The Synthetic Resins Market is to Touch $600.35 Million by 2030; driven by the growing demand for advanced materials across various industries, including automotive, construction, and electronics. Innovations in manufacturing processes and the increa

The Synthetic Resins Market size is estimated to reach $600.35 million by 2030, growing at a CAGR of 4.8% during the forecast period 2024-2030, according to a recent report published by IndustryARC, titled, “Synthetic Resins Market – By Form: (Solid, Liquid, Emulsion, and Dispersion), 

By Type: Thermosetting Resins (Polyester, Vinyl Ester, Epoxy, Phenolic, Urethane, and Others), and Thermoplastic Resins (Polycarbonate, Acrylic, Nylon, Polyethylene, Polyvinyl Chloride, Polyethylene Terephthalate, Polypropylene, Polybutylene Terephthalate, Vinyl, and Others). By Application: (Packaging, Printing Inks, Pipes & Hoses, Walls & Floors, Wood Finishes, Sheets & Films, Medical Devices, Paint & Coatings, Adhesives & Sealants, Electronic Fabrications, Transportation Components, and Others), By End-use Industry: (Transportation (Automotive, Aerospace, Locomotive, and Marine), Food & Beverage (Fruits & Vegetables, Dairy, Bakery, Confectionery, Poultry, Drinking Water, Soft Drinks, and Others), Personal Care & Cosmetic (Body Care, Face Care, Eye Care, Nail Care, Fragrances, and Others), Building & Construction (Residential, Commercial, Industrial, and Infrastructural), Oil & Gas (On-shore, and Off-shore), Energy Generation (Wind Energy, Solar Energy, and Others), Electrical & Electronics (Generators, Transformers, Circuit Breakers, and Others), Military & Defense (Helmets, Bulletproof Jackets, and Others), Medical & Healthcare (Connectors, Surgical Equipment, Blood Reservoirs, and 

Others), and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030”

Rising industrial applications and advancements in manufacturing technologies, along with the increasing demand for sustainable and eco-friendly materials, are key drivers of market expansion for the Synthetic Resins industry during the forecast period. The automotive sector's shift towards lightweight materials to enhance fuel efficiency is significantly boosting the demand for synthetic resins. 

Asia-Pacific region held the largest share in the Synthetic Resin Market in 2023 up to 45% and is forecasted to grow at a CAGR of 6.2% during the forecast period 2024-2030, owing to the increasing transportation industry in APAC countries. According to the Japan Automobile Manufacturers Association (JAMA), automobile production in Japan increased in November from 6,67,462 units in October to 6,90,311 units. Thus, the growth of the global Synthetic Resin Market in the region is being aided by the increasing transportation sector in APAC, thereby dominating the market in the Asia-Pacific region. 

The automotive industry is one of the leading drivers for the Synthetic Resins market, primarily due to the shift towards lightweight materials that enhance fuel efficiency and reduce emissions. Thermoplastic resins like Polypropylene and Polycarbonate are increasingly utilized in various automotive components, such as interior parts and exterior panels. These materials not only improve performance but also contribute to safety features. As the automotive sector embraces electric vehicles and sustainable manufacturing practices, the demand for synthetic resins is anticipated to grow significantly. The focus on reducing overall vehicle weight to meet stringent environmental regulations further bolsters this trend.

The packaging industry is experiencing a surge in demand for sustainable and recyclable materials, making it a key segment for synthetic resins. Innovations in bio-based thermoplastics and the development of high-performance packaging films are driving growth in this sector. Packaging applications, particularly for food and beverages, benefit from synthetic resins' ability to offer excellent barrier properties while maintaining product freshness. As consumers become more environmentally conscious, the push for eco-friendly packaging solutions is expected to create lucrative opportunities for synthetic resin manufacturers.

•   In January 2023 BASF acquired the polyamide business of Solvay for €1.6 billion. This acquisition strengthens BASF's position in the engineering plastics market, particularly in high-performance polyamides. 

• In March 2023 Eastman Chemical Company acquired the coatings additives business of AkzoNobel for $1.4 billion. This acquisition expands Eastman's portfolio of performance additives used in paints and coatings.

Key companies profiled in the Synthetic Resins Market are Sinopec Group (China Petrochemical Corporation), Covestro AG, Jiangsu Sanmu Group and others.