Polymer Resin Market Size was valued at USD 1,55,598.2 Million in 2022. The Polymer Resin Industry is projected to grow USD 2,49,101.5 Million by 2030, exhibiting a compound annual growth rate (CAGR) of 6.32% during the forecast period (2023 - 2030). The industrial equivalent of naturally occurring plant resins is polymer resin like plant resins, polymer resin also begins as a viscous, sticky fluid that permanently hardens after being exposed to air for a predetermined amount of time. Typically, thermosetting polymers and other organic compounds are soaped to create them. Hydrocarbon fuels including natural gas, crude oil, coal, salt, and sand are used as the basic building blocks for polymer resin. The raw material manufacturers who convert intermediates into polymers and resins and the processors who turn these materials into finished goods make up the two main segments of the polymer resin industry. The suppliers of raw materials use either a resin intermediate or a monomer with one of the polymerization processes to produce raw polymers. Raw polymer materials are typically produced and sold in liquid form for adhesives, sealants, and resins, though they can also be bought in large quantities as pellets, powders, granules, or sheets. A major source of polymer precursors is oil, or crude petroleum. Processors commonly use cracking techniques to transform petroleum hydrocarbons into polymerizable alkenes like ethylene, propylene, and butylene.
Bio-based polymer resins have emerged as a prominent solution to address the escalating concerns over environmental sustainability and the detrimental impacts of traditional plastic packaging. With growing awareness of plastic pollution and its adverse effects on ecosystems, consumers, businesses, and governments are increasingly embracing bio-based polymer resins as a sustainable alternative for packaging applications. This trend is driven by several key factors that highlight the advantages and potential of bio-based polymer resins in transforming the packaging industry towards a more sustainable future. Conventional petroleum-based plastics have long been the primary choice for packaging due to their cost-effectiveness, versatility, and durability. However, their non-biodegradability and persistence in the environment have led to a staggering accumulation of plastic waste, posing a significant threat to marine life, wildlife, and human health. In contrast, bio-based polymer resins are derived from renewable sources such as plants, algae, or waste biomass, offering a pathway to reduce the dependence on fossil fuels and decrease the carbon footprint associated with plastic production.
One of the most significant advantages of bio-based polymer resins is their biodegradability and composability. Traditional plastics can take hundreds of years to decompose, whereas bio-based alternatives can break down naturally into non-toxic components within a relatively short period. This characteristic ensures that bio-based packaging materials do not persist in the environment, minimizing the risk of pollution and harm to ecosystems. Additionally, compostable bio-based polymer resins can enrich the soil as they decompose, contributing to a circular and regenerative approach to packaging waste management. Furthermore, the production of bio-based polymer resins generally involves lower greenhouse gas emissions compared to their petroleum-based counterparts. As a result, businesses and industries seeking to reduce their carbon footprint are turning to bio-based alternatives as a viable option to achieve their sustainability goals. Moreover, some bio-based polymers can even sequester carbon during their growth phase, making them carbon-negative materials and contributing to mitigating climate change.
In recent years, technological advancements and innovation have significantly improved the performance and functionality of bio-based polymer resins. Manufacturers are now able to tailor the properties of these materials to suit various packaging needs, such as flexibility, barrier properties, and strength. As a result, bio-based polymer resins are increasingly finding applications in a wide range of industries, including food and beverage, cosmetics, pharmaceuticals, and more. Government regulations and policies have also played a pivotal role in driving the adoption of bio-based polymer resins. Many countries and regions have implemented measures to restrict or ban single-use plastic products, encouraging businesses to explore more sustainable alternatives. Additionally, governments may offer incentives or subsidies to promote the use of bio-based materials, further stimulating market growth.
The shift towards bio-based polymer resins has not been without challenges, though. Despite the progress made in research and development, bio-based materials can still face limitations in terms of cost and scalability. The production processes for some bio-based resins may require significant resources, which could impact their cost-effectiveness compared to traditional plastics. However, as technology advances and demand increases, economies of scale are likely to drive down costs and make bio-based polymer resins more competitive.
Growing traction of bio-based polymer resins as sustainable packaging solutions marks a significant step towards reducing plastic pollution and building a more environmentally conscious society. With their biodegradability, lower carbon footprint, and increasing performance capabilities, these materials offer a compelling alternative to traditional petroleum-based plastics. As businesses, consumers, and governments increasingly prioritize sustainability, the bio-based polymer resin market is poised for further growth, fostering a circular economy where packaging waste is minimized, and resources are utilized more efficiently. By embracing bio-based materials, the packaging industry can play a crucial role in safeguarding the planet for future generations.
Based on resin type, the Polymer Resin market segmentation includes polystyrene, polyethylene, polyvinyl chloride, polypropylene, expandable polystyrene, and others. The polymer resin market's most popular product is polyethylene. It is incredibly well-liked across several industries thanks to its adaptability, toughness, and affordability. Numerous products, such as packaging supplies, plastic bags, containers, pipes, toys, and automobile parts, employ polyethylene. Its broad use is facilitated by its superior chemical resistance, low moisture absorption, and simplicity of production. Further improving its adaptability and commercial appeal are its various forms, such as high-density polyethylene (HDPE) and low-density polyethylene (LDPE), which provide specialized qualities for applications.
The Polymer Resin market segmentation, based on application, includes electrical & electronics, construction, medical, automotive, consumer, industrial, packaging, and others. Packaging is the most often used application related to the polymer resin market. Polymer resins, including. polyethylene, polypropylene, and polystyrene, are frequently employed in packing materials. They are ideal for various packaging applications because of their superior qualities, including toughness, flexibility, and moisture resistance. Polymer resins are the material of choice for packaging in various industries, including food and beverage packaging, medicines, consumer goods, and industrial goods. This is because they can effectively cover and preserve items, are inexpensive, and can be used in various package styles and designs.
