Polymer Resin Market: Global Opportunity Analysis and Industry Forecast, 2022-2029 Market

Polymer Resin Market Analysis 2020-2027:

The global polymer resin market witness significant growth, and is anticipated to grow considerably over the next few years. Polymer resin is a liquid plastic product that hardens when kept in open air for a specified time to form a durable, thick, and glossy coating. In addition, it is water-resistant and fade-proof in its hardened form. Polymer resin products are widely used in the automotive industry, due to surge in demand for lightweight and fuel-efficient vehicles across the globe. In addition, it finds application in the construction and packaging industries, due to its ability to provide stability at high temperature and pressure along with offering improved strength. Moreover, polymer resins are pH stable in the range of 1–14.

The global polymer resin market is segmented into resin type, application, and region. Depending on resin type, the market is categorized into polystyrene, polyethylene, polyvinyl chloride (PVC), polypropylene, expandable polystyrene, and others. In terms of end-use industry, it is segregated into electrical & electronics, construction, medical, automotive, consumer, industrial, packaging, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. 

Top impacting factors

Increase in application of polymer resin in the automotive industry and surge in adoption of polymer resin in the construction industry to produce door frames and base of countertops drive the global polymer resin market. In addition, rise in demand for polymer resin from packaging industry to produce uniquely shaped and durable packaging for products having irregular shape is expected to contribute toward the global market growth. However, volatile raw material prices owing to fluctuating global crude oil prices are anticipated to hamper the growth of the market. On the contrary, the ability to recycle polymer resin products is expected to create lucrative opportunities for the market players in the future.

Increase in application of polymer resin in the automotive industry

Automobile manufacturing plants that manufacture spare parts and components for vehicles utilize polymer resin in a massive volume. Polymer resin is important in manufacturing of various automobile components, including seat belts and carpets, as it can reduce the overall weight of the vehicle, thus increasing the fuel efficiency. Polypropylene, polyurethane, and PVC are the three widely used polymer resins in the automotive industry. Owing to increase in demand for lightweight and fuel-efficient vehicles, the need for polymer resin is anticipated to augment across the globe. In addition, surge in demand and production of electric vehicles (EVs) across the world to curb pollution and reduce dependency on convention fuel sources is anticipated to increase the demand for polymer resin and eventually will drive the growth of global polymer resin market.  

In September2019, BASF SE and STR Automotive entered into a joint venture to launch a new material Elastolit R 8819. This lightweight material can be used in manufacturing of front and rear bumpers of automobiles. In addition, in October 2019, SABIC launched XENOY HTX resin, a polyester-based technology, for the production of impact resistant, and high-performance structural automotive applications.

Surge in adoption of polymer resin in the construction industry

Polymer resins are widely used in construction industry to manufacture door frames & sturdy window, aesthetically pleasing & durable floor tiles, and the bases of countertops. They witness increased demand due to their adaptability, as the liquid form can be inserted into molds to manufacture the desired shape. 

In December 2019, BASF SE launched MasterTop XTC, a high-performance flooring system for the construction industry. MasterTop XTC flooring system provides anexceptional resistance to impact and abrasion, and an easy-to-clean seamless floor surface.

Prime benefits of the report

• The report offers the analysis of the global polymer resin industry along with current trends and future estimations to foresee imminent threats and take necessary actions accordingly. 
• The study offers an in-depth analysis of major drivers, opportunities, and restraints along with comprehensive analysis of the global polymer resin market share. 
• The market study is analyzed from 2020 to 2027 to underline the growth possibilities.
• The report includes Porter’s five forces analysis that offers insights about buyers & suppliers in the market. 
• The analysis includes study of the major market players.

Questions answered in the global polymer resin market research report:

• Which are the leading market players active in the global polymer resin market?
• What are the recent trends that will influence the market growth in the coming years?
• What are the prime driving factors, restraints, and opportunities of the market?
• What are the estimations that would help in taking further strategic steps?

 Polymer Resin Market: Global Opportunity Analysis and Industry Forecast, 2020–2027 Report Highlights