels of plastic are used due to changing consumer lives and demanding work schedules. This element offers the market a chance for expansion. The price of resin was affected by changes in crude oil, which will limit market expansion.

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 COVID-19 IMPACT

Lockdown induced by the COVID-19 pandemic resulted in limited product and resource availability, which severely influenced the producers' supply chain. Raw material shortages were a problem for the producers because of trade restrictions, particularly in China and India. As a result, the enterprises' ability to produce finished goods was constrained, gradually reducing output. A new issue for petrochemical companies was the frequent fluctuations in crude oil prices, which impacted production costs. In addition, resin manufacturers reduced or shut down their production facilities due to supply chain disruptions, labor, and raw material shortages, and stringent governmental regulations. Despite these uncertainties, the pandemic's impact on the market was slowed by the demand for plastic packaging in the food and beverage, pharmaceutical, and e-commerce businesses.
 
DRIVING FACTORS

Rapid Expansion of the Packaging Sector will Support Product Demand

To pack various products, plastic is mostly used in films, rigid boxes, foil-sealed bags, corrugated boxes, trays, and poly bags. During the forecast period, the market will be driven by the rising demand for packaging from the food & beverage, pharmaceutical, consumer goods, and e-commerce industries. Additionally, as globalization has grown, import and export activities have increased, leading to higher product consumption. Furthermore, the packaging sector is impacted by the e-commerce sector's explosive growth due to shifting consumer purchasing patterns and rising online shopping preferences. Moreover, flexible packaging is preferred by food and beverage producers, mainly because convenience foods like frozen dinners and ready-to-eat meals are more popular. As a result, these factors will stimulate the market for sustainable packaging solutions and open new avenues for industry expansion.

View More Information :  https://www.globenewswire.com/en/news-release/2022/12/12/2572042/0/en/Update-Resin-Market-Size-to-Reach-USD-667-6-Billion-by-2028-at-a-4-20-CAGR-Markets-N-Research-Index-Outlook-News-Report-Trends-Forecast-Segmentation-Growth-Rate-Value.html

 
RESTRAINING FACTORS

Crude Oil Prices that Frequently Fluctuate to Impede Growth

Since crude oil and natural gas byproducts are the primary feedstock sources for most plastics, changes in crude oil prices significantly impact resin prices. Oil prices, which are impacted by supply and demand, natural disasters, and changes in production costs, impact feedstock prices. The chemicals used to make plastics also come from fossil fuels like natural gas, coal, and oil, which contribute to pollution. As a result, the market will be impacted by strict environmental laws adopted by national governments to decrease plastic pollution. The market is also constrained by governments' restrictions on excessive crude oil and petroleum use. As a result, it is predicted that these factors will restrain the market growth during the forecast period.

LIST OF KEY COMPANIES PROFILED:

DuPont (U.S.)
Arkema (France)
BASF SE (Germany)
INEOS Holdings Ltd. (U.K.)
Hexion (U.S.)
Invista (U.S.)
Lyondellbasell (Netherlands)
Mitsubishi Engineering-Plastics Corporation (Japan)
Mitsui Chemicals (Japan)
Nova Chemicals (Canada)
Qenos (Australia)
Radici Group (Italy)
SABIC (Saudi Arabia)
Repsol (Spain)
Sumitomo Chemical Co. Ltd. (Japan)
Teijin Limited (Japan)
Tosoh Corporation (Japan)
Toray Group (Japan)

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