The global virgin resin market was valued at $375.7 billion in 2021 and is projected to reach $528.9 billion by 2030, growing at a CAGR of 3.5% from 2022 to 2031.
Virgin resin is the purest form of polymer mainly produced from natural resources such as natural gases, crude oil, petroleum feedstock, and others. Virgin resin has good mechanical and chemical properties and undergoes minimum degradation due to which it is extensively used during plastic production. Virgin resin finds a wide range of applications in packaging, automotive, electronics, food & beverages, textile, construction, and others.
Growing population across the globe, rise in disposable income, and increase in consumer demand for packaged food have enhanced the growth of the packaging sector. For instance, according to a report published by the National Investment Promotion and Facilitation Agency, the packaging industry was worth over $917 billion in 2019 and is expected to reach $1.05 trillion by 2024, growing at a CAGR of 2.8%. Virgin resin-based plastic products are used for making plastic containers, plastic wraps, films, and other products. Furthermore, an increase in awareness regarding hygienic and safe packaged food has enhanced the demand for virgin resin in the growing packaging industry.
Plastic pollution is becoming one of the most pressing environmental issues these days, owing to its disposal, decomposition, toxic chemical constituents, and other factors. Several countries such as Taiwan, Bangladesh, the UK, and China have made efforts to ban the use of various virgin resin polystyrene, epoxy, and other products. This has set back the key manufacturers from producing virgin resins.
Virgin resins are relatively cheap as compared to metals and possess chemical and mechanical properties owing to which they can be used as a substitute for metals in several applications. For instance, Domo Chemicals company offers DOMAMID polyamide 6 virgin resins that have excellent technical properties and are used to replace metals in automotive applications, reducing weight, saving energy, and simplifying the production process of high-flow materials in the automotive industry. Mechanical, chemical and cost-effective properties of virgin resin have made the manufacturer increase its production capacities for virgin resin. This is anticipated to increase sales of virgin resins in several end-use sectors; thus, offering lucrative opportunities for the market.
The virgin resins market analysis is done on the basis of thermoset resin type, application, and region. Depending on the type, the market is divided into polyethylene, polypropylene, pet, polystyrene, and others, polystyrene, and others. On the basis of application, it is fragmented into building and construction, packaging, textile, automotive, medical, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The major companies profiled in this report include A1 Impex, Domo Chemicals, Dow, Isono Co., Ltd., Lyondellbasell, Nimtada Group Co., Ltd., Plastipak Holdings, Inc., Reliance Industries Ltd, SABIC, and Toray Industries, Inc.
Report key findings.
The polypropylene segment is projected to grow faster and account for 28% of the major share in virgin resin market.
The building and construction application segment is the second fastest growing application segment in the virgin resin market and growing at CAGR of 3.5%.
North America accounts for 22% of the total market share and it is projected to grow fastest during the forecast period.
Countries such as China, U. S., India, Germany, and Brazil hold a significant share in the global virgin resin market.
Virgin resin is the purest form of polymer mainly produced from natural resources such as natural gases, crude oil, petroleum feedstock, and others. Virgin resin has good mechanical and chemical properties and undergoes minimum degradation due to which it is extensively used during plastic production. Virgin resin finds a wide range of applications in packaging, automotive, electronics, food & beverages, textile, construction, and others.
Growing population across the globe, rise in disposable income, and increase in consumer demand for packaged food have enhanced the growth of the packaging sector. For instance, according to a report published by the National Investment Promotion and Facilitation Agency, the packaging industry was worth over $917 billion in 2019 and is expected to reach $1.05 trillion by 2024, growing at a CAGR of 2.8%. Virgin resin-based plastic products are used for making plastic containers, plastic wraps, films, and other products. Furthermore, an increase in awareness regarding hygienic and safe packaged food has enhanced the demand for virgin resin in the growing packaging industry.
Plastic pollution is becoming one of the most pressing environmental issues these days, owing to its disposal, decomposition, toxic chemical constituents, and other factors. Several countries such as Taiwan, Bangladesh, the UK, and China have made efforts to ban the use of various virgin resin polystyrene, epoxy, and other products. This has set back the key manufacturers from producing virgin resins.
Virgin resins are relatively cheap as compared to metals and possess chemical and mechanical properties owing to which they can be used as a substitute for metals in several applications. For instance, Domo Chemicals company offers DOMAMID polyamide 6 virgin resins that have excellent technical properties and are used to replace metals in automotive applications, reducing weight, saving energy, and simplifying the production process of high-flow materials in the automotive industry. Mechanical, chemical and cost-effective properties of virgin resin have made the manufacturer increase its production capacities for virgin resin. This is anticipated to increase sales of virgin resins in several end-use sectors; thus, offering lucrative opportunities for the market.
