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Packaging Resins Market Analysis

  • Report ID: GMI11090
  • Published Date: Aug 2024
  • Report Format: PDF

Packaging Resins Market Analysis

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.
 

  • Polyvinyl Chloride (PVC) is another widely used packaging resin, known for its durability, flexibility, and resistance to moisture and chemicals. PVC is commonly employed in packaging applications such as shrink wraps, clamshell packaging, and blister packs, particularly for consumer goods, pharmaceuticals, and food products.
     
  • Its ability to form strong, airtight seals makes it a preferred choice for packaging that requires extended shelf life and protection from external factors.
     
  • However, like polystyrene, PVC faces environmental challenges, including concerns about its production process, potential release of harmful chemicals, and difficulty in recycling, leading to increasing pressure for the adoption of more eco-friendly alternatives

Packaging Resins Market Share, By End-use Industry, 2023

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.
 

  • The consumer goods segment encompasses a broad range of products, including electronics, personal care items, household goods, and toys, all of which require effective packaging solutions to protect, preserve, and enhance the appeal of the products.
     
  • Packaging resins, such as PVC, polyethylene, and polypropylene, are widely used in this segment for their durability, versatility, and ability to be molded into various shapes and forms. These resins provide essential functions such as product protection, tamper resistance, and aesthetic appeal, which are critical for attracting consumers in a competitive market.
     
  • The segment is also seeing a shift toward more sustainable packaging materials, driven by growing environmental awareness and demand for eco-friendly packaging solutions
     

China Packaging Resins Market Size, 2022-2032 (USD Billion)

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.

Authors: Suraj Gujar , Deeksha Vishwakarma

Frequently Asked Questions (FAQ) :

Packaging resins market size was USD 290.4 billion in 2023 and is expected to register over 8% CAGR from 2024-2032 due to increasing preference for flexible packaging across various industries, such as food & beverages, pharmaceuticals, and personal care worldwide.

Packaging resins industry from the polyvinyl chloride (PVC) segment is expected to register over 10% CAGR from 2024-2032 due to its durability, flexibility, and resistance to moisture and chemicals.

Asia Pacific packaging resins industry held over 35% share in 2023 and is expected to register a commendable CAGR from 2024-2032 due to the expanding manufacturing capabilities, rapid urbanization, and increasing consumer demand in the region.

Lyondellbasell Industries Holdings B.V, Exxonmobil Chemical, SABIC, Dow Chemical Company, Borealis AG, and Braskem S.A., are some of the major packaging resins companies worldwide.

Packaging Resins Market Scope

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Premium Report Details

  • Base Year: 2023
  • Companies covered: 23
  • Tables & Figures: 218
  • Countries covered: 22
  • Pages: 210
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