Wide usage of virgin resins as a substitute for metals in building & construction, automotive, electronics, and other sectors, properties of virgin resins such as corrosion resistance, flexibility, and superior adhesion drive the growth of the global virgin resin market.
PORTLAND, Ore. , Dec. 6, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "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". According to the report, the global virgin resin industry generated $375.7 billion in 2021, and is anticipated to generate $528.9 billion by 2031, witnessing a CAGR of 3.5% from 2022 to 2031.
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An increase in awareness regarding hygiene-related activities, wide usage of virgin resins as a substitute for metals in several end-use sectors such as building & construction, automotive, electronics, and others, and beneficial properties of virgin resins such as corrosion resistance, flexibility, and superior adhesion drive the growth of the global virgin resin market. However, fluctuations in the prices of raw materials restrict the market growth. Moreover, an increase in investments in building infrastructure in countries such as the U.S., China , Japan , Mexico , and India presents new opportunities in the coming years.
The outbreak of the Covid-19 pandemic had a negative impact on the global virgin resin market, as a decrease in prices of cured oil led to the drag down of the value of virgin resin in April 2020 .
Moreover, disruption in the production unit, closure of manufacturing factories, cutbacks in service sectors, and a disruption in global logistics and supply chain services of plastic-based products hampered the market during the pandemic.
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 the production in 2019 due to the COVID-19 pandemic.
However, the gradual reopening of manufacturing units and the growing demand for virgin resin from various end use industries propelled the virgin resin market since mid-2021.
The polyethylene segment to maintain its leadership status throughout the forecast period
Based on resin type, the polyethylene segment held the highest market share in 2021, accounting for nearly one-third of the global virgin resin market, and is estimated to maintain its leadership status throughout the forecast period. Over 80 billion tons of polyethylene are manufactured each year, making it the world's most important plastics. However, the polypropylene segment is projected to manifest the highest CAGR of 3.9% from 2022 to 2031. The expansion of the automotive sector attributed to the increase in purchasing power of customers surged the popularity of polypropylene-based virgin resin. Polypropylene-based virgin resin is widely used for manufacturing automobile components such as automotive bumpers, bumper facias, instrumental panels, door trims, and wheel covers.
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The packaging segment to maintain its leadership status throughout the forecast period
Based on application, the packaging segment held the highest market share in 2021, accounting for nearly two-fifths of the global virgin resin market, and is estimated to maintain its leadership status throughout 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. However, the automotive segment is projected to manifest the highest CAGR of 4.0% from 2022 to 2031, attributed to rise in usage for manufacturing automobile components.
Asia-Pacific to maintain its dominance by 2031
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2021, accounting for nearly half of the global virgin resin market, and is likely to dominate the market during the forecast period. In addition, the same region is expected to witness the fastest CAGR of 4.0% from 2022 to 2031. China alone can produce 60 billion tons of plastic in 2020 which is anticipated to boost the overall production of virgin resin. Also, countries such as India , Japan , China , 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. Other regions discussed in the report include North America , Europe , and LAMEA.
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