Packaging Resins Market Forecasts to 2028 – Global Analysis By Type (Polyethylene Terephthalate (PET), Low Density Polyethylene (LDPE), Polyvinyl Chloride (PVC), Polypropylene (PP), Polystyrene (PS), High Density Polyethylene (HDPE), Expanded Polystyrene

Packaging Resins Market Forecasts to 2028 – Global Analysis By Type (Polyethylene Terephthalate (PET), Low Density Polyethylene (LDPE), Polyvinyl Chloride (PVC), Polypropylene (PP), Polystyrene (PS), High Density Polyethylene (HDPE), Expanded Polystyrene (EPS) and Other Types), Application and By Geography

According to Stratistics MRC, the Global Packaging Resins Market is accounted for $224.99 billion in 2022 and is expected to reach $379.42 billion by 2028 growing at a CAGR of 9.1% during the forecast period. The weight of plastic resins is lower than that of other materials. While sealant resins offer solidity without leaks, adhesive resins create a strong bond between various materials. Barrier resins protect freshness, lessen flavour deterioration, and lengthen shelf life. High levels of flexibility and durability are provided by packaging resins used in moulded products. They have the necessary resistance to corrosion, bacteria, and mould. Uncoloured packaging materials are translucent, have barrier and rigidity characteristics, and are suitable for storing products with a limited shelf life.

According to the Flexible Packaging Association, in the United States, more than 46% of Americans are willing to pay more for food and beverage products stored in flexible packaging than for food products kept in non-flexible packaging. According to BBC News, almost 17.5 % of the total amount of food thrown away in the U.K. comes from households. Almost 7.2 million tons of food and drinks from the household are thrown away in the country.

Market Dynamics:

Driver:

Increasing demand from food & beverages sector

The significant demand from the food and beverage industry is anticipated to cause packaging resins to rise rapidly throughout the forecast period. The demand for processed, ready-to-eat, and ready-to-cook food products has significantly increased as a result of the growing population and an increase in disposable income. The demographic numbers also suggest that the packaging industry has been expanding rapidly.

Restraint:

Stringent government norms

The Food & Drug Administration (FDA) strictly regulates the use of plastic due to worries about how plastic packaging could affect foods and medicines. The plastic packaging used for children's toys comes within the purview of the Consumer Product Safety Commission. The government's strict regulations for plastic disposal and consumer and environmental safety are likely to impede market expansion.

Opportunity:

Superior properties of resins

Resins used in plastic packaging are incredibly strong, flexible, non-corrosive, safe, and long-lasting. One of the environmentally friendly packaging options on the market is plastic resin, which uses less energy to produce than metals and other packaging substitutes. The packaging resins industry would develop as a result of these superior features and the relative lower cost than alternatives.

Threat:

Environment concerns

The market for packaging resins is expected to be hampered by worries about the environmental concerns posed by plastics, rising knowledge of the limited use of plastics, and a ban on plastics by various government agencies. However, some factors are anticipated to impede the expansion of the potential market, including the fluctuating price of crude oil and the availability of substitute resins.

Covid-19 Impact

The COVID-19 impact on the global plastics industry had a significant influence on both primary producers and recyclers, which resulted in a general decline in the production and supply of this type of resins, plastics, and other petrochemicals. This contributed to the sector's subsequent economic decline. Due to constraints the government put in place to halt output, the market saw a decline in industrial demand. Demand for packaging resins is being driven mostly by end-use industries like food & beverage, retail, consumer products, and others. However, due to a rise in demand for packaged food products, the sector has also seen positive response from the food & beverage sector.

The polyvinyl chloride (PVC) segment is expected to be the largest during the forecast period

The polyvinyl chloride (PVC) segment is estimated to have a lucrative growth. PVC has a low oxygen transfer rate, is naturally transparent, and is resistant to oils. It can be used for a variety of products, such as flexible shatterproof bottles and jars, blood and blood component containers, catheters, containers, and tubing, as well as heart-lung bypass machines since it has good barrier capabilities for preservation.

The food & beverage segment is expected to have the highest CAGR during the forecast period

The food & beverage segment is anticipated to witness the highest CAGR growth during the forecast period, due to An increase in the demand for packaged food items due to increased customer preferences for frozen food and packed food products as well as the developing trend of online meal ordering is anticipated to have a beneficial effect on the uptake of packaging resins. It is anticipated that these factors will influence this segment's revenue share contribution.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the expansion of product demand. Additionally, the growing middle class in developing nations may fuel the expansion of the packaging resins market in this area. The presence of numerous producers in this area may open up numerous potential opportunities for the packaging resins market.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period. In terms of development and industrialization, it is one of the thriving regions. It is projected that a primary driver of the market would be the expansion of the packaging sector. Additionally, it is employed in the production of numerous varieties of jugs and containers. The development of production techniques and modern packaging technologies are anticipated to fuel the market for packaging resins.

Key players in the market

Some of the key players profiled in the Packaging Resins Market include SABIC, BASF SE, Indorama Ventures Public Company Ltd., Borouge, Sinopec Corporation, Arkema S.A., M&G Chemicals, Styrolution Group GmbH, DowDuPont Inc., ExxonMobil Chemical, DAK Americas LLC, Lyondellbasell Industries Holdings B.V, Ineos Group AG, Petrochina Ltd., Reliance Industries Ltd., Braskem S.A., Borealis AG, Far Eastern New Century Corporation, Jiangsu Sanfangxiang Group Co., Ltd. and Total S.A.

Key Developments:

In September 2020, ExxonMobil introduced new foamable Achieve Advanced Polypropylene, an easy, affordable, and sustainable packaging solution for high volume food and beverage, industrial, and automotive applications.

In October 2019, SABIC demonstrated its leadership in sustainable packaging solutions at K 2019. The company unveiled its product portfolio for sustainable packaging under the brand name TRUCIRCLE.

Types Covered:
• Polyethylene Terephthalate (PET)
• Low Density Polyethylene (LDPE)
• Polyvinyl Chloride (PVC)
• Polypropylene (PP)
• Polystyrene (PS)
• High Density Polyethylene (HDPE)
• Expanded Polystyrene (EPS)
• Other Types

Applications Covered:
• Healthcare
• Food & Beverage
• Industrial
• Consumer Goods
• Cosmetics and Personal Care
• Other Applications

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements