Plastic Material and Resins Global Market Report 2024

The plastic material and resins market size has grown rapidly in recent years. It will grow from $898.26 billion in 2023 to $998.8 billion in 2024 at a compound annual growth rate (CAGR) of 11.2%. The expansion observed in the historical period can be attributed to a heightened demand for industrial packaging products, the proliferation of motor vehicles, and growth in the construction industry.

The plastic material and resins market size is expected to see rapid growth in the next few years. It will grow to $1498.73 billion in 2028 at a compound annual growth rate (CAGR) of 10.7%. The anticipated growth in the forecast period can be attributed to advancements in packaging that will propel the expansion of the plastic materials and resins market. Key trends expected during this period include novel technological developments in the manufacturing process, efforts to create products with enhanced attributes and new characteristics, a focus on researching and developing environmentally friendly materials with broad applications, investments in factory automation and robotics to boost productivity, utilization of recycled plastic products as raw materials to decrease carbon footprint, and a dedication to collaboration with technology-based companies and research organizations in the development of advanced polymers.

The plastic material and resin market are expected to experience growth driven by new developments in the packaging industry, including technologies such as CO2RE foaming, integration of big data and the Internet of Things (IoT). The market is set to benefit from convenience-driven features such as resealable packs, easy-opening mechanisms, stand-up pouches, and smaller pack sizes for single-servings. Additionally, the introduction of more promotional packs and brand extensions aims to ensure customer loyalty. The recent emergence of biodegradable plastics, capable of naturally degrading through microorganisms such as bacteria, algae, and fungi, is also gaining popularity. These advancements in packaging are anticipated to boost plastic consumption, contributing to the overall growth of the market.

The surge in demand for electric vehicles (EVs) is expected to be a key driver for the plastic material and resin market. Electric vehicles are propelled by electric motors drawing power from external charging, leading to an increased need for lightweight and durable plastic materials and resins in various automotive components. This includes battery enclosures, interior components, and lightweight structural parts, thereby fueling growth within the plastic material and resin market in the automotive sector. For instance, as of June 2022, the United States Department of Energy reported a total of 1.45 million electric vehicle registrations in the United States, with California contributing around 563,070 registrations of light-duty electric vehicles, representing 39% of EVs nationwide in 2021. The demand for electric vehicles is notably driving the expansion of the plastic material and resin market.


The quest for novel characteristics in plastic materials and advancements in manufacturing processes has given rise to the development of various high-performance plastics. One notable example is smart polymers, materials capable of adapting based on external environmental stimuli, achieved through a combination of nanotechnology and plastic engineering. These products exhibit qualities such as high electrical conductivity, dimensional stability, flame retardancy, as well as resistance to scratches, dents, and heat. The swift acceptance of these new high-performance plastics is evident, and they find applications across diverse sectors including medical, electronics, food packaging, automotive, and aerospace. Notable developments in plastic materials encompass innovations such as plastics derived from potatoes and virgin PET sourced from discarded textile fabric and waste bottles.

Prominent companies in the plastic material and resin markets are actively dedicated to developing innovative products to maintain their market positions. An example is the focus on seaweed resin, recognized for its biodegradable and sustainable attributes, derived from seaweed extracts as an eco-friendly alternative to traditional petroleum-based plastics and resins. For instance, in May 2023, Loliware Inc., a US-based materials science company, introduced the latest seaweed resin designed for injection molding. These ocean-safe seaweed resins are engineered to seamlessly undergo processing using existing plastic manufacturing machinery. This new biomaterial is set to power the company's inaugural seaweed utensil set, manufactured using standard plastic injection molding equipment.


Major companies operating in the plastic material and resins market report are LyondellBasell Industries Holdings BV, Total SE, Ineos AG, Lotte Chemical Corporation, BASF SE, Covestro AG, Formosa Plastics Corp., Huntsman International LLC, Westlake Chemical Corp, Dow, Nolato, Sintex Industries Ltd (India), Abu Dhabi National Oil Company (Adnoc), Zamil Plastic Industries Ltd., Sealed Air Corp., Silgan Holdings Inc., Northern Vinyl Supplies, Australian Vinyls Corporation (Australia), Plastral (Australia), Dagu Chemical Co. Ltd., China Petrochemical Corporation, ENPI Group, SPREA MISR, Sumitomo Chemical Company Limited (China), Yabang Investment Holding Group Co. Ltd., Zhenjiang Chimei Chemical Co. Ltd., Sanmu Group, DuPont, Cosmoplast, Exxon Mobil, Sunstar Engineering Italy S.R.L., Shanghai Huayi (Group), Awgifts Europe, Ncs Resins (Pty) Ltd., Are Plastocure cc, Celanese Corp., Jain Irrigation Systems Ltd (India), Soltex Group, Braskem, Horizon Plastics International, Qatar Petrochemical Company, Kkalpana Industries India Ltd., Chevron Phillips, Formulated Resins Ltd., Flowcrete South Africa, Glezco Plasticos, Messe Brasil, Plastic OJSC, Rosti Poland Sp., BÜFA Composite Systems, VIP Industries Ltd., Solvay S.A., Graham Packaging Company, China National Petroleum Corporation, GAP Polymers, Black Horse Plastic Products, Sonoco Products Company, Bemis Company, Sichuan Jinlu Group Co. Ltd., LG Chemical, INEOS Group, SA de CV, TCR Plastics, Berry Global Group Inc., Matsui Technologies India Ltd., RESITEC PRODUCTION SA, Osterman's Latin American Polymers, POLYNT SPA, Amcor PLC, Xinghua Xinfeng Plastic Co. Ltd., Johannes H. Andress GMBH & CO. KG, Brovary Plastic Plant, Eastman Chemical Company, Geeta Plastic Products, Advanced Polymer Trading FZC (APT), Arabian Plastic Industrial Company Limited, Saudi Aramco, HEKRO PET, PolyOne Corporation, Reliance Industries Ltd., Borealis Group.

Asia-Pacific was the largest region in the plastic material and resins market in 2023. North America was the second-largest region in the plastic material and resins market. The regions covered in the plastic material and resins market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the plastic material and resins market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The plastic materials and resins market consists of the sales of ryton & kynar, acrylic or polymethyl methacrylate, polycarbonate, and acrylonitrile-butadiene-styrene plastic materials and resins. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.


The primary types of plastic materials and resins include polypropylene, high-density polyethylene, polyvinyl chloride, polyethylene terephthalate, polyurethane, low-density polyethylene, polystyrene, and other varieties. Polyvinyl chloride, for instance, is a thermoplastic composed of 57% chlorine sourced from common salt and 43% carbon derived from ethylene obtained from hydrocarbon feedstocks, sugar crops, crude oil, and natural gas. Its applications span across packaging, housewares, bags, sheets, bottles, fibers, tapes, films, medical materials, and various other uses. The end-user industries encompass the chemical industry, coating and printing industry, electronics industry, food and pharmaceutical industry, and other sectors.

The plastic materials and resins market research report is one of a series of new reports that provides plastic materials and resins market statistics, including plastic materials and resins industry global market size, regional shares, competitors with a plastic materials and resins market share, detailed plastic materials and resins market segments, market trends and opportunities, and any further data you may need to thrive in the plastic materials and resins industry. This plastic materials and resins market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.