Packaging Resins Market 2022 – Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Market Size & Forecast 2030

The global 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.

 

Packaging 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.

 

GROWTH DRIVERS

Packaging 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 few years.

 

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 market.

 

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 forecast period.

 

PACKAGING RESINS MARKET SEGMENTATION

By Type

·         Low Density Polyethylene (LDPE)

·         Polypropylene (PP)

·         High Density Polyethylene (HDPE)

·         Polyethylene Terephthalate (PET)

·         Polystyrene (PS) & Expanded Polystyrene (EPS)

·         Polyvinyl Chloride (PVC)

·         Others

 

By Application

·         Food & Beverage

·         Consumer Goods

·         Healthcare

·         Industrial

·         Others

 

By Region

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         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 particular segment.

 

Based on 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.

 

REGIONAL OUTLOOK

The packaging resins research report offers detailed analysis and forecasts for five major regions: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.

 

The Asia 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.

 

The North 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.

 

KEY COMPANIES IN PACKAGING RESINS MARKET

The research 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:

·         SABIC

·         China Petrochemical Corporation

·         Borealis AG

·         INEOS

·         LyondellBasell Industries Holdings BV

·         ExxonMobil Corporation

·         Sinopec Corporation

·         PetroChina Company Ltd.

·         DowDupont Inc.

·         Braskem S.A.

·         Indorama Ventures Public Company Ltd.

·         M&G Chemicals