The global packaging resins market is forecast to reach USD 410.77 Billion by 2028, according to a new report by Reports and Data. A surge in demand for bioplastics is a significant trend in the global packaging resins market. They are biodegradable products that are derived from renewable and natural sources such as vegetable oil, potatoes, tapioca, pea starch, rice, sugar cane, cornstarch, grains, wheat, and cellulose from wood. Bioplastics are preferred over conventional plastics due to their eco-friendly nature.
Global research report called Packaging Resins market was recently published by Reports and Data to provide guidance for business. The report also focuses on global major leading industry players of Packaging Resins market providing information such as company profiles, product picture and specification, price, capacity, cost, production, revenue and contact information. Global Packaging Resins market is expected to develop at a substantial CAGR in the coming years. The most significant factor driving the growth of this market is rising investments in market.
The food and beverage sector is fueling the demand for packaging resins market along with consumer goods. The lucrative opportunity provided by the healthcare industry is also boosting market demand. Increasing application of the healthcare industry are also fueling the packaging resins market. Furthermore, various properties of packaging resins, such as its resistance to continuously changing weather conditions is another factor that will propel the market.
Factors affecting the growth of the market are the change in consumer behavior patterns and growth in the processed food industry. The demand for light-weight packaging, owing to a busy lifestyle, fast and convenient food, has increased over the past years.
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The robust growth of several end-use industries are boosting the market demand for packaging resins in the Asia Pacific region. Rapid economic growth and the increase in the standard of living of the middle-class population in India and China have increased the consumerism of FMCG products and food and beverage. Asia Pacific is forecasted to grow with a CAGR of 8.2% during the forecast period.
Key participants include:
Sinopec Corporation, SABIC, Petrochina Ltd., Borealis AG, Dowdupont Inc., M&G Chemicals, Indorama Ventures Public Company Ltd., Braskem S.A., Far Eastern New Century Corporation, and Jiangsu Sanfangxiang Group Co., Ltd, among others.
Further key findings from the report suggest
- Adhesive Resins held a market share of 37.2% in the year 2018. This type of resin shows high resistance to light and weathering meanwhile swelling very little in water. It also offers reduced flexibility and high saponification resistance. Adhesive resin is also used to enhance retention of both compomers and composites to tooth structure which helps in preventing bacterial microleakage.
- Low-density polyethylene (LDPE) is one of the products of packaging resins which dominates the market with a 21.9% market share in the year 2018. The polymer is formed by a wide variety of thermoplastic processing methods and are used in cost-effective and moisture resistant applications. High thermal expansion, poor weathering resistance, and flammable nature of the packaging resins market are limiting the product’s growth.
- Food and Beverage are forecasted to hold a market share of 27.3% in the year 2026. Plastic packaging of food and beverage products lowers the possibility of product contamination and also helps protect products from moisture, light, gas, and temperature.
- North America held a market share of 22.6% in the year 2018. Discovery of Shale Gas in the U.S. has pushed down the price of natural gas and has also increased the availability of Natural-gas Liquids (NGLs), including ethane. This is reshaping the country’s petrochemical competitiveness and ultimately, the competitiveness of plastic resins in the global platform.
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For the purpose of this report, Reports and Data have segmented into the global Packaging Resins market on the basis of type, product, application, and region:
Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2018-2028)
- Adhesive Resins
- Barrier Resins
- Modifier Resins
Product Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2018-2028)
- LDPE
- PP
- PET
- PVC
- HDPE
- PS & EPS
- Others
Application Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2018-2028)
- Food and Beverage
- Healthcare
- Consumer Goods
- Industrial
- Others
Regional Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2018-2028)
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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