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Virgin Resin Market

Virgin Resin Market

by Resin Type (Polyethylene, Polypropylene, PET, Polystyrene, Others), by Application (Building and Construction, Packaging, Textile, Automotive, Medical, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031

Report Code: A31754
Pages: 229
Oct 2022 | 408 Views
Author(s) : Nikhil M , Yerukola P
Tables: 200
Charts: 56
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Virgin Resin Market Research, 2031

The global virgin resin market was valued at $375.7 billion in 2021, and is projected to reach $528.9 billion by 2031, growing at a CAGR of 3.5% from 2022 to 2031.

Report key highlighters:

  • The global virgin resin market has been analyzed in terms of value ($billion) and volume (tons). The analysis in the report is provided on the basis of resin type, application, 4 major regions, and more than 15 countries.
  • The global virgin resin market report includes a detailed study covering underlying factors influencing the industry opportunities and trends.
  • The virgin resin market is fragmented in nature with few players such as Dow, ISONO co., ltd, Lyondellbasell, PLASTIPAK HOLDINGS, INC., Reliance Industries Ltd, SABIC, and TORAY INDUSTRIES, INC, which hold significant share of the market.
  • The report facilitates strategic planning and industry dynamics to enhance decision making for existing market players and new entrants entering the virgin resin industry.

According to a report published by PAGEV - Turkish Plastics Industry Foundation in February 2021, boycott of plastic resin leads to lower prices for raw materials and many petrochemical plants were shut down due to which the demand for virgin resin has increased in 2021.

Virgin Resin Market

Virgin resin is the purest form of resin polymer, and it is also considered as an unprocessed form of resin. It is mainly manufactured from natural resources such as petrochemical feedstock, natural gas, crude oil, 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.

Virgin resins are widely used as a substitute for metals in several end-use sectors such as building & construction, automotive, electronics, and others owing to their mechanical and chemical properties. In addition, the arrival of local players has led the manufacturers to offer virgin resins at low prices in the Asia-Pacific region. These factors are responsible for the growth of virgin resins in the market. Furthermore, after proper catalyzed application of the virgin resin, it provides a hard, water, and chemical solvent resistant finish to the final product. The properties of virgin resins such as corrosion resistance, flexibility, and superior adhesion allows it to be used by various end-user industries such as building & construction, automotive & transportation, and others.

There are legal implications and challenges associated with virgin resin-based products will hamper market growth during the forecast period. In addition, fluctuations in the prices of raw materials will restrain market growth in the upcoming years. An increase in awareness regarding hygiene-related activities has led to the growth of the packaging sector where virgin resin-based plastic containers are widely used for manufacturing films & wraps and for packaging of a wide range of consumer goods.

Furthermore, there are several acts and standards that are set up to safeguard the use of virgin resin in automotive, food packaging, construction, and other industry. The U.S. has mandate state law on post-consumer recycled content (PCR) on fast moving consumer industry. In India the State Pollution Control Board and Pollution Control Committee in respect of a Union territory is responsible for the relating to registration, manufacture of plastic products. There are several standards regarding the use of virgin resin which are used in various industries such as automotive, construction, petrochemical, electronic components, and others.

Moreover, an increase in investments in building infrastructure in countries such as the U.S., China, Japan, Mexico, and India has led the building & construction sector to witness a significant growth where virgin resins such as epoxy and phenolic resins compounds are employed as insulating materials and cladding panels. These factors are predicted to contribute to the global market growth and are anticipated to offer new opportunities in the global virgin resins market.

Virgin Resin Market
By Region

2031
Asia-pacific 
North America
Europe
LAMEA

Asia-Pacific would exhibit highest CAGR of 4.0 % during 2022-2031.

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"According to an article published by Earth organization in March 2022, China alone produced 60 billion tons of plastic in 2020 which is anticipated to boost the overall production of virgin resin."

The Asia-Pacific virgin resin market size is projected to grow at the highest CAGR of 4.0% during the forecast period and account for 44% of the virgin resin market share in 2021. Countries such as India and Australia are witnessing a rapid increase in automotive sectors where virgin resin is used to make auto components, such as instrumental panels, glass interlayer, interior trim, door handles, and others. For instance, according to a report published by the Indian Ministry of Commerce and Industry, the transportation sector in India is expected to grow at a compound annual rate (CAGR) of 5.9%, owing to the development of highways, widespread railway networks, aviation ports, and waterways structure. This factor is expected to drive the growth of the virgin resin market in the Asia-Pacific region.

