Plastic Resin Market Size, Share & Trends Analysis Report By Product (Crystalline Resin, Non-crystalline Resin, Engineering Plastic), By Application (Packaging, Automotive, Construction), By Region, And Segment Forecasts, 2024 - 2030

Research Methodology

A three-pronged approach was followed for deducing the plastic resin market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for plastic resin market to gather the most reliable and current information possible.

• We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
• We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
• We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
• We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
• We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of plastic resin market data depending on the type of information we’re trying to uncover in our research.

• Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

• Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

• Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

• Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

• Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

• Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

• This step also entails the finalization of the report scope and data representation pattern.

• Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Plastic Resin Market Categorization:

The plastic resin market was categorized into four segments, namely product (Crystalline Resin, Non-crystalline Resin, Engineering Plastic, Super Engineering Plastic), application (Packaging, Automotive, Construction, Electrical & Electronics, Logistics, Consumer Goods, Textiles & Clothing, Furniture & Bedding, Agriculture, Medical Devices), and regions (North America, Europe, China, Asia, Pacific, Central & South America, Middle East & Africa).

Segment Market Methodology:

The plastic resin market was segmented into product, application, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

• Demand estimation of each product across countries/regions summed up to from the total market.

• Variable analysis for demand forecast.

• Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

• Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

• Used extensively for new product forecasting or analyzing penetration levels.

• Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

• Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

• This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The plastic resin market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-two countries, namely, the U.S.; Canada; Mexico; Germany; the UK; France; Italy; Poland, Spain, India, Japan, Thailand, Malaysia, Indonesia, Vietnam, Singapore, Philippines, Brazil, Argentina, Saudi Arabia; UAE; and Oman.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Plastic resin market companies & financials:

The plastic resin market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

• BASF SE - Established in 1865, BASF SE has its corporate headquarters in Ludwigshafen, Germany. The firm’s operations are divided into six key business sectors: chemicals, materials, industrial solutions, surface technologies, nutrition & care, and agricultural solutions. The company’s offerings are utilized in a variety of sectors such as agriculture, construction, pharmaceuticals, energy & power, home care & nutrition, automotive & transportation, rubber & plastics, leather & textiles, and personal care & hygiene. The materials business sector encompasses performance materials and monomers, with the performance materials sector further subdivided to include plastics. The plastics product range comprises performance polymers, plastic additives, and polyamides & intermediates, which are used in industries like automotive & transportation, construction, electrical & electronics, and consumer goods. The company boasts over 355 manufacturing sites in more than 90 countries across regions including Europe, Asia Pacific, North America, Central America, South America, and the Middle East & Africa. The company’s shares are traded on the stock exchanges of Frankfurt, London, and Zurich. As of December 2020, the company employed 110,302 individuals across its various plant locations and offices.

• SABIC - Established in the year 1976, SABIC has its corporate headquarters in Riyadh, Saudi Arabia. The firm's operations are divided into five key segments: petrochemicals, specialties, agri-nutrients, and metals. The products produced under these categories serve a wide range of sectors including agriculture, building & construction, automotive, consumer goods, electrical & electronics, healthcare, and packaging. The polymers segment of the company offers plastic products such as acrylonitrile butadiene styrene (ABS), polybutylene terephthalate (PBT), polycarbonate (PC), polyethylene (PE), polyethylene terephthalate (PET), polypropylene (PP), polystyrene (PS), and polyvinyl chloride (PVC). These products are primarily used in the automotive, construction, and consumer goods & packaging sectors. SABIC has a global presence with 9 manufacturing facilities in North & South America, specifically in the U.S., Argentina, and Mexico; 3 in Asia Pacific in China, Japan, and South Korea; and 13 in Europe in countries like Germany, the UK, Italy, Belgium, Austria, the Netherlands, and Spain. The company's shares are listed on the Saudi Arabia stock exchange, with the Saudi Arabian government being the majority shareholder. As of March 2020, SABIC had a workforce of 32,000 and its operations spanned over 50 countries including Greece, the Czech Republic, Dubai, China, Australia, and Hungary.

