Packaging Resins Market

Packaging Resins Market Size (2023-2028):

The packaging resin market is estimated at $ 192.62 billion in 2022 and is predicted to reach $ 277.29 billion in 2028, with a CAGR of 7.2% between 2023-2028

A strong call for packaging resins is due to changes in consumer preferences for packaged plastic products, which is the most influential factor in transforming the packaging industry. Packaging is one of the key aspects that companies active in the food and beverage industry take into account to ensure the compatibility of packaging materials with food, food sustainability, food safety, human health, and attractiveness. of the containers. Plastic resins require great experience and skills to produce. They are lighter than other materials. A wide variety of resins are available to meet specific needs. Adhesive resins form a strong bond between different materials, while sealant resins provide strength without leakage. Barrier resins protect freshness, decrease the loss of flavor, and increase the shelf life. Modifying resins helps improve the performance of the container structure. Release resins are employed for the caps. Packaging resins for molded products offer exceptional flexibility and durability.

The packaging resins market is predicted to post a CAGR of more than 7.2% during the foreseen period. The growing e-commerce industry, profitability, and increased shelf life of products have driven market expansion. On the other hand, growing environmental concerns related to plastic disposal and the adverse conditions resulting from the COVID-19 outbreak are hampering market expansion. The growing call for sustainable packaging solutions and the innovation of modern packaging technologies are likely to provide ample opportunities to expand the packaging resins market during the foreseen period. The food and beverage segment is predicted to dominate the packaging resins market during the foreseen period.

Packaging Resins Market Drivers:

Low prices, high availability, and wide use of LDPE in various end-use industries are predicted to be important factors driving up the market for packaging resins during the foreseen period. The growing call for packaging resins in various industrial sectors, such as food and beverage and consumer goods, is a major factor that is predicted to drive worldwide market expansion in the coming years. Another key factor estimated to support the revenue expansion of the target market over the next ten years is the escalating scope of applications in the healthcare industry. Additionally, the various properties that packaging resins offer, such as resistance to ever-changing weather conditions, are another factor that can drive the implementation of these products, which in turn is predicted to drive the development of the target market during the foreseen period. In addition, resins for packaging also find application in industrial sectors with greater efficiency that is propelling the growth rate of the market. The increased adoption of low-density polyethylene (LDPE) in film applications due to its flexibility, toughness, and relative transparency and the manufacture of flexible bottles and caps are among the critical factors driving the call for resin resins. Furthermore, the properties of packaging resins, such as excellent resistance to bases, acids, vegetable oils, lower water vapor transmission, and high impact resistance, have led to increased use of packaging resin in various end-use industries; thus driving the expansion of the worldwide packaging resins market during the foreseen period.

Packaging Resins Market Restraints:

The main limiting factor in the packaging resins market is the strict regulations imposed on plastics due to the problem of landfills.

Opportunities in the Packaging Resins Market:

The escalating aging population, the growing call for convenient packaging, the expansion of e-commerce, the growing market for online food delivery, and the packaging of products of different sizes and quantities are some of the market conditions that have driven the call for flexible packaging around the world. Therefore, with these factors driving the call for flexible packaging materials, the consumption of packaging resins has also increased in the world.

Challenges in the Packaging Resins Market:

Concerns about environmental risks employed by plastics, growing awareness about the limited use of plastics, and a ban on plastics by various government agencies are predicted to hamper the market for packaging resins between 2021 and 2026.

PACKAGING RESINS MARKET REPORT COVERAGE:

Packaging Resins Market Segmentation:

Packaging Resins Market - By Type

• LDPE

• PP

• HDPE

• PET

• PS & EPS

• PVC

• Others

LDPE is predicted to be the largest type due to its properties such as flexibility, moisture barrier, toughness, and chemical resistance. The availability of LDPE resins at affordable prices and their wide use in various industries are predicted to be the main reasons for the strong expansion of the packaging resin market.

Packaging Resins Market - By Application

• Food & beverage

• Consumer goods

• Healthcare

• Industrial

• Others

Packaging resins are widely employed in the food and beverage industry as they increase the shelf life of products, thus protecting food products for longer periods. These factors are predicted to drive the call for packaging resins in food and beverage applications.

Packaging Resins Market - By Region

The Packaging Resins Report includes the segmentation of Regions:

•  North America 

•  Europe 

•  Asia Pacific 

•  Latin America 

•  Middle East & Africa 

In terms of region, Asia Pacific is the largest and fastest-growing market for packaging resins due to escalating calls from the region's food industry. In addition to this, the growing population of these countries presents a significant customer base for consumer goods and food and beverage products, which, in turn, is predicted to lead to the expansion of the packaging resin market. Asia-Pacific dominates the packaging resins market in terms of revenue due to escalating calls from various packaging industries and increased investment from public and private manufacturers in the region. In terms of consumption, Asia-Pacific had a significant share of the worldwide packaging resins market in 2021. This trend is also predicted to continue during the foreseen period. The Asia-Pacific packaging resins market is predicted to grow at a significant rate during the foreseen period. This is due to the robust expansion of various end-use industries, such as food and beverages, and the escalating population in the region. Rapid economic expansion and the rise of a large middle class in China and India have resulted in a large customer base for food, beverages, and consumer goods. As a result, the Asia-Pacific packaging resin market is growing rapidly. North America and Europe are predicted to follow Asia-Pacific for years to come. The Middle East and Africa are predicted to become a major market for packaging resins in the near future due to increased residential use. Latin America is predicted to become an attractive market for packaging resins during the foreseen period, as the main worldwide market players are predicted to be located in this region.

Impact of Covid-19 on the Packaging Resins Market:

As the coronavirus epidemic has spread and its humanitarian impact has increased, industries that help meet basic needs, such as safely providing food and supplies to consumers, are growing. The coronavirus crisis has already led to some of the biggest drops in recent times in call for some kinds of packaging while boosting the expansion of others, like e-commerce shipping packaging rising as rescue buoys in this new world. We expect the impact of the coronavirus crisis on the packaging industry to be mixed. This pattern has already occurred in countries like China and South Korea, which have been the first to respond to the pandemic.

Recent Developments

• In 2019, Dow announced that they are planning to develop a new resin from 70% recycled plastic. Dow Agility CE is the first post-consumer recycled product that incorporated a high percentage of plastic wastage. This product has leveled up the product portfolio of the company to the extent.

• In 2020, DSM, a leading company in the health, nutrition, and materials fields, launched sustainable plant-based resins for the packaging industry.

Packaging Resins Market Key Players:

The major players covered in the packaging resins market report are 

1. China Petroleum & Chemical Corporation

2. Exxon Mobil Corporation

3. Lyondellbasell Industries Holdings B.V

4. SABIC

5. Petrochina Company Limited

6. Borealis AG

7. Braskem

8. DowduPont

9. Indorama Ventures Public Company Ltd.

10. M&G Chemicals S.A. 

11. Arkema S.A

12. BASF SE

13. Borouge

14. DAK Americas

15. Far Eastern New Century Corporation

16. Ineos Group AG

17. Jiangsu Sanfangxiang Group Co., Ltd.

18. Reliance Industries Ltd.

19. Styrolution Group GmbH

20. Total S.A.