Virgin Resin Market
By Resin Type

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Polyethylene resin is the most lucrative segment

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By resin type, the polyethylene segment dominated the global market in 2021 and is anticipated to grow at a CAGR of 3.7% during the forecast period. The utilization of virgin-based polyethylene has increased in the construction industry where it is used for making HDPE pipes, drainage layers, roofing, building products, and others. This factor is expected to act as one of the key factors responsible for the growth of the virgin resin market. Furthermore, the surge in population across the globe, rise in disposable income among people, and increase in the demand for household appliances have enhanced the performance of polyethylene-based virgin resins. It is mainly used for making bottles, grocery bags, garbage containers, housewares, iceboxes, toys, and other products. This is predicted to boost the growth of the market for polyethylene-based virgin resin.

Virgin Resin Market
By Application

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Automotive application segment is projected as the fastest growing segment

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"According to an article published by Plastic Industry Association in September 2022, the U.S. plastics industry accounted for an estimated $432 billion in 2022 and reached $549.5 billion in 2021. This is anticipated to act as one of the key drivers which are responsible for the growth of the virgin resin market in packaging industries."

In 2021, the packaging segment was the largest revenue contributed and is anticipated to grow at a CAGR of 3.8% during the forecast period. Plastic production has become one of the major industries in the U.S., and it is expected to grow during the forecast period. The packaging industry is one of the booming sectors across the globe owing to rise in disposable income, busy schedule of people, and rise in consumption of packaged food has bolstered the virgin resin market. For instance, according to an article published by Indian Brand Equity Foundation in March 2021, the Indian packaged industry is expected to double in the next 5-10 years. Plastic resins are extensively used in making plastic containers, jars, bottles, and other products. This acts as a one of the key drivers responsible for the growth of virgin resin market in upcoming years.

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. The global virgin resin market report provides in-depth competitive analysis as well as profiles of these major players.

IMPACT OF COVID-19 ON THE GLOBAL VIRGIN RESIN MARKET

The virgin resin market was negatively impacted due to the wake of the COVID-19 pandemic. Key factors such as a decrease in the prices of cured oil which in turn led to drag down the value of virgin resin in April 2020. In addition, government norms and restrictions on using virgin resin-based products have impacted the market virgin resin market growth during the pandemic.

Moreover, disruption in the production unit, closure of manufacturing factories, and cutbacks in service sectors led to disruption in global logistics and supply chain services of plastic-based products has hampered the market during 2020. For instance, according to an article published by Republic World in June 2021, global plastics production fell by 0.3% in 2020 as compared to production in 2019 due to the COVID-19 pandemic. Furthermore, the gradual reopening of manufacturing units and growing demand for virgin resin from various end-use industries propelled the virgin resin market in mid-2021.

    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.
    • 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 to make profit-oriented business decisions and strengthen their supplier-buyer network.
    • An 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 an analysis of the regional as well as global virgin resin market trends, key players, market segments, application areas, and market growth strategies.

    Virgin Resin Market Report Highlights

    Aspects Details
    Market Size By 2031 USD 528.9 billion
    Growth Rate CAGR of 3.5%
    Forecast period 2021 - 2031
    Report Pages 229
    Resin Type
    • Polyethylene
    • Polypropylene
    • PET
    • Polystyrene
    • Others
    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.
     

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    According to CXOs of leading companies, the global virgin resin market is expected to exhibit high growth potential. Virgin resin is the raw material of plastic extensively used in various end-use industries such as building and construction, automotive, medical, textile, packaging, and others. Virgin resin possesses mechanical, chemical, and physical properties. Polyethylene and polypropylene-based virgin resins are used in making pipes, door panels, window profiles, and others. Changing consumers' preferences for packaged food and canned goods has enhanced the performance of the virgin resin. It is mainly used to make plastic containers, bottles, jars, trays, plates, and others.

    In addition, virgin resin possesses excellent significant properties such as high mechanical strength, thermal resistance, chemical resistance, and corrosion resistance that makes it best suited for manufacturing auto components. It serves as a protective coating in under hood parts and engine components owing to its scratch resistance property. In addition, the high production and consumption rate of virgin resin in countries such as the U.S., China, India, and others is expected to boost the market. Furthermore, factors such as flexibility in operation, ease of application, and cost-effective properties of plastics will enhance the performance of virgin resins in several end-use industries. CXOs further added that sustained economic growth and development of the building & construction sector have increased the popularity of virgin resin.

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    FREQUENTLY ASKED QUESTIONS?

    A. Virgin resins are highly used in automotive and construction sectors, however, companies are planning to cut down the use virgin resins in order to promote the use of recycled plastic.

    A. The packaging segment was the largest revenue contributor and is anticipated to grow at a CAGR of 3.8% during the forecast period.

    A. The Asia-Pacific virgin resin market size is dominating the global virgin resin market and is projected to grow at a CAGR of 4.0% during the forecast period.

    A. The global virgin resin market is projected to reach $528.9 billion by 2031, growing at a CAGR of 3.5% from 2022 to 2031.

    A. 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.

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