Plastic Resins Market Share

APAC Market Statistics

Asia Pacific industry is expected to hold largest revenue share of 40% by 2037. The growth of the market in this region is forecasted to be influenced by the rising production of plastics. For instance, in 2021, from close to 389 million tons of plastic produced globally over 51% of the plastics were manufactured in Asia Pacific. Also, the plastic production plants in the region are growing in number which is additionally estimated to encourage market expansion.

China market is expected to observe the largest growth in contrast to other nations in this region. This growth is set to be encouraged by the growing use of plastic in the manufacturing sector.

The market for plastics resin in India is also projected to rise over the forecast period. The country has a presence of prominent domestic players including Deep Masterbatch, Ms Metallization Pvt. Ltd., Technovaa Plastic Industries Private Limited, Sanvy Resin And Coatings Pvt. Ltd., and Aryan Composites Pvt. Ltd., among several others.

Additionally, the Japan market is also set to grow on account of the growing plastic resin demand in electronics and automotive sectors. Polycarbonate resin has widespread adoption in electronics as an electrical insulator. The resin also has applications in machinery and automotive machinery industries.

North America Market Analysis

The North America plastic resin market is poised to have significant growth during the forecast period. The major factor driving the market expansion in this region is the increasing urban population. As predicted by the U.S. Census Bureau, the urban population in the U.S. increased by about 6.4% between the years 2010 to 2020. This is further projected to boost the construction activities additionally encouraging the plastic resin market expansion.

Additionally, the market in the U.S. is also estimated to rise over the projected timeframe. The stringent government regulations to curb greenhouse emissions have prompted manufacturers to use plastic resin component production. This trend is anticipated to drive market growth in the U.S. during the forecast period.

The Canada market expansion is ascribed to the presence of a robust end-to-end supply chain for EVs.  The country is drawing international investment for EV component manufacturing, including Belgium’s Umicore which offered funding of USD 1.5 billion for a manufacturing facility in Ontario. The rising influx of investments is propelling growth of the market.