Ottawa, Dec. 17, 2024 (GLOBE NEWSWIRE) -- The global packaging resin market size to rise from USD 273.42 billion in 2025 and is predicted to hit around USD 509.05 billion by 2034, a study published by Towards Packaging a sister firm of Precedence Statistics. The industry is expected to grow at a CAGR of 7.15% between 2024 and 2034.
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Market Overview and Growth Potential
The packaging resin market is an important segment of the packaging industry, which encompasses materials used to create a variety of packaging for numerous applications, such as food & beverages, consumer goods, and healthcare. Packaging resins refer to polymers that are used to design and develop various packaging solutions.
These resins are versatile and durable. They also fulfill the different needs of various sectors. The demand for packaging resins is increasing in the food & beverages industry. With the growing per capita income of individuals, there is a high demand for processed and ready-to-eat food products, leading to an increased need for durable packaging solutions, which further boosts the growth of the market.
Rising consumer awareness about food safety and hygiene can have a positive impact on the market. As consumers become more aware of food safety, the demand for packaging materials that protect against contamination increases. Packaging resins exhibit barrier properties, which prevent food contamination and extend the shelf life of food products. Moreover, increasing demand for robust yet lightweight packaging drives market growth. Packaging resins are important for creating rigid, protective, and lightweight packaging that can be used to package and transport various consumer goods.
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Major Trends in the Packaging Resin Market:
- E-commerce Growth: As consumers purchase goods from e-commerce platforms, the need for various packaging options that can withstand handling and shipping while ensuring the safety of products increases. Moreover, the rising trend of online shopping contributes to market expansion.
- High Demand for PE and PET: PE and PET are widely used packaging resins in the food and beverage industry. They are preferred due to their excellent barrier properties, which shield packaged goods from air and moisture, thereby retaining freshness and reducing spoilage.
- Integration of Technology: Technological advancements led to the development of smart packaging solutions. Innovations in resin production technologies improve the quality and functionality of packaging. Moreover, integrating technologies such as RFID tags, QR codes, and sensors enhances consumer interaction and provides real-time product information.
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Insights from Key Regions
Industrialization and Demand for Consumer Goods Supported Asia’s Dominance: What till 2034?
Asia Pacific led the packaging resin market in 2023. This is mainly due to the rise in industrialization. As industrial production increases, so does the need for protective packaging solutions. The increase in demand for consumer goods further contributed to the regional market expansion. Improvements in packaging technologies and increased consumption of packaged food & beverages positively impacted the market.
In addition, with the rising awareness about food safety, the need for innovative packaging solutions is increasing in the food and beverage industry. The increasing pharmaceutical production boosts the demand for packaging solutions, such as multilayered films and specialized containers, for preserving and preventing contamination of biological drugs. There is also a high demand for high-performing packaging resins to meet specific storage and transportation conditions, thereby driving the market in Asia Pacific.
- In December 2024, SABIC announced the official launch of its new Ultem resin production plant in Singapore to produce the high-performance thermoplastic Ultem resin. The new facility is designed to help SABIC execute its strategy to expand the global capacity of Ultem specialty resin by over 50% and meet the rising demand in high-tech industries and manufacturing industries of countries like Japan and China.
Rising Consumption of Packaged Food to Boost North America’s Market
North America is anticipated to witness the fastest growth in the packaging resin market during the forecast period. This is primarily due to the increasing consumption of ready-to-eat, processed food. Due to the busy lifestyle, there is a high adoption of packaged food, requiring flexible and protective packaging solutions that accommodate various food items. The rising food safety regulations and growing consumer awareness about food hygiene further contribute to regional market expansion. Furthermore, there is a high demand for sustainable packaging solutions due to the stringent regulations to reduce plastic waste, which can positively impact the market.
Market Opportunity
Rising Demand for Sustainable Packaging Solutions
With the growing concerns about the disposal of plastic waste and the negative impact of plastic packaging on the environment, there is a high demand for sustainable packaging solutions, creating immense opportunities in the market. Thus, market players are focusing on developing bio-based and recyclable packaging resins to meet consumer preferences for sustainable packaging. Bio-based and recyclable packaging resins are better than traditionally used petroleum-based plastics, aligning with the industry's aim to decrease environmental impact and support the circular economy.
- In December 2024, Symphony Environmental Technologies launched a new biodegradable resin known as NbR. It promises to cut fossil plastic content by 20% and lower CO2 emissions, offering an environmentally friendly alternative for packaging and agricultural products.
Packaging Resin Market Segmentation
- By type, the polypropylene (PP) segment dominated the market in 2023. This is mainly due to the increased adoption of PP due to its excellent tensile strength. It also has a good impact strength, making it suitable for developing robust packaging solutions. Moreover, this material is easily recycled and exhibits heat and chemical-resistant properties.
