Global Packaging Resins Market: Introduction
Plastic resins require high expertise and skills for their production. They are lighter than other materials. A wide variety of resins are available to meet particular needs. Adhesive resins form a solid bond between dissimilar materials, while sealant resins offer leak-free solidness. Barrier resins protect freshness; decrease flavor loss; and increase shelf-life. Modifier resins help enhance performance of the packaging structure. Peelable resins are used for lids. Packaging resins for molded products offer exceptional flexibility and durability.
Packaging Resins Market: Overview
In terms of type, the packaging resins market can be segmented into PP, LDPE, HDPE, PS & EPS, PET, and PVC. Among these, LDPE is anticipated to be the leading segment during the forecast period, owing to flexibility, toughness, moisture barrier, and chemical resistance offered by LDPE. The affordability of LDPE resins and their varied usage in several sectors are likely to be key factors driving the packaging resins market from 2018 to 2026.
HDPE resins are mostly used for the manufacture of bottles for milk, water, juices, cosmetics, shampoos, dish and laundry detergents, and household cleaners. LDPE resins are used in packaging applications such as container bags for dry cleaning, newspapers, bread, frozen foods, fresh produce, and household garbage. Food service items such as cups, plates, bowls, cutlery, hinged takeout containers, and meat and poultry trays are made with either foamed or non-foamed polystyrene (PS) resins. Based on application, the packaging resins market has been divided into food & beverages, consumer goods, health care, industrial, and others.
Low prices, high availability, and wide usage of LDPE in various end-use industries are anticipated to be major factors augmenting the packaging resins market during the forecast period. However, the concerns about environmental hazards caused by plastic materials, increasing awareness regarding limited usage of plastic, and ban on plastic materials by several government bodies are projected to hamper the packaging resins market between 2018 and 2026.
Packaging Resins Market: Region-wise Outlook
Based on region, the global packaging resins market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In terms of consumption, Asia Pacific held a major share of the global packaging resins market in 2017. This trend is likely to continue during the forecast period also. The packaging resins market in Asia Pacific is projected to expand at a significant pace during the forecast period. This is due to robust growth of several end-use industries such as food & beverages and rise in population in the region. Rapid economic growth and emergence of a large-sized middle class in China and India have led to a wide customer base for food, beverages, and FMCG products. As a result, the packaging resins market in Asia Pacific is witnessing growth at a rapid pace. North America and Europe are anticipated to follow Asia Pacific in the next few years. The packaging resins market in these regions is largely driven by the increasing demand for food and beverages, consumer products, and health care products. Middle East & Africa is expected to emerge as a major packaging resins market in the near future, due to increasing residential usage. Latin America is expected to emerge as an attractive packaging resins market during the forecast period, as key players in the global market are expected to move to this region.
Packaging Resins Market: Key Players
The key players operating in the global packaging resins market are Sinopec Corporation, ExxonMobil Corporation, LyondellBasell Industries Holdings B.V., PetroChina Company Ltd., SABIC, and DowDuPont Inc.
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