Market Overview and Market Insights: Packaging resins are materials made from tiny ingredients to build molecular structures known as polymers. These resins are then processed into packaging materials, supplies, and solutions. Packaging resins are a group of materials that include several different types. Packaging resins are utilised in a variety of industries because they increase product safety and shelf life.
According to SPER market research, ‘Global Packaging Resin Market Size- By Type, By Application - Regional Outlook, Competitive Strategies and Segment Forecast to 2032’state that the Global Packaging Resin Market is predicted to reach USD 202.46 billion by 2032 with a CAGR of 7.33%.
Drivers: The rise in demand for packaging resins from the food and beverage industry is driving the market growth rate. Rising demand for packaging resins in industrial applications, as well as the expansion of numerous end user verticals in emerging nations, will all have a direct and beneficial impact on the market's growth rate. Rising awareness about the benefits of packaging resins in comparison to other adhesives or alternatives, such as cost-effectiveness and increased shelf-life of products, rising expenditure for research and development proficiencies by the major companies, an increase in the rate of industrialization, accelerating demand for eco-friendly packaging resins in automotive and transportation applications, surging rationalisation of packaging materials, and growing focus on the technology will further carve the way for the growth of the market.
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Challenges: However, the market's expansion will be hampered by a lack of raw material demand and supply as a result of the lockdown and price instability. The high cost of research and development, combined with severe worldwide trade prohibitions, will impede market growth. Furthermore, severe government laws and regulations governing environmental pollutants and the usage of plastic will slow market growth. The widespread availability of alternatives in the market would further limit the scope of expansion.
COVID Impact: Global manufacturing plant closures due to COVID-19 safety measures had a substantial impact on the consumer products category in the first half of 2020, hitting the packaging resins market negatively. Lockdowns imposed by governments worldwide aggravated the crisis. In particular, the electronics industry witnessed a significant fall, with 34.7 million less electronic goods exported in February 2020 than the previous year. However, the progressive relaxing of lockdown limitations and the reopening of manufacturing plants bode well for the packaging resins industry. Despite hurdles, the cosmetics and personal care business had a spike in e-commerce sales, nearly exceeding pre-COVID-19 levels, indicating a bright future for the field.
Asia-Pacific dominates the packaging resins market due to rising demand for packaging resins from various end-use industries, increased research and development activities, favourable government investment policies to promote industrial growth, high economic growth in emerging countries, growing buildings and construction activities, abundant availability of raw materials, and rising investments by various public and private manufacturers. Some of the major players in the market include BASF SE, China Petroleum Chemical Corporation, Indorama Ventures Public Company Limited, among others.
Global Packaging Resin Market Segmentation:
By Type: Based on the Type, Global Packaging Resin Market is segmented as; HDPE, LDPE, PET, Polypropylene, Polystyrene, PVC, Others.
By Application: Based on the Application, Global Packaging Resin Market is segmented as; Food Beverages, Consumer Goods, Healthcare, Others.
By Region: The Global Packaging Resin Market report covers Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the United Kingdom, and the United States.
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