Packaging Resins Market Market Size will Witness Substantial Growth by 2028

The global packaging resins market is set to gain traction from the ongoing development of unique packaging methods and materials. Bioplastic is nowadays used in the plastic packaging sector. It is produced from sustainable sources, such as agricultural by-products, corn starch, woodchips, and vegetable oils. In February 2021, Milliken and Company’s Chemical Division, for instance, joined the Global Organization for PHA. It aims to address the market development and technical challenges associated with PHA biodegradable biopolymers. This information is given by Fortune Business Insights™ in a report, titled, “Packaging Resins Market, 2021-2028.” The report further states that the market size was USD 189.03 billion in 2020. It is projected to grow from USD 202.46 billion in 2021 to USD 326.56 billion in 2028 at a CAGR of 7.1% in the forecast period.

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Report Aim and Scope:

• An overview of the market based on geographical scope, segmentation, and financial performance of key players is presented in the report.
• The report presents the estimated market size by the end of the forecast period. Additionally, the historical and current market size is also examined in the report.
• Based on various indicators, the Year on Year Growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
• The report presents current trends in the industry and the future scope of the market in North America, Asia Pacific, Europe, Latin America, and Europe.
• The various parameters accelerating the growth of the market are incorporated in the research report.
• The report analyzes the growth rate, market size, and valuation of the market during the forecast period.

Segments-

Food and Beverage Segment Held 46.1% Share Globally in 2020: Fortune Business Insights™

By application, this industry is classified into food and beverages, consumer goods, and healthcare in terms of application. Out of these, the food and beverages segment earned 46.1% in terms of the packaging resins market share in 2020. In the U.S., it was 46.9% in the same year. This growth is attributable to the surging population across the globe.

Report Coverage-

Our skilled analysts have presented an accurate picture of the global market by summation, synthesis, and study of data from various crucial sources. They have also included multiple facets of the industry with the main focus on determining the significant market influencers. Thus, the data is reliable and comprehensive. It was gathered by conducting the extensive primary and secondary research.

Drivers and Restraints-

Ability to Keep Electronics and Fragile Goods Safe will Favor Growth

Plastic packaging helps in surging the shelf-life of perishable products and keeps them safe from dust and contaminants. Packaging resin is very durable, safe, non-corrosive, lightweight, flexible, and robust. Hence, they can protect electronics and fragile objects efficiently. They are also considered to be sustainable as they consume very less energy. They can be easily molded and are cost-effective. However, government agencies have imposed strict rules on the usage of plastic on pharmaceuticals and food items. It may hamper the packaging resins market growth in the upcoming years.

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A list of renowned vendors of packaging resins operating in the global market:

• China Petroleum and Chemical Corporation ( Beijing, China)
• Exxon Mobil Corporation (Texas, US)
• BASF SE ( Ludwigshafen, Germany)
• LyondellBasell Industries Holdings B.V. (Rotterdam, Netherlands)
• SABIC (Riyadh, Saudi Arabia)
• PetroChina Companies Ltd. (Beijing, China)
• Dow Chemical Company (Michigan, U.S.)
• Indorama Ventures Public Company Limited (Bangkok, Thailand)
• Reliance Industries (Mumbai, India)
• Other Key Players

Regional Insights-

Asia Pacific to Dominate Stoked by Increasing Population in India, China, and Bangladesh

Geographically, Asia Pacific procured USD 91.26 billion in terms of revenue in 2020. It is set to retain its leading position in the near future because of the increasing population in developing nations, such as Bangladesh, India, and China. It is expected to drive the demand for packaging type of resins in this region. In North America, on the other hand, rapid industrialization would aid growth. Europe is anticipated to grow considerably on account of the expansion of the packaging sector.

Competitive Landscape-

Key Players Focus on Launching New Products and Participating in Exhibitions to Compete

The global market contains a large number of companies that are majorly focusing on introducing novel packaging resins to enhance their portfolios. A few others are unveiling their in-house and upcoming products in reputed exhibitions to attract more customers. Below are the two industry developments:

• September 2020: ExxonMobil launched an affordable and easily processed sustainable solution named Achieve™ Advanced PP6302E1. It is meant for high-volume applications, such as automotive parts, food and beverages packaging, building products, and industrial packaging.
• March 2020: BASF showcased a wide range of adhesives, plastics, additives, packaging resins, and dispersions for barrier coatings and printing inks at interpack 2020. These solutions would focus on the life cycle of packaging products.

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