• Dow Inc. - Dow Inc. came into existence on April 1, 2019, following its separation from Dupont. The firm's main office is located in Midland, U.S. Dow Inc. conducts its business through three primary divisions: industrial intermediates & infrastructure; performance materials & coatings; and packaging & specialty plastics. The plastic products of the company are utilized by a variety of industries such as consumer goods, healthcare, food & beverage, personal care, construction, life sciences, paints & coatings, and paper. As of the end of 2020, specifically December 31, Dow Inc. operated 109 manufacturing sites in several countries including the U.S., India, Thailand, and South Africa and with a workforce of 35,700 people, the company served its products to 31 nations across the globe.

• DuPont - Founded in the year 1802, DuPont has its main office in Michigan, United States. The firm is involved in the production of high-performance materials, synthetic fibers, electronics, and specialty chemicals. It conducts its operations through four key segments: electronics & imaging, transportation & industrial, nutrition & biosciences, safety & construction. The company's product portfolio includes a variety of items such as adhesives, advanced printing solutions, animal nutrition, biomaterials, construction materials, medical devices & materials, industrial films, and industrial enzymes & bio actives. DuPont serves its plastic products to several end-use industries including apparel & textiles, automotive, building & construction, electronics, and food & beverage. The company has operations in more than 70 countries spread across North America, Asia Pacific, Europe & Middle East, South America, and Africa. As of the year 2020, it had a workforce of 34,000 individuals.

• Evonik Industries AG - Evonik Industries AG, a subsidiary of the RAG Foundation, was established in 2007 and has its corporate headquarters in Essen, Germany. The firm's operations are divided into three key segments: nutrition & care, performance materials, and resource efficiency, and it serves a variety of end-use industries such as adhesives & sealants, agriculture, automotive, composites, construction, food, pharmaceutical, energy, paints & coatings, and tire & rubber. The performance materials segment encompasses polymers and their intermediates, which are used in the production of plastic and rubber products and cater to industries including agriculture, automotive, transportation, architectural, construction, electrical, electronics, furniture, and lighting. The company's shares are listed on the Frankfurt Stock Exchange. Evonik Industries AG has production sites in several countries including the U.S., Canada, Mexico, Argentina, Brazil, France, Britain, Germany, New Zealand, China, India, Japan, and South Africa and as of December 2019, it had a workforce of 32,423 individuals.

• Sumitomo Chemical Co., Ltd. - Established in 1913 under the name Sumitomo Fertilizers, Sumitomo Chemical Co., Ltd., a part of the Sumitomo Group, underwent a name change in 1934 to its current title. The firm is headquartered in both Tokyo and Osaka in Japan. Its operations span across several business sectors: petrochemicals & plastics, energy & functional materials, health & crop sciences, hardware components, and pharmaceuticals. The petrochemicals & plastics division produces synthetic resins like polyethylene, polymethyl methacrylate, and polypropylene, which cater to industries such as automotive, construction, home appliances, and energy. These products find their use in a variety of applications, including the production of carpets, automotive bumpers, food trays, panels, electrical insulation, coatings, wrapping films, signboards, and more. Sumitomo Chemical has production sites in countries like Japan, China, South Korea, Singapore, and Saudi Arabia, and it also maintains sales offices in these and other countries. The company's shares are listed on the Tokyo Stock Exchange. As of March 2019, Sumitomo Chemical employed a workforce of 32,542 individuals.

• Celanese Corporation - Founded in 1918 as The American Cellulose & Chemical Manufacturing Company, Celanese Corporation adopted its present name in 1927 and is based in Texas, U.S. The firm's operations are divided into six sectors: engineered materials, cellulose derivatives, intermediate chemistry, food ingredients, EVA (ethylene vinyl acetate) polymers, and emulsion polymers. Its product offerings serve a wide range of industries such as aerospace & defense, automotive & transportation, construction, chemicals, energy, food & beverage, medical & pharma, packaging, consumer goods, and utility. The engineered materials and EVA polymers divisions encompass a range of plastic materials like various polyesters, thermoplastics, and polymers that are used in industries like construction, electrical & electronics, packaging, and automotive. The company's shares are listed on the New York Stock Exchange. It operates manufacturing sites in countries like the U.S., Canada, Germany, Sweden, the Netherlands, China, and Singapore, and maintains technical offices in the U.S., Germany, and China, as well as sales offices in the U.S., Germany, the Netherlands, China, and Singapore. As of the year 2020, Celanese Corporation employed a total of 7,658 individuals across its various locations.

