Global Packaging Resins Market: Overview
The packaging resins market is expected to grow at high pace owing its soaring demand in various sectors such as healthcare and FMCG. The market is anticipated to expand at a robust CAGR of 7.6% within the forecast period from 2017 to 2025. The market was valued at around worth of US$192.17 bn in year 2017. This value is expected to reach around US$277.13 bn by the end of forecast period.
There is an extensive variety of resins available to meet particular needs. Adhesive resins make a solid bond between dissimilar materials, while sealant resins offer leak-free solidness. Barrier resins protect freshness, decrease flavor loss, and increases shelf life. Modifier resins help enhance packaging structure performance. Peelable lidding resins can seal to, and peel off of, nearly anything. Resins for molded products offer exceptional flexibility and durability.
On the basis of type, the packaging resins market is segmented into PP, LDPE, HDPE, PS & EPS, PET, PVC, and so on. Among these, LDPE is anticipated to be the leading segment owing to its properties, for example flexibility, toughness, moisture barrier, and chemical resistance. The affordability of LDPE resins at low price and varied usage in several sectors are likely to be the key factors behind the growth of the packaging resins market.
Global Packaging Resins Market: Trends and Opportunities
Plastic is frequently a more productive material to pick among the other options. That is on the grounds that plastics are extremely proficient to produce and they are lighter than other materials.
HDPE packaging resins are utilized to make numerous kinds of containers and bottles. Unpigmented containers are translucent, have great barrier properties and firmness, and are apt for packaging products with a short shelf-life, for example, milk.
LDPE packaging resins are utilized mainly in film applications because of its transparency, toughness, and flexibility, making it mainstream for use in applications where heat sealing is required. It is additionally used to make some jars and containers along with, cable and in-wire application.
PET packaging resins are tough, clear, and has great gas and moisture resistance properties. This resin is normally utilized as a part of drinking bottles and numerous injection- molded customer products jars. Cleaned, reused PET pellets and flakes are in high demand for making fiber for fiberfill, carpet yarns, and geotextiles.
PP has great chemical protection, is solid, and has a high melting point, which makes it useful for hot-fill liquids. This resin is found in rigid and flexible packaging, fibers, and huge molded parts for customer and automotive products.
Global Packaging Resins Market products: Regional Analysis
On the basis of geography, Asia Pacific region is the fastest-growing and the biggest market for packaging resins because of the soaring demand from food and beverages sector. Moreover, the rise in population in the nations such as India and China provide a huge customer base to food and beverages and FMCG products. As a result of this, the Asia Pacific region seems to lead the market in coming years as well.
Global Packaging Resins Market: Competitive Landscape
Some of the major players dominating the packaging resins market are Sinopec Corporation (China), ExxonMobil Corporation (US), LyondellBasell Industries Holdings B.V. (Netherlands), PetroChina Company Ltd. (China), SABIC (Saudi Arabia), and DowDupont Inc. (US). These firms are indulging themselves in the advanced business strategies in order to maintain their position in the market.
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