Report Overview
The global plastic calendering resins market size was valued at USD 20.95 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.0% from 2022 to 2030. The market is anticipated to be driven by increased demand for food & beverages and healthcare packaging. Moreover, the government's strict standards and policies to reduce single-use plastic waste, increased biodegradable plastics, and focus on a sustainable future have resulted in the widespread use of and demand for bio-plastic calendering resins. Rising awareness regarding various characteristics of plastic calendering resins such as durability, flexibility, toughness, and abrasion resistance is expected to boost the demand for various types of plastic calendering resins.
The COVID-19 pandemic had a negative impact on the market for plastic calendering resins. The pandemic led to the sealing of national borders and the temporary shutdown of industries and markets in 2020. There was a huge spike in the demand from the medical industry, which turned out to be positive for this industry. The disruption in global supply chains negatively impacted the sales of other plastic products, transportation, and supply of raw materials, which led to a drop in sales of construction and automotive products, thereby leading to a reduction of plastic calendering resins demand from these sectors. However, plastic calendering resins witnessed a recovery in demand in 2021, and the market is expected to witness significant growth over the forecast period.
The ongoing R&D and technological developments in the field of plastic calendering resins and the widespread adoption of and need for calendered resins across various sectors are expected to drive the market in the coming future. Moreover, there is an increasing need for lightweight, durable, flexible, high abrasion resistance, and easily recyclable material, which is one of the major factors driving the demand for plastic calendering resins.
The fluctuating crude oil prices also have an impact on the plastic calendering resins industry. The cost of plastic calendering resin manufacturing is high because of the process involved in converting crude oil into plastic resins with the help of additives. Furthermore, rising awareness regarding sustainable living has forced manufacturers to develop recycled plastic resins and focus on R&D activities. In November 2021, SK Chemicals began mass production of its first chemical recycling copolyester, named ECOTRIA CR, with the help of plastic waste recycling technology. The new technology is expected to help the company to be ahead of its competitors and capture market share.
Type Insights
The PVC resins segment accounted for the largest share of over 55.0% in 2021 and is expected to retain its dominance over the forecast period. This can be attributed to the increasing demand for and use of PVC resin across various industries, especially the food & beverage industry. In addition, healthcare packaging and medical products require calendered plastic, which will further drive the segment.
The PET resins segment is expected to expand at a CAGR of 3.8% over the forecast period. This can be attributed to unique properties such as flexibility, heat and impact resistance, and recyclability. The food and cosmetic industries are the biggest consumers of PET resin products owing to their heat resistance and toughness. The products made from PET are excellent for cosmetic packaging, food trays, and rigid food packaging. In December 2021, SABIC launched a new chemically upcycled polybutylene terephthalate (PBT) resin produced from ocean-bound polyethylene terephthalate (PET) bottle waste to reduce ocean pollution. The new calendering resin is named LNP ELCRIN IQ.
End-use Insights
The food & beverages segment accounted for the largest share of over 30.0% in 2021 and is expected to retain its position in the market over the forecast period. This can be attributed to the usage of calendering resins in food packaging as it improves shelf life, is easy to store, and can be re-sealed. Flexible packaging is a better packaging alternative to traditional packaging, which, in turn, will boost the demand in the food industry.
The healthcare segment is expected to expand at a CAGR of 4.3% over the forecast period. The use of plastic calendering resins in manufacturing medical products and their packaging is growing owing to the recent Covid-19 outbreak in 2020. It helps in providing hygienic and non-contaminated packaging alternatives. In 2020, Vynova Group launched a bio-attributed PVC calendering resin, which can be used in healthcare and medical End-uses.
Regional Insights
Asia Pacific accounted for the largest revenue share of over 30.0% in 2021 and is anticipated to expand at the highest CAGR over the forecast period. The region is expected to dominate the packaging segment in the coming years. The packaging industry’s growth is primarily driven by the food & beverage segment due to the rising population in the country, significant disposable incomes, and changes in food habits.
North America is expected to grow over the forecast period owing to the use of plastic in End-uses and plastic waste generation in the region. Factors such as the presence of major market players, availability of raw materials, and the high adoption of advanced technologies are the key factors driving the market in the region.
Key Companies & Market Share Insights
The market is highly competitive as it features various global and regional market players. The world’s leading companies are using partnerships, collaborations, acquisitions, mergers, and agreements as strategies to withstand the intense competition and increase their market share. Moreover, manufacturers of plastic calendering resins are spending extensively on research and development activities to develop advanced products and integrate new technologies and characteristics to lead a sustainable future.
For instance, Tritan Renew, a unique calendering resin product manufactured from 50% recycled material, was introduced by Eastman Chemicals Company in 2020. Through such innovations, the market players are looking forward to incorporating sustainability, providing improved plastic calendering resins, and expanding their market share. Some prominent players in the global plastic calendering resins market include:
Formosa Plastics Corporation
Westlake Corporation
Eastman Chemical Company
Occidental Petroleum Corporation
Shin-Etsu Chemical Co., Ltd.
Avery Dennison Corporation
Covestro AG
Reliance Industries Limited
LG Chem
China Petrochemical Corporation
SK chemicals
LOTTE Chemical Corporation
Indorama Ventures Public Company Limited
SABIC
Orbia