The virgin resins market analysis is done on the basis of thermoset resin type, application, and region. Depending on the type, the market is divided into polyethylene, polypropylene, pet, polystyrene, and others, polystyrene, and others. On the basis of application, it is fragmented into building and construction, packaging, textile, automotive, medical, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The major companies profiled in this report include A1 Impex, Domo Chemicals, Dow, Isono Co., Ltd., Lyondellbasell, Nimtada Group Co., Ltd., Plastipak Holdings, Inc., Reliance Industries Ltd, SABIC, and Toray Industries, Inc.
Report key findings.
The polypropylene segment is projected to grow faster and account for 28% of the major share in virgin resin market.
The building and construction application segment is the second fastest growing application segment in the virgin resin market and growing at CAGR of 3.5%.
North America accounts for 22% of the total market share and it is projected to grow fastest during the forecast period.
Countries such as China, U. S., India, Germany, and Brazil hold a significant share in the global virgin resin market.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the virgin resin market analysis from 2021 to 2031 to identify the prevailing virgin resin market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the virgin resin market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global virgin resin market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Resin Type
- Polyethylene
- Polypropylene
- PET
- Polystyrene
- Others
By Application
- Building and Construction
- Packaging
- Textile
- Automotive
- Medical
- Others
By Region
- North America
- U. S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
- SABIC
- ISONO CO., LTD.
- Dow Inc.
- Lyondellbasell
- Reliance Industries Ltd
- Plastipak Packaging, Inc.
- Domo Chemicals
- A 1 IMPEX
- Toray Industries, Inc.
- Nimtada Co., Ltd.
Table of Contents
CHAPTER 1: INTRODUCTION1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research Methodology
1.4.1. Secondary research
1.4.2. Primary research
1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. Key findings of the study
