Packaging Resins Market To Reach USD 326.56 Billion In
Pune, India, August 16, 2021 (GLOBE NEWSWIRE) – The world packaging resins market is poised to benefit from the continued development of unique packaging methods and materials. Bioplastic is used today in the plastic packaging sector. It is produced from sustainable sources, such as agricultural by-products, corn starch, wood chips and vegetable oils. In February 2021, the chemical division of Milliken and Company, for example, joined the World Organization for PHA. It aims to respond to market development and technical challenges associated with biodegradable PHA biopolymers. This information is provided by Fortune Business Insights ™ in a report titled “Packaging Resins Market, 2021-2028. The report further states that the market size was $ 189.03 billion in 2020. It is expected to grow from $ 202.46 billion in 2021 to $ 326.56 billion in 2028 at a CAGR of 7.1% during of the forecast period.
COVID-19 pandemic: Strict government standards disrupt production processes in industries
The outbreak of the COVID-19 pandemic has taken its toll on the plastics industry around the world. It disrupted the supply chain for petrochemicals, plastics and packaging resins and severely affected recyclers and primary producers. In addition, governments in various countries have imposed strict standards to curb the transmission of the virus, which, in turn, has halted production activities. But, the product is in high demand from the consumer food and food and beverage industries amid the pandemic.
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A list of renowned suppliers of packaging resins operating in the global market:
- China Petroleum & Chemical Corporation (Beijing, China)
- Exxon Mobil Corporation (Texas, United States)
- BASF SE (Ludwigshafen, Germany)
- LyondellBasell Industries Holdings BV (Rotterdam, The Netherlands)
- SABIC (Riyadh, Saudi Arabia)
- PetroChina Companies Ltd. (Beijing, China)
- Dow Chemical Company (Michigan, United States)
- Indorama Ventures Public Company Limited (Bangkok, Thailand)
- Reliance Industries (Mumbai, India)
- Other key players
The food and beverage segment held a 46.1% share in the world in 2020: Fortune Business Insights ™
By application, this industry is classified to food and beverage, consumer goods, and healthcare in terms of application. Of these, the food and beverage segment gained 46.1% in terms of packaging resins market share in 2020. In the United States, it was 46.9% in the same year. This growth is attributable to the increase in population across the world.
Our skilled analysts presented an accurate picture of the global market by summing, synthesizing and studying data from various crucial sources. They have also included multiple facets of the industry with the main focus on identifying important influencers in the market. Thus, the data is reliable and complete. It was collected by conducting extensive primary and secondary research.
Browse the detailed summary of the research report with the table of contents:
Drivers and constraints-
The ability to protect electronics and fragile assets will drive growth
Plastic packaging helps to increase the shelf life of perishable products and protects them from dust and contaminants. The packaging resin is very durable, safe, non-corrosive, lightweight, flexible and sturdy. Therefore, they can effectively protect electronic devices and fragile items. They are also considered to be durable because they consume very less energy. They can be easily molded and are economical. However, government agencies have imposed strict rules on the use of plastic on pharmaceutical and food products. This could hamper the growth of the packaging resins market in the coming years.
Asia-Pacific to dominate, fueled by rising populations in India, China and Bangladesh
Geographically, Asia-Pacific generated $ 91.26 billion in revenue in 2020. It is expected to retain its leading position in the near future due to the increasing population in developing countries, such than Bangladesh, India and China. It is expected to stimulate the demand for packaging resins in this region. In North America, by contrast, rapid industrialization would promote growth. Europe is expected to experience considerable growth due to the expansion of the packaging industry.
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Major players focus on launching new products and attending trade shows to compete
The global market contains a large number of companies which mainly focus on the introduction of new packaging resins to improve their portfolios. A few others show off their in-house and upcoming products at well-known exhibitions to attract more customers.
Here are the two industry developments:
- September 2020: ExxonMobil has launched an affordable, easy-to-process, durable solution called Achieve ™ Advanced PP6302E1. It is intended for high volume applications, such as automotive parts, food and beverage packaging, construction products and industrial packaging.
- March 2020: BASF presented a wide range of adhesives, plastics, additives, packaging resins and dispersions for barrier coatings and printing inks at interpack 2020. These solutions would focus on the lifecycle of packaging products.
Detailed table of contents:
- Scope of research
- Market segmentation
- Research methodology
- Definitions and assumptions
- Market dynamics
- Market factors
- Market constraints
- Market opportunities
- Emerging trends
- Key ideas
- Main emerging trends – for the main countries
- SWOT Analysis of the Industry
- Regulatory Analysis
- Recent Industry Developments – Policies, Partnerships, New Type Launches and Mergers and Acquisitions
- Qualitative Analyzes – Impact of COVID-19 on the Global Packaging Resins Market
- Supply chain challenges
- Measures taken by government / companies to overcome this impact
- Potential opportunities due to the COVID-19 epidemic
- Global Packaging Resins Market Analysis, Outlook and Forecast, 2017-2028
- Main conclusions / Summary
- Market size estimates and forecasts
- By type (volume / value)
- By application (volume / value)
- Food and drinks
- Consumer goods
- Health care
- By region (volume / value)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
- By type (volume / value)
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