Virgin Resin Market May See Potential Upside in Years to Come

An increase in awareness regarding hygiene-related activities, wide usage of virgin resins as a substitute for metals in several end-use sectors.

WILMINGTON, DE, UNITED STATES, January 27, 2025 /EINPresswire.com/ -- Wide usage of virgin resins as a substitute for metals in building & construction, automotive, electronics, and other sectors, coupled with properties such as corrosion resistance, flexibility, and superior adhesion, drives the growth of the global virgin resin market.

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.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/32204

Prime Determinants of Growth

An increase in awareness regarding hygiene-related activities, wide usage of virgin resins as a substitute for metals in several end-use sectors, and beneficial properties such as corrosion resistance, flexibility, and superior adhesion fuel the growth of the global virgin resin market. However, fluctuations in raw material prices restrict market growth. Additionally, increased investments in building infrastructure in countries like the U.S., China, Japan, Mexico, and India present new opportunities in the coming years.

Segment Analysis

By Resin Type:

- Polyethylene: Held the highest market share in 2021, accounting for nearly one-third of the global virgin resin market. Over 80 billion tons of polyethylene are manufactured annually, making it the world’s most significant plastic.

- Polypropylene: Projected to manifest the highest CAGR of 3.9% from 2022 to 2031. The expansion of the automotive sector, driven by increased purchasing power, has surged the popularity of polypropylene-based virgin resin, which is widely used for manufacturing automobile components such as bumpers, instrumental panels, door trims, and wheel covers.

By Application:

- Packaging: Held the highest market share in 2021, accounting for nearly two-fifths of the global virgin resin market. The rise in disposable income, busy schedules, and increased consumption of packaged food have fueled the growth of this segment.

- Automotive: Projected to manifest the highest CAGR of 4.0% from 2022 to 2031, attributed to the growing use of virgin resin in manufacturing automobile components.

Regional Insights

- Asia-Pacific: Dominated the market in 2021, accounting for nearly half of global revenue, and is anticipated to continue leading through 2031. The region’s rapid growth is driven by the robust production capabilities of countries like China, which produced 60 billion tons of plastic in 2020. Additionally, the expanding automotive sectors in India, Japan, and Australia are boosting demand for virgin resin in auto component manufacturing.

- Other Regions: Include North America, Europe, and LAMEA, which are also discussed in the report.

Leading Market Players

The key players in the global virgin resin market include:

- SABIC

- ISONO CO. LTD.

- Dow Inc.

- LyondellBasell

- Reliance Industries Ltd

- Plastipak Packaging, Inc.

- Domo Chemicals

- A 1 IMPEX

- Toray Industries, Inc.

- Nimtada Co. Ltd.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/virgin-resin-market/purchase-options

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