2.2. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope
3.2. Key findings
3.2.1. Top investment pockets
3.3. Porter’s five forces analysis
3.4. Top player positioning
3.5. Market dynamics
3.5.1. Drivers
3.5.2. Restraints
3.5.3. Opportunities
3.6. COVID-19 Impact Analysis on the market
3.7. Pricing Analysis
3.8. Value Chain Analysis
3.9. Key Regulation Analysis
3.10. Patent Landscape
CHAPTER 4: VIRGIN RESIN MARKET, BY RESIN TYPE
4.1 Overview
4.1.1 Market size and forecast
4.2 Polyethylene
4.2.1 Key market trends, growth factors and opportunities
4.2.2 Market size and forecast, by region
4.2.3 Market share analysis by country
4.3 Polypropylene
4.3.1 Key market trends, growth factors and opportunities
4.3.2 Market size and forecast, by region
4.3.3 Market share analysis by country
4.4 PET
4.4.1 Key market trends, growth factors and opportunities
4.4.2 Market size and forecast, by region
4.4.3 Market share analysis by country
4.5 Polystyrene
4.5.1 Key market trends, growth factors and opportunities
4.5.2 Market size and forecast, by region
4.5.3 Market share analysis by country
4.6 Others
4.6.1 Key market trends, growth factors and opportunities
4.6.2 Market size and forecast, by region
4.6.3 Market share analysis by country
CHAPTER 5: VIRGIN RESIN MARKET, BY APPLICATION
5.1 Overview
5.1.1 Market size and forecast
5.2 Building and Construction
5.2.1 Key market trends, growth factors and opportunities
5.2.2 Market size and forecast, by region
5.2.3 Market share analysis by country
5.3 Packaging
5.3.1 Key market trends, growth factors and opportunities
5.3.2 Market size and forecast, by region
5.3.3 Market share analysis by country
5.4 Textile
5.4.1 Key market trends, growth factors and opportunities
5.4.2 Market size and forecast, by region
5.4.3 Market share analysis by country
5.5 Automotive
5.5.1 Key market trends, growth factors and opportunities
5.5.2 Market size and forecast, by region
5.5.3 Market share analysis by country
5.6 Medical
5.6.1 Key market trends, growth factors and opportunities
5.6.2 Market size and forecast, by region
5.6.3 Market share analysis by country
5.7 Others
5.7.1 Key market trends, growth factors and opportunities
5.7.2 Market size and forecast, by region
5.7.3 Market share analysis by country
CHAPTER 6: VIRGIN RESIN MARKET, BY REGION
6.1 Overview
6.1.1 Market size and forecast
6.2 North America
6.2.1 Key trends and opportunities
6.2.2 North America Market size and forecast, by Resin Type
6.2.3 North America Market size and forecast, by Application
6.2.4 North America Market size and forecast, by country
6.2.4.1 U. S.
6.2.4.1.1 Key market trends, growth factors and opportunities
6.2.4.1.2 Market size and forecast, by Resin Type
6.2.4.1.3 Market size and forecast, by Application
6.2.4.2 Canada
6.2.4.2.1 Key market trends, growth factors and opportunities
6.2.4.2.2 Market size and forecast, by Resin Type
6.2.4.2.3 Market size and forecast, by Application
6.2.4.3 Mexico
6.2.4.3.1 Key market trends, growth factors and opportunities
6.2.4.3.2 Market size and forecast, by Resin Type
6.2.4.3.3 Market size and forecast, by Application
6.3 Europe
6.3.1 Key trends and opportunities
6.3.2 Europe Market size and forecast, by Resin Type
6.3.3 Europe Market size and forecast, by Application
6.3.4 Europe Market size and forecast, by country
6.3.4.1 Germany
6.3.4.1.1 Key market trends, growth factors and opportunities
6.3.4.1.2 Market size and forecast, by Resin Type
6.3.4.1.3 Market size and forecast, by Application
6.3.4.2 UK
6.3.4.2.1 Key market trends, growth factors and opportunities
6.3.4.2.2 Market size and forecast, by Resin Type
6.3.4.2.3 Market size and forecast, by Application
6.3.4.3 France
6.3.4.3.1 Key market trends, growth factors and opportunities
6.3.4.3.2 Market size and forecast, by Resin Type
6.3.4.3.3 Market size and forecast, by Application
6.3.4.4 Spain
6.3.4.4.1 Key market trends, growth factors and opportunities
6.3.4.4.2 Market size and forecast, by Resin Type
6.3.4.4.3 Market size and forecast, by Application
6.3.4.5 Italy
6.3.4.5.1 Key market trends, growth factors and opportunities
6.3.4.5.2 Market size and forecast, by Resin Type
6.3.4.5.3 Market size and forecast, by Application
6.3.4.6 Rest of Europe
6.3.4.6.1 Key market trends, growth factors and opportunities
6.3.4.6.2 Market size and forecast, by Resin Type
6.3.4.6.3 Market size and forecast, by Application
6.4 Asia-Pacific
6.4.1 Key trends and opportunities
6.4.2 Asia-Pacific Market size and forecast, by Resin Type
6.4.3 Asia-Pacific Market size and forecast, by Application
6.4.4 Asia-Pacific Market size and forecast, by country
6.4.4.1 China
6.4.4.1.1 Key market trends, growth factors and opportunities
6.4.4.1.2 Market size and forecast, by Resin Type
6.4.4.1.3 Market size and forecast, by Application
6.4.4.2 India
6.4.4.2.1 Key market trends, growth factors and opportunities
6.4.4.2.2 Market size and forecast, by Resin Type
6.4.4.2.3 Market size and forecast, by Application
6.4.4.3 Japan
6.4.4.3.1 Key market trends, growth factors and opportunities