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Due to several causes, the Asia Pacific area has seen substantial expansion and market domination. It is home to important industrial centers like China, India, Japan, and South Korea, where items made from polymer resin are in great demand across various industries. Further, the major countries studied in the market are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Many regional and local vendors characterize polymer resin, the market is highly competitive, with all the players competing to gain maximum market share. The increasing polymer resin demand in the packaging and oil & gas sectors is boosting the sales of polymer resin. The vendors compete based on cost, product quality, and the availability of the products according to the geographies. The vendors must provide cost-effective and high-quality Polymer resin to compete in the market.
The market players' growth depends on the market and economic conditions, government regulations, and industrial development. Thus, the players should focus on expanding their production capacity to meet the demand and enhance their product portfolio. Borealis AG, BASF SE, Evonik Industries AG, LyondellBasell Industries N.V, Shell Plc, Solvay, Roto Polymers, Dow Chemical Company, Nan Ya Plastics Corp, Saudi Arabia Basic Industries Corporation, Celanese Corporation, INEOS Group, and Exxon Mobil Corporation are the major companies in the market at the present that are competing in terms of quality, price, and availability. These players are primarily focusing on the development of polymer resin. Although the international players dominate the market, regional and local players with small market shares also have a moderate presence. The international players with a global presence, with established manufacturing units or sales offices, have strengthened their presence across major regions such as North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa.
Borealis AG: is a leader in polyolefin recycling in Europe and one of the world's top suppliers of cutting-edge, environmentally friendly polyolefin solutions. The company dominates the base chemical and fertilizer markets in Europe. The company has made a name for itself as a trustworthy business partner and a recognized global brand that continually adds value for its partners, clients, and customers. The company is a joint venture between OMV, a global oil and gas business with headquarters in Austria, which holds 75% of shares, and Abu Dhabi National Oil Corporation (ADNOC), with headquarters in the United Arab Emirates (UAE), which has the remaining 25%. Through Borealis and two significant joint ventures, Borouge (with ADNOC, based in the UAE) and BaystarTM (with TotalEnergies, based in the US), provide services and goods to clients all over the world.
The company has customer service centers in Austria, Belgium, Finland, France, Turkey, United States. Production Plants are in Austria, Belgium, Brazil, Finland, France, Germany, Italy, South Korea, Sweden, The Netherlands, United States, and innovation centers are in Austria, Finland, and Sweden. The company has an operational presence in 120 counties across Europe, North America, Asia-Pacific, Latin America, Middle East, and Africa.
BASF SE: is one of the leading chemical producers in the world. The company is a market pioneer in driving the transition to net zero CO2 emissions with a comprehensive carbon management strategy. It has strong innovation using a wide range of technology to offer solutions for different industries of customers and to boost productivity. The company operates its business through six divisions: materials, industrial solutions, chemicals, surface technologies, agricultural solutions, and nutrition and care. It offers polymer resins across all sectors including packaging & oil & gas sector. The company operates its business through 11 divisions that manage 54 global and regional business units and develop strategies for 72 strategic businesses. BASF marks its presence in 80 countries and operates through six Verbund sites, which interlink the working of production plants, energy flows, and infrastructure in different regions. It has around 240 manufacturing units worldwide including Ludwigshafen, Germany, the world’s largest integrated chemical complex owned by a single company. BASF primarily operates in Europe and has an active presence in the Americas, Asia-Pacific, the Middle East & Africa. It serves around 82,000 customers from almost all sectors across the globe.
May 2023: LyondellBasell and Veolia Belgium formed a joint venture (JV) for Quality Circular Polymers (QCP) recycles plastic. In accordance with the deal, LyondellBasell will purchase Veolia Belgium's 50% interest in QCP to become the company's sole owner. The purchase fits with LyondellBasell's plan to build a successful circular economy and low-carbon solutions company in order to address the growing demand for environmentally friendly goods and services.
March 2023, LyondellBasell and Mepol Group had entered a definitive to acquire Mepol Group. This acquisition demonstrates LyondellBasell's commitment to advancing the circular economy..Â
November-2022: Shell Chemical Appalachia LLC, a Shell plc subsidiary, announced that Shell Polymers Monaca (SPM), a Pennsylvania Chemical project, has started operating. The Pennsylvania factory, which has a targeted output of 1.6 million tonnes yearly, is the first significant polyethylene manufacturing complex in the North-eastern United States.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 1,55,598.2 Million |
| Market Size 2030 | USD 2,49,101.5 Million |
| Compound Annual Growth Rate (CAGR) | 6.32% (2023-2030) |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019 & 2022 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Resin Type, application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, Brazil, Saudi Arabia, UAE, Argentina, |
| Key Companies Profiled | Borealis AG, BASF SE, Evonik Industries AG, LyondellBasell Industries N.V, Shell Plc, Solvay, Roto Polymers, Dow Chemical Company, Nan Ya Plastics Corp, Saudi Arabia Basic Industries Corporation, Celanese Corporation, INEOS Group, and Exxon Mobil Corporation |
| Key Market Opportunities | ·      Growing Adoption of Biodegradable Polymers |
| Key Market Dynamics | ·      Expansion Of Oil & Gas Industry·      Significant Growth of The Packaging Industry |
Frequently Asked Questions (FAQ) :
US$ 1,55,598.2 Million
6.32%
Asia Pacific
Borealis AG, BASF SE, Evonik Industries AG, LyondellBasell Industries N.V, Shell Plc, Solvay, Roto Polymers, Dow Chemical Company, Nan Ya Plastics Corp, Saudi Arabia Basic Industries Corporation, Celanese Corporation, INEOS Group, and Exxon Mobil Corporation
Polyethylene
Packaging
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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