The global packaging resins market is experiencing growth due to several factors such as growing demand from the food and beverages industry and wide usage for milk jugs, water bottles, and other containers.
PORTLAND, Ore., Sept. 5, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Packaging Resins Market by Type (Low-Density Polyethylene (LDPE), Polypropylene (PP), High-Density Polyethylene (HDPE), Polystyrene (PS), Others), by Application (Food and Beverage, Consumer Goods, Healthcare, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report, the global packaging resins market was valued at $288.9 billion in 2022 and is projected to reach $587.3 billion by 2032, growing at a CAGR of 7.4% from 2023 to 2032.
Packaging resin finds an array of applications across several industries, owing to its versatile properties. Polymer fabric like Polyethylene (PE), Polypropylene (PP), Polyvinyl Chloride (PVC) and Polystyrene are used as packaging resin as they can be molded, extruded, or converted into a number of shapes and varieties to create packaging products such as bottles, containers, films etc.
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Prime determinants of growth
The global packaging resins market is experiencing growth due to several factors such as an increase in demand for packaged goods across various sectors where packaging resins ensure the safety, quality, and preservation of products. However, fluctuating raw material prices of packaging resin hinder the market growth to some extent. Moreover, growth in eco-friendly packaging materials offers remunerative opportunities for the expansion of the packaging resins market.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2021 | $288.9 billion |
Market Size in 2031 | $587.3 billion |
CAGR | 7.4 % |
No. of Pages in Report | 312 |
Segments Covered | Type, Application, and Region. |
Drivers | Increase in demand for packaged goods across various sectors Technological advancements in resin manufacturing |
Opportunity | Growth in eco-friendly packaging materials |
Restraint | Fluctuating raw material prices of packaging resin |
The Polystyrene (PS) segment is expected to grow faster throughout the forecast period
Based on type, the High-Density Polyethylene (HDPE) segment held the highest market share in 2022, accounting for almost one-third of the global packaging resins market revenue and is estimated to maintain its leadership status throughout the forecast period. This is due to HDPE being melted and then formed into various packaging products using processes like injection molding, blow molding, or extrusion. However, the polystyrene segment is projected to manifest the highest CAGR of 8.2% from 2023 to 2032, as polystyrene offers good impact resistance, low thermal conductivity, and is cost-effective, which makes them a popular choice for many industries.
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The food and beverage segment is expected to lead the trail by 2032
Based on the application, the healthcare segment held the highest market share in 2022, It is projected to manifest the highest CAGR of 8.0% from 2023 to 2032, and accounting for more than two fifth of the global packaging resins market revenue and is estimated to dominate during the forecast period. This can be attributed to the fact that packaging resins is used to store and transport medical devices, pharmaceuticals, and other healthcare products. However, the food and beverage segment dominated the market accounting almost one-third of the market share in 2022.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific collectively held the highest market share and fastest growing region in terms of revenue in the market, accounting for around two-fifths of the global packaging resins market revenue with a major CAGR of 7.9% and is expected to rule the roost in terms of revenue throughout the forecast timeframe. The segment is driven by factors such as packaging resins in the Asia-Pacific region is driven by factors such as economic growth, changing consumer lifestyles, and increased e-commerce activities.
Leading Market Players: -
- SABIC
- BASF SE
- BOREALIS AG.
- BRASKEM
- CHINA PETROCHEMICAL CORPORATION
- EXXON MOBIL CORPORATION
- INEOS
- LYONDELLBASELL INDUSTRIES HOLDINGS B.V.
- RELIANCE INDUSTRIES LIMITED
- MITSUBISHI CHEMICAL CORPORATION
The report provides a detailed analysis of these key players in the global packaging resins market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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