Packaging Resins Market is Supposed to Arrive at a Valuation of USD 240.53 billion Constantly 2022, Advancing with a Moderate CAGR of 8.32% by 2029, Exclusive Report by Exactitude Consultancy
Exactitude Consultancy
6 min read
The increasing application of Packaging Resins in food packaging has significantly anticipated market demand. Packaging Resins manufacturers are exploring new and innovative designs for consumer convenience.
Luton, Bedfordshire, United Kingdom, Sept. 08, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Packaging Resins market.
The global packaging resins market is expected to grow from USD 240.53 billion in 2021 to USD 471.87 billion by 2029 at a compound annual growth rate (CAGR) of 8.32%.
Increasing role of packaging for material handling, shelf life improvement, and safety is influencing the demand of plastic in the global market. Around 40% of the plastic demand across the globe is generated from the packaging sector. Packaging Resins such as LDPE, LLDPE, and HDPE are extensively used for packaging of food and beverages.
Expanding urbanization levels, extensive economic growth in developing countries and increasing purchasing power are some vital factors that are likely to boost the growth prospects of the packaging resins market Furthermore, the growing demand for packaging materials in food and beverage industries are likely to fuel the growth of the packaging resins market.
Recent Developments
In October 2020, LyondellBasell and Sasol announced that they entered a definitive agreement to form a 50/50 joint venture, through which LyondellBasell is likely to acquire 50% of Sasol’s 1.5 MM ton ethane cracker, 0.9 MM ton low and linear low-density polyethylene plants, and associated infrastructure for a total consideration of USD 2 billion. The venture is expected to operate under the name Louisiana Integrated PolyEthylene JV LLC.
In September 2020, INEOS Olefins & Polymers announced its partnership with Saica Natur in a supply agreement for recycled LDPE and LLDPE. The long-term agreement may help INEOS serve the growing demand for increased recycled products in sustainable, virgin quality flexible packaging.
Asia Pacific is expected to show substantial growth in the packaging resins market due to the rise in demand for FMGC goods.
The increase in disposable income of the population in developing countries such as China and India may propel the growth of the packaging resins market in this region. The availability of a large number of manufacturers in this region may provide multiple growth avenues to the packaging resins market.
Plastic Resins Market Report Scope
Report Attribute
Details
Market size value in 2021
USD 240.53 billion
Revenue forecast in 2029
USD 471.87 billion
Growth rate
CAGR of 8.32% from 2022 to 2029
Base year for estimation
2021
Historical data
2017 - 2020
Forecast period
2022 - 2029
Quantitative units
Volume in kilo tons, revenue in USD million and CAGR from 2022 to 2029
Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered
Product, application, region
Regional scope
North America; Europe; China; Asia; Pacific; Central & South America; MEA
Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options
The entire organization can use the report. It can be printed and shared. Delivery in PDF and Excel.
Packaging Resins Market: Competitive Landscape
The key players operating in the packaging resins market are indulging in extensive R&D activities to innovate new advancements in packaging technologies. The food and beverages sector in developing countries requires approval from regulatory authorities regarding the packaging materials so that it is safe for the packaging of food products and beverages to safeguard the health quotient of the masses.
The key players in packaging resins market are ExxonMobil Corporation (US), Sinopec Corporation (China), LyondellBasell Industries Holdings B.V. (Netherlands), SABIC (Saudi Arabia), PetroChina Company Ltd. (China), DowDupont Inc. (US).
Packaging Resins Market by Type, 2020-2029, (USD Millions)
LDPE
Pp
HDPE
Pet
Ps
PVC
Packaging Resins Market by Application, 2020-2029, (USD Millions)
Food & Beverage
Consumer Goods
Healthcare
Industrial
Packaging Resins Market by Region, 2020-2029, (USD Millions)
North America
Europe
APAC
MEA
Latin America
Key Market Trends
Food and Beverage Segment to Dominate the Market Demand
The food and beverage segment stand to be the dominating segment among applications, where packaging requirement is widely driven by a growing need to increase the shelf life of products, thus, protecting food products for longer periods.
Packaging is one of the key aspects considered by the firms engaged in the food and beverage industry to ensure compatibility of packaging material with food, the durability of food, the safety of human health, and the attractiveness of the packaging.
According to the China Chain store and franchise association, in the food and beverages segment, China has reached around USD 595 billion in 2021.
The increase in the aging population, growing demand for convenient packaging, growth of the e-commerce business, the growing online food delivery market, and the packaging of products in different sizes and quantities are some of the market conditions that have been boosting the demand for flexible packaging, globally.
In 2021, the United States packaging industry generated a total value of USD 180 billion. According to the Flexible Packaging Association, in the United States, more than 46% of Americans are willing to pay more for food and beverage products stored in flexible packaging than for food products kept in non-flexible packaging. Moreover, 71% of Americans may prefer flexible packaging over non-flexible packaging for a product they consider purchasing.
Hence, with such factors driving the demand for flexible packaging material, the consumption of packaging resins has also been increasing from the food and beverage industry across the world.
Packaging Resins Market: Key Drivers
Large-scale investments in the food and beverage industry may create significant growth opportunities. Furthermore, the rise in demand for packaged food products in densely populated and developing countries around the world may have a significant impact on strengthening the growth structure. Furthermore, the development of advanced packaging technologies will act as growth drivers for the packaging resins market.
The packaging resins market is expected to benefit from opportunities in the healthcare industry. With the exception of the COVID-19 pandemic lockdown period, the healthcare industry is expected to grow rapidly. Pharmaceutical packaging makes extensive use of packaging resins. The ongoing pandemic has increased demand for medicines, which may create opportunities for growth in the packaging resins market. These factors will create a plethora of opportunities for the packaging resins market.
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