Performance and Affordability: How Top Resin Manufacturers are Catering to Growing Need for Packaging Solutions

Resins, whether sourced from plants or synthetically produced, serve as solid or highly viscous substances widely used across automotive, electronics, consumer goods, and agriculture sectors. Polypropylene (PP) is a highly used thermoplastic resin in the automotive industry. It offers a cost-effective choice with excellent mechanical properties and moldabiliy, making it the predominant plastic in over 50% of automotive applications. PP compounds find use in diverse components such as bumper facias, instrument panels, and door trims due to their outstanding attributes in terms of performance and affordability. The resin market is poised for growth, fueled by the increasing demand for polypropylene in automotive and construction.

According to a report published by Fortune Business Insights, the global market size for resin was valued at USD 533.55 billion in 2022. The market is expected to grow from USD 559.25 billion in 2023 to USD 787.31 billion by 2030, exhibiting a CAGR of 5.0% during the forecast period.

Enlisted below are the top 10 resin manufacturers that are touted to shape the future of the market over the forthcoming years.

1. DuPont:

DuPont, based in Delaware, U.S., is a global innovation leader specializing in technology-based materials and solutions across various industries. With a revenue of USD 13.00 billion in 2022 and a workforce of 23,000 employees, the company operates worldwide. DuPont's four business segments include transportation & industrial, nutrition & biosciences, safety & construction, and electronics & imaging, with 60 subsidiaries and 134 manufacturing facilities in approximately 40 countries.  In May 2023, DuPont announced the acquisition of Spectrum Plastics Group, a leading manufacturer of specialized medical components, aiming to strengthen its position in the healthcare market and generate 10% of revenue from the healthcare sector.

2. Arkema S.A.:

Arkema is a global leader in specialty chemicals and advanced materials such as resin, established through the restructuring of Total S.A.'s chemicals business. With a presence in 55 countries, the company operates 16 regional R&D centers and 148 production plants across Europe, North America, and Asia. Headquartered in Colombes, France, Arkema generated a revenue of USD 12.36 billion in 2022, boasting a workforce of 21,000 employees. The company's four main business segments are advanced materials, coating solutions, intermediates, and adhesive solutions. In July 2022, Arkema significantly enhanced its market presence through the acquisition of Polimeros Especiales. This strategic move aligns with Arkema's growth plans, specifically expanding its coating solutions segment by offering low-volatile organic compound solutions and tapping into burgeoning markets.

3. BASF SE:

BASF SE, headquartered in Ludwigshafen, Germany, is a global chemical company committed to sustainable solutions for a better world. With a 'Verbund' system, it operates six Verbund sites and 361 additional production sites worldwide, serving over 100,000 customers. In 2022, BASF reported a revenue of USD 93.86 billion, supported by a workforce of 111,481 people. In July 2022, BASF demonstrated its commitment to growth by expanding the polymer dispersions capacity in Dahej, catering to the surging demand in the South Asian industries of paper, coatings, and construction. This expansion, doubling the capacity, incorporates new dispersion technologies, including Styronal PLUS 7918, Basonal FCB, Acronal EDGE, next-gen Acronal ECO, Acronal PLUS, and Styronal ES series.

4. INEOS Group Limited:

INEOS Group Limited, a global leader in petrochemicals, specialty chemicals such as resin, and oil products, operates 36 businesses across 103 manufacturing sites and 26 sales centers worldwide. With headquarters in London, U.K., the company recorded a revenue of USD 22.85 billion in 2022, supported by a workforce of 7,300 people. INEOS produces a diverse range of products, including polymers, olefins, and various petrochemical products, catering to end markets such as construction, automotive, and packaging.

5. HEXION Inc.:

Hexion Inc., a global producer of adhesives and coatings such as resin, was established in 1899. The company's diverse products include critical components and formulations for characteristics such as durability, heat resistance, strength, adhesion, and gloss. Hexion restructured its reporting segments into Adhesives and Coatings & Composites in January 2020, offering solutions for construction, industrial adhesives, and additives. Headquartered in Ohio, the company, led by President & CEO Michael Lefenfeld, generated a revenue of USD 1.9 billion in 2021. In February 2022, Hexion completed the sale of its composites and epoxy-based coatings business to Westlake Chemical Corporation for USD 1.2 billion.

6. INVISTA: 

Invista, established in 2004 and headquartered in Kansas, U.S., is a manufacturing company producing fibers, resins, and chemical intermediates, serving various industries such as industrial, automotive, apparel, and consumer electronics. Led by CEO and President Mr. Francis Murphy, Invista is a key player in providing the foundation for numerous plastic products used daily. In November 2022, INVISTA Nylon Chemicals (China) Co. inaugurated a groundbreaking adiponitrile (ADN) plant in China, utilizing advanced butadiene-based technology, contributing to significantly lower greenhouse emissions compared to alternative ADN production methods.

7. LyondellBasell Industries Holdings B.V.:

LyondellBasell, operating globally across the petrochemical and plastics value chain, boasts 94 manufacturing facilities across 32 countries. Collaborations with partners such as Suez and Neste underline their commitment to bioplastic research and development. With a 2022 revenue of USD 50.45 billion and 19,300 employees, LyondellBasell achieved a breakthrough in May 2021 by producing virgin quality polymers using raw materials derived from thermal conversion of plastic waste at its Wesseling, Germany, site.

8. Mitsubishi Engineering-Plastics Corporation:

Established in 1994 as a subsidiary of Mitsubishi Chemical Corporation, Mitsubishi Engineering-Plastics Corporation (MEP) is one of the top resin manufacturers, specializing in high-performance thermoplastic materials. Based in Tokyo, Japan, MEP focuses on producing a range of thermoplastics such as polycarbonate, polyacetal, and polybutylene terephthalate (PBT), catering to diverse industries such as electronics, healthcare, and automotive. In June 2021, the company introduced the Iupital MA Series, a new polyacetal resin (POM), offering design flexibility for medical devices and equipment in the evolving landscape of smaller and lighter solutions.

9. Mitsui Chemicals Inc.:

Founded in 1997, Mitsui Chemicals Inc., headquartered in Tokyo, Japan, emerged from the merger of Mitsui Toatsu Chemicals and Mitsui Petrochemical Industries. Operating across 31 countries, the company's diverse business segments include polyurethane, functional polymeric materials, films & sheets, specialty chemicals and basic chemicals such as resin. With a revenue of USD 14.68 billion in 2022 and a workforce of 18,933, Mitsui Chemicals is a global player, particularly noteworthy for its automotive material polypropylene compound business, producing significant quantities in Europe, the U.S., and Asia. As part of its restructuring, Prime Polymer Co., Ltd., a Mitsui Chemicals subsidiary, aims to address the growing demand for lightweight automotive materials with a new high-performance polypropylene manufacturing facility.

10. NOVA Chemicals Corporation:

Established in 1954, NOVA Chemicals Corporation, based in Calgary, Alberta, is a Canadian company renowned for producing plastics and chemicals pivotal in industries such as packaging, construction, and automotive. With a revenue of USD 4.47 billion in 2022, the company, led by CEO & President Mr. Roger Kearns, operates globally with manufacturing facilities in Canada, the U.S., and Europe, employing around 2,500 people.

Surging Demand for Packaging Solutions to Boost Market Growth

The increasing need for packaging solutions in pharmaceuticals, consumer goods, e-          commerce, and the food and beverages industries is a key factor propelling the expansion of the resin market in diverse applications. The surge in consumer spending on individual vehicles contributes significantly to the growth of the resin market, especially in automotive applications.