Plastic Resins Market Size

Plastic Resin Market size was valued at USD 820.3 billion in 2023 and is projected to surpass USD 1407.2 billion by the end of 2036, growing at a CAGR of 4.6% during the forecast period, i.e., 2024-2036. In 2024, the industry size of plastic resin is estimated at USD 858 billion.

Plastics and polymers comprise over 10% of a vehicle’s weight and are key substitutes for heavy steel and iron automobile components. Polyethylene, polyamides, polypropylene, and PVCs, along with other specialty polymers are the type of plastics used in the automotive industry.  According to the U.S. Department of Energy, reducing 10% of automotive weight can influence improvement in fuel economy by about 6%-8%. More focus is on improving the additives for plastics by utilizing carbon-negative materials and decarbonizing the polymer materials used in the automotive industry.