Selbyville, Delaware, June 18, 2024 (GLOBE NEWSWIRE) -- Barrier Resins Market value could surpass USD 22 billion by 2032, as per a recent study by Global Market Insights Inc.
The report suggests that the escalating demand for packaged goods across diverse industries and the expansion of end-use sectors like food and beverage, pharmaceuticals, and electronics will propel industry growth over 2023–2032. As consumers seek convenience and product safety, the need for effective packaging solutions provided by barrier resins becomes paramount, driving manufacturers to innovate and cater to evolving industry requirements. This increasing demand for barrier resins reflects a growing emphasis on product protection, sustainability, and regulatory compliance in packaging practices.
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For instance, in March 2024, Toppan is set to initiate Indian production of BOPP-based barrier films in collaboration with Toppan Speciality Films (TSF). The newly developed GL-SP adds to Toppan Group’s sustainable packaging range, the GL BARRIER1 series. This implies a growing demand for barrier films, particularly in regions like India, driven by factors such as increasing packaging requirements and sustainability concerns. It also suggests a strategic move by Toppan to capitalize on emerging markets and strengthen its foothold in the global barrier resins industry.
Chemical industry to remain a prominent end-user
The chemical industry segment will secure barrier resins market share between 2023 and 2032 due to its pivotal role in manufacturing and supplying essential raw materials for barrier resin production. With increasing demand from diverse end-user industries such as packaging, automotive, and electronics, the chemical sector is witnessing sustained growth. Moreover, advancements in polymer science and material technology enable chemical companies to develop innovative barrier resin formulations tailored to specific application requirements, further consolidating their dominance in the market.
Cosmetic Packaging to continue as a key application segment
The barrier resins market share from the cosmetic packaging segment will experience marked growth by 2032, owing to the critical role of barrier properties in preserving the quality and integrity of cosmetic products. As consumers increasingly prioritize product safety and shelf-life extension, demand for barrier resins in cosmetic packaging escalates. Moreover, advancements in packaging design and material technology drive the adoption of high-performance barrier resins tailored to the unique requirements of cosmetic formulations, reinforcing the segment's dominance in the market.
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Asia Pacific to capture a substantial market share
Asia Pacific barrier resins market will expand at a noteworthy market CAGR from 2023 to 2032, driven by rapid industrialization, urbanization, and expanding end-user industries like packaging and automotive. With increasing demand for packaged goods and stringent regulatory standards driving the need for high-performance barrier materials, the region will stand as a key contributor to market growth. Moreover, investments in research and development, in line with strategic partnerships, bolster the market presence of companies operating in the APAC region, solidifying its position as a decent contributor to the global barrier resins industry.
Barrier Resins Market Players
Companies including LyondellBasell Industries, Berry Global Inc., Borealis AG, Exxon Mobil Corporation, Formosa Plastics Group, INEOS, The Dow Chemical Company, LG Chem, SABIC, Solvay, and Mitsubishi Chemical Corporation are working in the barrier resins industry.
Market players are expanding their share through strategic initiatives such as product innovations, acquisitions, and partnerships. By introducing advanced barrier resins with enhanced properties like high gas barrier, temperature resistance, and durability, companies cater to diverse end-user industries such as packaging, automotive, and electronics. Collaborations with key stakeholders and investments in research and development strengthen the market position, enabling players to offer competitive solutions. With a focus on addressing evolving consumer demands and industry requirements, these efforts contribute to the growth and expansion of market share.
In May 2023, Covestro unveiled Decovery® CQ 6010, a partially bio-based barrier coating resin for recyclable paper packaging, aiming to advance sustainability in the industry.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