6.4.4.3.2 Market size and forecast, by Resin Type
6.4.4.3.3 Market size and forecast, by Application
6.4.4.4 South Korea
6.4.4.4.1 Key market trends, growth factors and opportunities
6.4.4.4.2 Market size and forecast, by Resin Type
6.4.4.4.3 Market size and forecast, by Application
6.4.4.5 Australia
6.4.4.5.1 Key market trends, growth factors and opportunities
6.4.4.5.2 Market size and forecast, by Resin Type
6.4.4.5.3 Market size and forecast, by Application
6.4.4.6 Rest of Asia-Pacific
6.4.4.6.1 Key market trends, growth factors and opportunities
6.4.4.6.2 Market size and forecast, by Resin Type
6.4.4.6.3 Market size and forecast, by Application
6.5 LAMEA
6.5.1 Key trends and opportunities
6.5.2 LAMEA Market size and forecast, by Resin Type
6.5.3 LAMEA Market size and forecast, by Application
6.5.4 LAMEA Market size and forecast, by country
6.5.4.1 Brazil
6.5.4.1.1 Key market trends, growth factors and opportunities
6.5.4.1.2 Market size and forecast, by Resin Type
6.5.4.1.3 Market size and forecast, by Application
6.5.4.2 Saudi Arabia
6.5.4.2.1 Key market trends, growth factors and opportunities
6.5.4.2.2 Market size and forecast, by Resin Type
6.5.4.2.3 Market size and forecast, by Application
6.5.4.3 South Africa
6.5.4.3.1 Key market trends, growth factors and opportunities
6.5.4.3.2 Market size and forecast, by Resin Type
6.5.4.3.3 Market size and forecast, by Application
6.5.4.4 Rest of LAMEA
6.5.4.4.1 Key market trends, growth factors and opportunities
6.5.4.4.2 Market size and forecast, by Resin Type
6.5.4.4.3 Market size and forecast, by Application
CHAPTER 7: COMPANY LANDSCAPE
7.1. Introduction
7.2. Top winning strategies
7.3. Product Mapping of Top 10 Players
7.4. Competitive Dashboard
7.5. Competitive Heatmap
7.6. Key developments
CHAPTER 8: COMPANY PROFILES
8.1 SABIC
8.1.1 Company overview
8.1.2 Company snapshot
8.1.3 Operating business segments
8.1.4 Product portfolio
8.1.5 Business performance
8.1.6 Key strategic moves and developments
8.2 Domo Chemicals
8.2.1 Company overview
8.2.2 Company snapshot
8.2.3 Operating business segments
8.2.4 Product portfolio
8.2.5 Business performance
8.2.6 Key strategic moves and developments
8.3 Toray Industries, Inc.
8.3.1 Company overview
8.3.2 Company snapshot
8.3.3 Operating business segments
8.3.4 Product portfolio
8.3.5 Business performance
8.3.6 Key strategic moves and developments
8.4 A 1 IMPEX
8.4.1 Company overview
8.4.2 Company snapshot
8.4.3 Operating business segments
8.4.4 Product portfolio
8.4.5 Business performance
8.4.6 Key strategic moves and developments
8.5 Dow Inc.
8.5.1 Company overview
8.5.2 Company snapshot
8.5.3 Operating business segments
8.5.4 Product portfolio
8.5.5 Business performance
8.5.6 Key strategic moves and developments
8.6 Reliance Industries Ltd
8.6.1 Company overview
8.6.2 Company snapshot
8.6.3 Operating business segments
8.6.4 Product portfolio
8.6.5 Business performance
8.6.6 Key strategic moves and developments
8.7 ISONO CO.,LTD.
8.7.1 Company overview
8.7.2 Company snapshot
8.7.3 Operating business segments
8.7.4 Product portfolio
8.7.5 Business performance
8.7.6 Key strategic moves and developments
8.8 Nimtada Co.,Ltd.
8.8.1 Company overview
8.8.2 Company snapshot
8.8.3 Operating business segments
8.8.4 Product portfolio
8.8.5 Business performance
8.8.6 Key strategic moves and developments
8.9 Plastipak Packaging, Inc.
8.9.1 Company overview
8.9.2 Company snapshot
8.9.3 Operating business segments
8.9.4 Product portfolio
8.9.5 Business performance
8.9.6 Key strategic moves and developments
8.10 Lyondellbasell
8.10.1 Company overview
8.10.2 Company snapshot
8.10.3 Operating business segments
8.10.4 Product portfolio
8.10.5 Business performance
8.10.6 Key strategic moves and developments
Executive Summary
According to this report, titled, 'Virgin Resin Market,' the virgin resin market was valued at $375.7 billion in 2021, and is estimated to reach $528.9 billion by 2031, growing at a CAGR of 3.5% from 2022 to 2031.Virgin resin is the purest and most raw form of plastic. It is effectively used in plastic production. Virgin resin is a small transparent granule mainly obtained from natural resources. Virgin resin exhibits different forms such as PET, polyethylene, polystyrene, polyamide, and others. Virgin resin is resistant to chemicals, and heat, and is a good source of electric conductivity owing to which it is widely used in high-performance applications. In addition, virgin resin possesses mechanical and chemical properties which makes them ideal components in industrial, automotive, building, and construction applications.
Government support for recycled plastic and a sustainable environment has enhanced the performance of virgin resin-based plastic products. For instance, in April 2022, the UK government enforced a plastic packaging tax where states that plastic packaging tax applies at a rate of £200/ton on plastic packaging with less than 30% recycled plastic, manufactured or imported in the UK. This factor has driven the growth of the virgin resin industry during the forecast period.
