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Packaging Resins Market Size

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

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Packaging Resins Market Size

Packaging Resins Market was valued at USD 290.4 billion in 2023 and is expected to grow at a CAGR of over 8% between 2024 and 2032. The increasing preference for flexible packaging across various industries, such as food & beverages, pharmaceuticals, and personal care, is driving market growth.

Packaging Resins Market

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Flexible packaging offers numerous advantages, including lightweight properties, enhanced barrier protection, and convenience, which align with modern consumer preferences for convenience and extended shelf life. This trend is particularly evident in the growing adoption of pouches, films, and bags, which leverage advanced resins to provide improved functionality and sustainability.

Packaging Resins Market Report Attributes
Report Attribute	Details
Base Year:	2023
Packaging Resins Market Size in 2023:	USD 290.4 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	8%
2032 Value Projection:	USD 585 Billion
Historical Data for:	2021-2023
No. of Pages:	210
Tables, Charts & Figures:	218
Segments covered:	Type, End-use Industry
Growth Drivers:	Rising demand for flexible packaging Advancements in resin technologies Increased focus on sustainable packaging Expanding food and beverage industry Increased urbanization and changing lifestyles
Pitfalls & Challenges:	Environmental concerns and regulations Challenges in recycling and waste management

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Technological advancements in resin formulations and processing techniques are a major driver for the packaging resins market. Innovations, such as the development of high-performance resins with enhanced barrier properties, improved recyclability, and superior strength, are expanding the applications of packaging resins. These advancements enable the creation of more sustainable and efficient packaging solutions, addressing both consumer preferences and regulatory requirements for environmental impact reduction.

For instance, in August 2022, BASF and Nippon Paint China, a leading coatings manufacturer, collaboratively introduced an eco-friendly industrial packaging solution. This new packaging, now utilized for Nippon Paint’s dry-mixed mortar products, incorporates BASF's water-based acrylic dispersion Joncryl High-Performance Barrier (HPB) as the barrier material.

The environmental impact of traditional packaging resins, particularly those derived from petrochemicals, poses a significant challenge for the market. Growing concerns about plastic pollution and the pressure from stringent environmental regulations are driving the need for more sustainable alternatives. Companies face challenges in balancing performance and environmental impact, and failure to adapt to regulatory changes can lead to increased costs and market restrictions.

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.