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Polymer Resin Market OverviewThe global polymer resin market is likely to touch USD 121.43 billion at a 6.83% CAGR between 2017- 2030, as per the recent Market Research Future (MRFR) analysis. Polymer resin, simply put, is a liquid plastic product that hardens for making thick and durable coatings. Expandable polystyrene, polypropylene, polyvinyl chloride, polystyrene, and others are the different types of polymer resins that are extensively used in different end use industries such as industrial, consumer, automotive, medical, construction, electrical and electronics, and others.
Various factors are propelling the global polymer resin market growth. According to the latest MRFR report, such factors include the burgeoning demand for polymer resin from various end use industries namely electrical and electronics, automotive, and construction, the recyclability of these products, increasing spending by the government on construction in China & India, the booming personal care and pharmaceutical industry, and growing trend of the automotive industry that includes fuel efficiency, light vehicles, and lower emission. Besides, the use of plastic resins in the healthcare sector due to the rising product of PPE (personal protective equipment) like medical gowns, face shields, face masks, and other forms of medical devices during the ongoing COVID-19 outbreak is also adding market growth.
On the contrary, the volatility of raw materials may impede the global polymer resin market growth over the forecast period.
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COVID 19 Analysis
Coronavirus outbreak has affected all the businesses around the world. Due to this virus, many people have lost their job, and the global economy is down. As a result, it has shown its impact on businesses. Businesses around the world are going through tough times. Both the private and public sector is suffering from the covid-19 outbreak. The countries have imposed lockdown and social distancing guidelines to fight the spread of the virus. And it has affected the businesses, as due to lockdown, the businesses are closed, so the production work on a halt.
Polymer Resin Market Competitive Analysis:
Eminent players profiled in the global polymer resin market report include
Bayer AG (Germany),
Evonik Industries (Germany),
Celanese Corporation (US),
Covestro (Germany),
LG Chem (South Korea),
SABIC (Saudi Arabia),
Solvay SA (Belgium),
DuPont (US),
Royal DSM (Netherlands), and
BASF SE (Germany).
Drivers
One of the major drivers of polymer resin market trends growth is the wide application of polymer resin in automotive sectors. In the automotive sector, polymer resin is used to make seat belts, carpets, bumpers, and other materials as well. The polymer resin is used in automobiles due to its lightweight mature so that it won’t increase the weight of the vehicle. Due to its lightweight nature, it is used in electric vehicles. And the adoption of electric vehicles and the huge application of polymer resin is driving the polymer resin market size. The market will see rapid growth over the years with increasing demand for automobiles with increasing population.
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Polymer Resin Market Segmentation:
The MRFR report offers an inclusive segmental analysis of the global polymer resin market based on application and resin types.
By resin types, the global polymer resin market is segmented into expandable polystyrene, polypropylene, polyvinyl chloride, polystyrene, and others. Of these, the polyvinyl chloride segment will lead the market over the forecast period.
By application, the global polymer resin market is segmented into industrial, consumer, automotive, medical, construction, electrical and electronics, and others. Of these, the automotive segment will dominate the market over the forecast period. Increasing sales of automobiles in Latin America and the APAC region worldwide demanding polymer resin in greater proportion is adding to the growth of the segment.
Regional Analysis
Based on the region, the global polymer resin market report covers the growth opportunities and recent trends across North America, Europe, the Asia Pacific (APAC), Latin America, & the Middle East and Africa (MEA). Of these, North America will have the lions share in the market over the forecast period. Favorable government policies and regulations, huge public funding, the booming personal care and cosmetic industry, high focus on the extraction of oil and gas that has boosted synthetic polymer production, and the presence of several petroleum-based manufacturing companies are adding to the global polymer resin market growth in the region.
The global polymer resin market in Europe is predicted to hold the second-largest share over the forecast period. Rising cases of chronic diseases and growing geriatric population are adding to the global polymer resin market growth in the region.
The global polymer resin market in the APAC region is predicted to grow at a fast pace during the forecast period. Flourishing construction activities coupled with governments of India & China laying emphasis on the development of the consumer and electronic sector are adding to the global polymer resin market growth in the region.
The global polymer resin market in Latin America and the MEA is predicted to have sound growth over the forecast period. The burgeoning demand for polymer resin from the construction and automotive industries is adding to the polymer resin market growth in these regions.
Recent Developments
September 2021- Tethon 3D has disclosed the issuing and release of its latest patent that allows the 3D printing of composite resins. The (U.S. Patent number 11,126,088) ‘Photopolymer Development Resin Base for Use with Three-dimensional Printer’ includes the product line produced by Tethon 3D by the name of ‘Genesis,’ a set of photo-curing polymer resins to be used in the making and full-scale production of DLP and SLA 3D printing materials.
Table of Content
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Research Objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
3 Market Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Forecast Model
4 Market Landscape
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About Market Research Future
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