• Eastman Chemical Company - Established in 1920, Eastman Chemical Company has its main office in Tennessee, U.S. The firm’s operations are divided into four sectors: additives & advanced materials, functional products, fibers, and chemical intermediates, and it caters to a variety of industries such as automotive & transportation, construction, consumer goods, chemicals, agriculture, food & beverage, and health & wellness. The company produces plastics and plastic additives that find their use in a range of applications like carpeting, flooring, insulation, furniture, and window films in the construction industry; bumpers, carpets, and other interior components in the automotive industry; bottles, toys, storage containers, and more in the utility sector; packaging; and medical devices. Eastman Chemical Company’s shares are listed on the New York Stock Exchange. As of the end of 2020, the company employed approximately 14,500 people and had production sites in more than 100 countries across regions such as North America, Europe, Asia Pacific, and MEA.

• Exxon Mobil Corporation - Exxon Mobil Corporation, an energy and chemical production company, was established in 1999 as a result of a merger between Exxon Corporation and Mobil Corporation. The company’s headquarters are located in Texas, U.S., and its shares are traded on the New York Stock Exchange. It is organized into four main business sectors: upstream, chemical, downstream, and natural gas and power marketing. The chemical sector encompasses a variety of products such as plastics, rubber, plasticizers, acids, additives, solvents & fluids, and more. This sector serves a multitude of industries including automotive, construction, lubricants, medical & healthcare, oil & gas, consumer goods, utility, and packaging. The plastics category includes materials like polyethylene, polypropylene, and polymer modifiers, with grades such as high-density polyethylene, low-density polyethylene, linear low-density polyethylene, plastomers, advanced polypropylene, and performance polyolefin. Exxon Mobil Corporation operates manufacturing sites in regions like North America, South America, Europe, Asia Pacific, and the Middle East & Africa to meet the market demands in these areas. As of the end of 2020, the company had a workforce of approximately 72,000 employees.

• Formosa Plastics Corporation - Established in 1954, Formosa Plastics Corporation is a renowned entity with its main office in Kaohsiung City, Taiwan. The corporation is listed on the Taiwan Stock Exchange and specializes in the production of plastic resins and plastic intermediates. It has organized its offerings into three key sectors: plastic materials, petrochemicals, and fibers, catering to a variety of industries such as packaging, automotive, utilities, consumer goods, construction, and electrical and electronics, among others. The plastic materials sector encompasses products like polypropylene, polycarbonate, polystyrene, acrylonitrile butadiene styrene, acrylonitrile-styrene copolymer, and acrylonitrile-styrene-acrylate copolymer in resin form. These materials find their application in areas like protective casings, automotive exteriors and interiors, housing appliances, instrument panels, and more across industries like automotive, construction, electrical and electronics, packaging, consumer goods, utilities, and others. The corporation operates manufacturing subsidiaries in Taiwan and the U.S., and as of December 31, 2018, it employed a workforce of 115,377 individuals.

Value chain-based sizing & forecasting

Supply Side Estimates

• Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

• Segment revenue determination via variable analysis and penetration modeling.

• Competitive benchmarking to identify market leaders and their collective revenue shares.

• Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

• Identifying parent markets and ancillary markets

• Segment penetration analysis to obtain pertinent

• revenue/volume

• Heuristic forecasting with the help of subject matter experts

• Forecasting via variable analysis

Plastic Resin Market Report Objectives:

• Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

• Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

• Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Plastic Resin Market Report Assumptions:

• The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

• The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

• We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

• All market estimates and forecasts have been validated through primary interviews with the key industry participants.

• Inflation has not been accounted for to estimate and forecast the market.

• Numbers may not add up due to rounding off.

• Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

• Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

• Latin America includes Central American countries and the South American continent

• Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

• Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

• Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.