Pune, India, Aug. 16, 2021 (GLOBE NEWSWIRE) -- The global packaging resins market is set to gain traction from the ongoing development of unique packaging methods and materials. Bioplastic is nowadays used in the plastic packaging sector. It is produced from sustainable sources, such as agricultural by-products, corn starch, woodchips, and vegetable oils. In February 2021, Milliken and Company’s Chemical Division, for instance, joined the Global Organization for PHA. It aims to address the market development and technical challenges associated with PHA biodegradable biopolymers. This information is given by Fortune Business Insights™ in a report, titled, “Packaging Resins Market, 2021-2028.” The report further states that the market size was USD 189.03 billion in 2020. It is projected to grow from USD 202.46 billion in 2021 to USD 326.56 billion in 2028 at a CAGR of 7.1% in the forecast period.
COVID-19 Pandemic: Stringent Government Norms Halts Production Processes in Industries
The outbreak of the COVID-19 pandemic has taken a toll on the plastic sector worldwide. It has disrupted the supply chain of petrochemicals, plastics, and packaging resins and has severely affected recyclers and primary producers. Also, governments of various countries have imposed strict norms to curb transmission of the virus, which, in turn, has halted production activities. But, the product is showcasing high demand from consumer foods and food & beverage industries amid the pandemic.
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A list of renowned vendors of packaging resins operating in the global market:
- China Petroleum & Chemical Corporation ( Beijing, China)
- Exxon Mobil Corporation (Texas, US)
- BASF SE ( Ludwigshafen, Germany)
- LyondellBasell Industries Holdings B.V. (Rotterdam, Netherlands)
- SABIC (Riyadh, Saudi Arabia)
- PetroChina Companies Ltd. (Beijing, China)
- Dow Chemical Company (Michigan, U.S.)
- Indorama Ventures Public Company Limited (Bangkok, Thailand)
- Reliance Industries (Mumbai, India)
- Other Key Players
Segments-
Food and Beverage Segment Held 46.1% Share Globally in 2020: Fortune Business Insights™
By application, this industry is classified into food & beverages, consumer goods, and healthcare in terms of application. Out of these, the food & beverages segment earned 46.1% in terms of the packaging resins market share in 2020. In the U.S., it was 46.9% in the same year. This growth is attributable to the surging population across the globe.
Report Coverage-
Our skilled analysts have presented an accurate picture of the global market by summation, synthesis, and study of data from various crucial sources. They have also included multiple facets of the industry with the main focus on determining the significant market influencers. Thus, the data is reliable and comprehensive. It was gathered by conducting the extensive primary and secondary research.
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Drivers & Restraints-
Ability to Keep Electronics and Fragile Goods Safe will Favor Growth
Plastic packaging helps in surging the shelf-life of perishable products and keeps them safe from dust and contaminants. Packaging resin is very durable, safe, non-corrosive, lightweight, flexible, and robust. Hence, they can protect electronics and fragile objects efficiently. They are also considered to be sustainable as they consume very less energy. They can be easily molded and are cost-effective. However, government agencies have imposed strict rules on the usage of plastic on pharmaceuticals and food items. It may hamper the packaging resins market growth in the upcoming years.
Regional Insights-
Asia Pacific to Dominate Stoked by Increasing Population in India, China, and Bangladesh
Geographically, Asia Pacific procured USD 91.26 billion in terms of revenue in 2020. It is set to retain its leading position in the near future because of the increasing population in developing nations, such as Bangladesh, India, and China. It is expected to drive the demand for packaging type of resins in this region. In North America, on the other hand, the rapid industrialization would aid growth. Europe is anticipated to grow considerably on account of the expansion of the packaging sector.
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Competitive Landscape-
Key Players Focus on Launching New Products and Participating in Exhibitions to Compete
The global market contains a large number of companies that are majorly focusing on introducing novel packaging resins to enhance their portfolios. A few others are unveiling their in-house and upcoming products in reputed exhibitions to attract more customers.
Below are the two industry developments:
- September 2020: ExxonMobil launched an affordable and easily processed sustainable solution named Achieve™ Advanced PP6302E1. It is meant for high volume applications, such as automotive parts, food & beverages packaging, building products, and industrial packaging.
- March 2020: BASF showcased 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 life cycle of packaging products.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Emerging Trends
- Key Insights
- Key Emerging Trends – For Major Countries
- Industry SWOT Analysis
- Regulatory Analysis
- Recent Industry Developments - Policies, Partnerships, New Type Launches, and Mergers & Acquisitions
- Qualitative Insights – Impact of COVID-19 on Global Packaging Resins Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Packaging Resins Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Volume/Value)
- HDPE
- LDPE
- PET
- Polypropylene
- Polystyrene
- PVC
- Others
- By Application (Volume/Value)
- Food & Beverages
- Consumer Goods
- Healthcare
- Others
- By Region (Volume/Value)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Type (Volume/Value)
TOC Continued…!
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Have a Look at Related Research Insights:
Food Packaging Market Size, Share & COVID-19 Impact Analysis, By Materials (Glass, Metal, Paper & Paperboard, Wood, and Plastics [Polypropylene, Polyethylene, PET, and Others]), By Product (Rigid, Semi-Rigid, and Flexible) By Application (Fruits & Vegetables, Bakery & Confectionery, Dairy Products, Meat, Poultry & Seafood, Sauces, Dressings and Condiments, and Others), and Regional Forecast, 2020-2027
Rigid Packaging Market Size, Share & Industry Analysis, By Material (Plastic, Wood, Metal, Glass, Bioplastic, Paper & Cardboard), By Application (Food & Beverages, Pharmaceuticals, Personal Care, Industrial, Others) And Regional Forecast 2021-2028
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