• Global Resin Demand Decline

According to data from the European Resin Association, the global resin market experienced a 2.5% decline in 2023. This downturn was attributed to various factors, including a global economic slowdown, rising raw material prices, and the ongoing COVID-19 pandemic.

• Renewable Energy Applications Drive Resin Demand

The development of renewable energy sources, such as solar and wind power, is propelling the demand for resin. Resin is used in various renewable energy applications, including solar panels, wind turbine blades, and energy storage systems.

• Resin Demand Driven by Electric Vehicle Applications

The growth of the electric vehicle market is also fueling resin demand. Resin is utilized in various electric vehicle applications, including battery casings, electric motors, and charging stations.

• Attention to Bio-Based Resins

Bio-based resins, derived from renewable resources, are gaining attention in the resin market. Bio-based resins offer various advantages, including sustainability and reduced environmental impact.

• Continued Mergers and Acquisitions (M&A)

In 2023, the resin industry witnessed several mergers and acquisitions aimed at strengthening companies' positions in the global resin market.

These five news stories highlight the key trends shaping the resin industry in 2023. The significant challenge faced by the industry is the global demand decline, but growth opportunities are presented through the rise of new applications like renewable energy and electric vehicles. The emergence of bio-based resins is another positive development that could help the industry meet the growing demand for sustainable materials.