The polymer resin market is enjoying its far-reaching exposure due to its multifarious use in automotive and application industries. An industrial counterpart of the plant resins, the polymer resin, is liquid that gets hardened in the open air. The product gets mostly produced from thermosetting plastics which gives it a higher mechanical strength and makes it the choicest preference for the automotive sector. The global polymer resin market is expecting an unprecedented growth during the forecast period (2016-2022) due to the traction it is getting from sectors such as automotive, health, food & beverage, construction, consumer, industrial, and electrical & electronics. The global market worth would substantially leap from its USD 60 billion valuation in 2016. Market Research Future’s (MRFR) report on the same market has details regarding segments and drivers for a better understanding of the upcoming years.
The features of polymer resins are enabling polymer resins market to expand its operational base. It is lightweight and allows strength & design flexibility which helps it to impact the automotive market profoundly. In addition, its ability to reduce cost is luring in a lot of end-user industries. Currently, several industrial verticals are opting for this as a replacement for paper, glass, metals, and others. This shift in industrial behavior can spur the global polymer resin market growth. It has proven itself a boon for automotive sectors, construction, medical and electrical & electronics industry.
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Despite such advantages, the market can get bogged down by the rising concerns regarding environmental changes. Social awareness for sustainable materials, however, can steer the market out of longtime plummets by acting as a driving factor for innovations and researches in the market.
The global polymer resin market can be segmented by resin type and application.
Based on the type, the polymer resin market includes PET (Pet bottle resin), polyvinyl chloride (PVC), polyethylene (HDPE, LDPE, LLDPE), polypropylene (PP), polystyrene (PS), and EPS (expandable polystyrene). Polyethylene’s production is the highest. However, the packaging industry can substantially boost the PP market growth. PVC growth can gain traction from its pervasive utility in automotive and construction sectors.
Based on application, the polymer resin market comprises electrical & electronics, automotive, construction, medical & consumer, and industrial. Automotive industry drives the market with the maximum contribution. Meanwhile, electrical & electronics segment can contribute significantly during the forecast period.
Region-specific analysis of the polymer resin market includes North America, Europe, Asia Pacific (APAC), Rest-of-the-World (RoW).
The APAC is the global frontrunner. Increasing disposable income is boosting the intake of the automotive industry which is subsequently, providing traction to the polymer resin market. The rise in small and medium enterprise initiatives have helped the region emerge as the market leader. China leads the region as a vast number of end-user industries are promoting the need for the same.
The European market is facing a few economic hurdles. The market is getting impeded by the debt crisis and post-Brexit crisis. But the automotive sector can better the situation by being a catalyst for the regional market. North America’s strong industrial base is proving helpful for the regional market growth.
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Prominent players contributing to the polymer resin market are BASF SE, Royal DSM, DuPont, Solvay Plastics, SABIC, LG Chem, Covestro, Celanese Corporation, Evonik, Bayer AG, and others.
In April 2018, Celanese announced the expansion of GUR ultra-high molecular weight polyethylene (UHMW-PE) production line at its Nanjing, China manufacturing site. The growth would be significant to support the engineered materials business, specifically the electric vehicle market.
In March 2018, Braskem, one of the leading manufacturers of polymers, has decided to supply green plastic to the LEGO group. Braskem’s product I’m greenT polyethylene is sourced from sugarcanes, and the initiative is to support sustainable and innovative products.