However, the production of virgin resins products such as epoxy, polyethylene, and polystyrene resins release various toxic chemicals that if exposed beyond the concentration limit it may cause several health-related issues such as irritation in the eye, vision failure, respiratory problems, dizziness, genotoxic, cardiovascular, and gastrointestinal problems. In addition, polyethylene, PET, and other types of plastic resin are non-biodegradable due to which the government has set rules and regulations on using plastic resin-containing products in several countries. This factor is anticipated to hamper the market growth.
Virgin resins are widely used as a substitute over metals in several end-use sectors such as building & construction, electronics, automotive, and other end-use industries. Virgin resins are resistant to corrosion, and it is lightweight material, possess better insulation properties. In addition, factors such as the growing manufacturing industry, availability of raw materials at reduced prices, and the arrival of local players have led manufacturers to offer virgin resin at low prices. This factor is predicted to create remunerative opportunities for the expansion of the virgin resin market in the future.
The virgin resin market analysis is done on the basis of resin type, application, and region. By resin type, the market is segregated into polyethylene, polypropylene, and PET. The polyethylene segment dominated the global market in terms of revenue in 2021, with 30% of the total share. According to data published by the Essential Chemical Industry in April 2017, over 80 billion tons of polyethylene are manufactured each year and making it the world's most important plastic. Moreover, the emergence of the packaging industry has created lucrative opportunities for the polyethylene-based virgin resin market. These factors make virgin resin highly preferred for the plastic processing industry. This is anticipated to increase the sales of polyethylene-based virgin resin; thus, creating lucrative opportunities for the market. The virgin resin market forecast is done on the basis of all these factors.
By application, the market is divided into building & construction, transportation, industrial, and others. The packaging segment dominated the global market in terms of revenue in 2020, with 38% of the total share. This is attributed to the fact that; the well-established food and beverages industry has increased the potential sales of plastic resin during the forecast period. In addition, popular brands such as Coca-Cola, PepsiCo, Nestlé, and others use recycled PET plastic resin for making plastic bottles. This actor will positively aid the market growth in the coming years. Moreover, growing cosmetics, healthcare, electronics, and plastic manufacturing industries have surged the demand for plastic resins. Polystyrene and polyethylene resins are used in making plastic containers plastic devices, cables, wires, and others.
Region-wise, the virgin resin market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific virgin resin market size is projected to grow at the highest CAGR during the forecast period and accounted for a major virgin resin market share in 2021. According to a report published by the United Nations Statistics Division, China witnessed around 28.7% of the global manufacturing output for consumer electronic products in 2019. This factor is expected to drive the growth of the virgin resin market in the Asia-Pacific region. In addition, surge in demand for packaged food and more preferences for continental food and well-established food and beverages industry in the countries such as China, Japan, India, and South Korea has driven the demand for plastic containers, dishes, films, wrappers, and other packaging products. This factor is anticipated to boost the growth of the market in the upcoming years
Key players operating in the global virgin resin market include Anhui Sealong Biotechnology Co., Ltd., Bartek Ingredients Inc., Changmao Biochemical Engineering Company Limited., FUSO CHEMICAL CO., LTD., isegen south Africa (pty) ltd., POLYNT SPA, Prinova Group LLC., Thirumalai Chemicals Ltd., YONGSAN CHEMICALS, INC., and Zhonglan Industry Co., Ltd.
COVID-19 analysis
The COVID-19 had a negative impact on the virgin resin market due to a significant decrease in the potential sales of automotive and building and construction activity. For instance, according to an article published by OICA in 2020, global auto production in 2020 was severely hit by covid-19 crisis with a 16.0% drop in world auto production. However, growing consumer demand for virgin resin from packaging and building & construction industry during the first quarter of 2021 has boosted the virgin resin market.Key findings of the study
By resin type, the polyethylene segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 3,7% from 2022 to 2031.By application, the packaging segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 3.8% from 2022 to 2031.
By region, Asia-Pacific garnered the highest share of 49% in 2021, in terms of revenue, growing at a CAGR of 4.0%.
Companies Mentioned
- Sabic
- Isono Co.,Ltd.
- Dow Inc.
- Lyondellbasell
- Reliance Industries Ltd.
- Plastipak Packaging, Inc.
- Domo Chemicals
- a 1 Impex
- Toray Industries, Inc.
- Nimtada Co.,Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 229 |
| Published | October 2022 |
| Forecast Period | 2021 - 2030 |
| Estimated Market Value ( USD | $ 375.7 billion |
| Forecasted Market Value ( USD | $ 528.9 billion |
| Compound Annual Growth Rate | 3.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
