The Global Polymer Resin Market, as Market research Future (MRFR) reports, is expected to cross the USD 60 Bn mark at an astounding CAGR of more than 7.2% during the forecast period (2014-2022). Polymer resins are a perfect substitute for resins of natural origin and in demand from blooming automotive industry and other application-based industries, such as electrical & electronics, construction, medical, consumer, and industrial.
The market is exceptionally fragmented as only a small share of the global market is owned by the major players of this industry. Recently, DOW Chemical and DuPont Co. have merged to form DowDuPont Inc. Key manufacturers are now eyeing for the APAC region for business expansion. For instance, Celanese has announced a new manufacturing facility in China.
Significant players who are currently impacting the market are BASF SE, Royal DSM, Solvay Plastics, SABIC, LG Chem, Covestro, Celanese Corporation and others.
Growing demand for sustainable components is now driving the market towards the adoption of eco-friendly Polymer Resins. For instance, Braskem has gone the green way this year using botanical elements for their production and expected to supply their products to industry giants like LEGO.
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Drivers and Constraints:
Polymer Resins are lightweight and allows strength and design flexibility. At the same time, Polymer Resins come at a low price making it a favorite of myriad sectors. Currently, various industrial verticals are using it as a replacement for metals, glass, paper, and others. This shift in industry behavior can spur the Polymer Resin Market Growth.
A change in consumer behavior has also become a major driving factor of the Polymer Resin Market. This shift has proven itself a boon for automotive sectors, construction, medical, and electrical & electronics industries. Polymer Resins, in recent years, have made an impressive impact in these sectors and is expecting a staggering growth as a chain reaction of consumer behavioral impact across industry verticals.
However, environmental changes and rising social awareness for sustainable materials are acting as driving factors for innovations and researches in the market.
The Polymer Resin Market is segmented by Resin Type and Application.
Type-Wise Segmentation includes polystyrene (PS), polyethylene (HDPE, LDPE, LLDPE), polyvinyl chloride (PVC), polypropylene (PP), PET (PET bottle resin), and expandable polystyrene (EPS). Among these types, polyethylene’s production is the highest. Increasing demand from packaging industry will see demand for polypropylene growing at rapid speed during the forecast period. PVC is expected to experience rapid growth due to its application in automotive and construction sectors.
Application-Based Segmentation includes electrical & electronics, automotive, construction, medical & consumer, and industrial. Automotive industry is the biggest consumer followed by electrical & electronic. Vehicular weight reduction is one major factor that is driving the need of Polymer Resins forward in the automotive industry. The demand for flame retardancy and heat resistance in the electronic & electrical sector has resulted in a growth of Polymer Resin usage.
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Geographical segmentation of the Polymer Resin Market includes regions namely North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW). APAC is the largest consumer of Polymer Resins. Growing amount of disposable incomes and rise in small and medium enterprise initiatives have helped the region emerge as the market leader and expects to boost the demand further during the forecast period. China leads the region with increasing demands for Polymer Resins from a vast section of end-user industries.
The European market is experiencing a few economic restraints. The debt crisis and post-Brexit crisis are playing an essential role in impeding the growth. The automotive sector is also undergoing a demographic shift, but it is expanding and has proven itself as a remarkable catalyst for the Polymer Resin Market.
North America has a strong base of technologically advanced end-user industries. It occupies a significant share in the global market.
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