- By application, the food & beverages segment dominated the market in 2023. This is mainly due to the increased consumption of packaged food items. Packaging resin is necessary to wrap perishable goods and liquids. It prolongs shelf life, preserves quality, and prevents food contamination. The rapid expansion of the food & beverage industry further bolstered the segment.
Competitive Landscape
The packaging resin market continues to evolve. Market players are making efforts to bring innovations to the market. Key players operating in the market include BASF SA, SABIC, China Petroleum & Chemical Corporation, LyondellBasell, Dow Chemical Company, Indorama Ventures Public Company Limited, Reliance Industries, Exxon Mobil Corporation (Texas, US), and PetroChina Companies Ltd.
- In June 2024, Dow Chemical Company partnered with RKW Group, a Germany-based polyolefin-based film manufacturer, to launch two new resins under Dow’s Revoloop, its recycled plastic resin brand. These new resins comprise up to 100% post-consumer recycled (PCR) plastic. The new Revoloop resins have been approved for use in non-food contact packaging applications.
Recent Developments in the Market
- In October 2024, Accredo Packaging, a leader in designing and building advanced, resource-efficient packaging for the meals and cosmetics industries, collaborated with Fresh-Lock closures, a brand of Reynolds Consumer Products, to introduce the 100% biobased resin pouch with a zipper closure.
More Insights in Towards Packaging
- The global fiber bale packaging market size is estimated to reach USD 4.81 billion by 2033, up from USD 3.04 billion in 2023, at a compound annual growth rate (CAGR) of 4.79% from 2024 to 2033.
- The global bulk liquid transport packaging market size is estimated to reach USD 5.11 billion by 2033, up from USD 3.41 billion in 2023, at a compound annual growth rate (CAGR) of 4.23% from 2024 to 2033.
- The global ampoules packaging market size reached US$ 4.74 billion in 2023 and is projected to hit around US$ 11.27 billion by 2034, expanding at a CAGR of 7.60% during the forecast period from 2024 to 2034.
- The high impact corrugated boxes market size reached US$ 73.90 billion in 2024 and is projected to hit around US$ 99.57 billion by 2034, expanding at a CAGR of 3.04% during the forecast period from 2024 to 2034.
- The global end-of-line packaging market size is estimated to reach USD 9.50 billion by 2033, up from USD 6.14 billion in 2023, at a compound annual growth rate (CAGR) of 4.60% from 2024 to 2033.
- The global surgical instruments packaging market size reached US$ 24.8 billion in 2023 and is projected to hit around US$ 49.1 billion by 2034, expanding at a CAGR of 6.55% during the forecast period from 2024 to 2034.
- The global cannabis packaging market size reached USD 2.32 billion in 2023 and is projected to hit around USD 22.10 billion by 2034, expanding at a CAGR of 22.74% during the forecast period from 2024 to 2034.
- The global clinical trial packaging market size reached USD 2.95 billion in 2023 and is projected to hit around USD 9.12 billion by 2034, expanding at a CAGR of 10.80% during the forecast period from 2024 to 2034.
- The global panel level packaging market size is estimated to reach USD 11.13 billion by 2033, up from USD 0.43 billion in 2023, at a compound annual growth rate (CAGR) of 38.60% from 2024 to 2033.
- The global hazardous goods packaging market size reached US$ 11.50 billion in 2023 and is projected to hit around US$ 21.38 billion by 2034, expanding at a CAGR of 5.80% during the forecast period from 2024 to 2034.
Segments Covered in the Report
By Type
- Polypropylene (PP)
- Low Density Polyethylene (LDPE)
- High Density Polyethylene (HDPE)
- Polyethylene Terephthalate (PET)
- Polystyrene (PS) & Expanded Polystyrene (EPS)
- Polyvinyl Chloride (PVC)
- Others
By Application
- Food & Beverage
- Consumers Goods
- Healthcare
- Industrial
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa (MEA)
Review the Full TOC for the Packaging Resin Market Report: https://www.towardspackaging.com/table-of-content/packaging-resin-market-sizing
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About Us
Towards Packaging is a leading global consulting firm specializing in providing comprehensive and strategic research solutions. With a highly skilled and experienced consultant team, we offer a wide range of services designed to empower businesses with valuable insights and actionable recommendations. We stay abreast of the latest industry trends and emerging markets to provide our clients with an unrivalled understanding of their respective sectors. We adhere to rigorous research methodologies, combining primary and secondary research to ensure accuracy and reliability. Our data-driven approach and advanced analytics enable us to unearth actionable insights and make informed recommendations. We are committed to delivering excellence in all our endeavours. Our dedication to quality and continuous improvement has earned us the trust and loyalty of clients worldwide.
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