Request Sample Pages to Get Table of Content
packaging resins market is projected to witness growth at a compounded annual
growth rate (CAGR) of 7.7% over the forecast period of 2022-2030.
resins refer to resins made from synthetic plastic resin material. They are produced
when large hydrocarbon molecules are heated up to a temperature where they
break into smaller particles. These resins are light-weighted, energy-efficient,
safe, cost-effective, non-corrosive, highly durable & flexible, and possess
suitable characteristics for a wide variety of packaging solutions. These
resins provide improved safety to the stored products and enhance their shelf
life. As a result, they find application in sectors including healthcare,
consumer goods, food & beverage, industrial, and others. Packaging resins
include polyvinyl chloride, propylene, high-density polyethylene, low-density
polyethylene, polyethylene terephthalate, polystyrene & expanded
polystyrene, and others.
resins are used for manufacturing medication packaging like syringes, labels,
accessories, inhalers, medicine vials, ampoules, blister packs, pouches for
drugs, and others as they protect the products against contamination &
bacteria, moisture, oxygen and odor, and water vapor transmission. The demand
for medical packaging is poised to grow tremendously owing to the burgeoning need
for medication and the rise in chronic, infectious, and deficiency diseases
across the globe. The expansion of the pharmaceutical industry is therefore
expected to aid in the growth of the global packaging resins market in the next
Additionally, plastics are estimated to generate over
200.0 million tonnes of garbage, which leads to enormous landfill difficulties.
Product manufacturers in the packaging industry are focusing on developing
unique packaging methods and materials, including bioplastics packaging. Bioplastics
are manufactured from sustainable sources, such as vegetable oils, agricultural
by-products, corn starch, and woodchips. They aid in reducing carbon footprint
and eliminate the need for landfill dumping, thus resulting in high demand. The
rising demand for bioplastic and the increasing developments by manufacturers
are anticipated to boost the overall growth of the global packaging resins
Furthermore, other factors such as the rising preference
for convenient packaging, growing demand for packaged & ready-to-eat food,
fast-paced growth of the e-commerce industry worldwide, the proliferating
demand for sustainable packaging solutions across the globe, surging awareness regarding
the benefits of packaging resins, the escalating expenditure for R&D
activities, and growing industrialization worldwide are among other factors
driving the growth of the global packaging resins market.
On the other
hand, the presence of stringent regulations imposed on plastics due to the
landfill issue, the concerns regarding the environmental impact of employing
plastic materials, the high cost associated with R&D activities, and the high
scale availability of alternatives are factors projected to act as major
hindrances to the growth of the global packaging resins market during the
RESINS MARKET SEGMENTATION
Low Density Polyethylene (LDPE)
High Density Polyethylene
Polystyrene (PS) & Expanded
Polyvinyl Chloride (PVC)
Food & Beverage
Middle East & Africa
Based on type,
the global packaging resins market is segmented into low density polyethylene
(LDPE), polypropylene (PP), high density polyethylene (HDPE), polyethylene
terephthalate (PET), polystyrene (PS) & expanded polystyrene (EPS),
polyvinyl chloride (PVC), and others. The low density
polyethylene (LDPE) segment is estimated to dominate the market over the
forecast period of 2022-2030. LDPE resins are utilized across various
industries, mainly due to their toughness, flexibility, moisture barrier, and
chemical resistance. They are also available at cheap rates across the globe.
These are among the major factors ascribed to the large share of this
application, the global packaging resins market is segmented into food &
beverage, consumer goods, healthcare, industrial, and others. The food & beverage segment is projected to lead
the market over the forecast period, primarily due to proliferating need to
increase the shelf life of products in the F&B industry, rising demand for
convenient packaging, and the expanding online food delivery market across
major regions around the globe.
resins research report offers detailed analysis and forecasts for five major
regions: North America, Europe, Asia Pacific, Latin America, and the Middle
East & Africa.
Pacific region held the largest share of the global packaging resins market in
2021. The region is anticipated to maintain its lead and attain the highest
growth in the market during the forecast period. The major factors responsible
for the large share of this region include the high demand for FMCG goods and the
production of beauty and personal care products, the rapid expansion of end-use
sectors, and the increasing number of favorable investment policies by the
government in the region. Moreover, the surging disposable incomes of people
coupled with their rising expenditure, the ever-increasing population base, and
the growing R&D activities in the region are also anticipated to contribute
to the market in the forthcoming years. India, China, and Japan stand as the
leading contributors to the market in the region.
American region captured the second-largest share of the global packaging
resins market in 2021. The region is expected to further experience robust
growth in the market in the upcoming years. This can be attributed to the
growing product demand from the pharmaceutical and food & beverages
industry and the fast-paced industrialization in the region. The U.S. and
Canada are the major contributors to the market in the region.
The report also
identifies the country market outlook for packaging resins, covering
country-wise market size, growth rate, market share, segmentation, leading
players, current trends, and opportunities.
IN PACKAGING RESINS MARKET
report offers a competitive analysis of prominent companies operating in the
global packaging resins market. Some of the leading players profiled in the
market research report include:
China Petrochemical Corporation
LyondellBasell Industries Holdings BV
PetroChina Company Ltd.
Indorama Ventures Public Company Ltd.