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Based on type, the market is divided into Low Density Polyethylene (LDPE), Polypropylene (PP), High Density Polyethylene (HDPE), Polyethylene Terephthalate (PET), Polystyrene (PS), Polyvinyl Chloride (PVC), and others. The PVC segment is expected to register a CAGR over of 10% over the forecast period.
Based on end-use industry, the packaging resins market is divided into food & beverage, consumer goods, healthcare, industry, and others. The consumer goods segment is projected to account for the largest share in the global market with a revenue of over USD 185 billion by 2032.
Asia Pacific dominated the global packaging resins market in 2023, accounting for a share of over 35%. Asia Pacific region is a major growth driver for the market due to its expanding manufacturing capabilities, rapid urbanization, and increasing consumer demand. The region's booming economies, particularly in countries, such as China and India, have significantly boosted the demand for packaging materials across various sectors, including food & beverages, pharmaceuticals, and personal care. The proliferation of e-commerce and retail activities in Asia Pacific has further accelerated the need for innovative packaging solutions that ensure product protection and enhance shelf appeal. Additionally, the growing focus on sustainability is prompting investments in eco-friendly resin technologies, contributing to market growth. The region’s diverse consumer preferences and regulatory environments also drive the development of a wide range of packaging resins tailored to local needs.
In the U.S., the packaging resins industry is driven by a strong focus on innovation and consumer trends. The U.S. is a leading market for advanced packaging technologies, including smart packaging, high-performance resins, and sustainable materials. The rapid growth of the e-commerce sector and increasing consumer preference for convenience foods and packaged goods are significant factors contributing to market expansion. Additionally, stringent environmental regulations and corporate sustainability goals are pushing companies to adopt eco-friendly packaging solutions. The U.S. market also benefits from a well-established manufacturing infrastructure and a diverse range of industries that utilize packaging resins, further supporting its growth.
Japan's packaging resins market is characterized by a high level of technological advancement and innovation. The country is known for its focus on developing advanced resin technologies, including high-barrier and functional resins that cater to specific industry needs. The market is driven by the growing demand for convenience and high-quality packaging solutions in sectors such as food & beverages, electronics, and pharmaceuticals. Japan’s commitment to sustainability and environmental regulations is also influencing the market, leading to increased adoption of recyclable and biodegradable resins. The country’s strong manufacturing capabilities and focus on research & development contribute to its position as a key player in the global market.
China is a major contributor to the global market, driven by its rapid industrialization, urbanization, and growing consumer base. The country’s expanding food & beverage industry, coupled with the rise in e-commerce and retail activities, is significantly boosting the demand for packaging resins. China is also investing heavily in developing advanced resin technologies and sustainable packaging solutions to meet the evolving needs of its large and diverse market. The government’s initiatives to promote environmental sustainability and reduce plastic waste are further influencing the market, leading to increased adoption of eco-friendly packaging materials. China’s strong manufacturing sector and robust domestic market support its leading role in the packaging resins industry.
South Korea's packaging resins market is marked by technological innovation and a strong emphasis on quality and performance. The country is known for its advanced resin manufacturing capabilities and the development of high-performance packaging materials. The market is driven by increasing consumer demand for convenience and high-quality packaging solutions across various sectors, including food & beverages, electronics, and pharmaceuticals. South Korea’s focus on sustainability and regulatory compliance is also shaping the market, with growing interest in eco-friendly and recyclable resins. The country’s well-established industrial infrastructure and commitment to innovation support its position as a significant player in the global market.
For instance, in November 2022, Evonik launched three new INFINAM photopolymers for industrial 3D applications, expanding the photo-resins product line launched last year. The product line is intended for use in common UV-curing 3D printing processes such as SLA or DLP.