Press release
Barrier Resins Market by Top Key Players: Dow Chemicals Company, Kuraray, INEO Group, Honeywell International, Asahi Kasei Corporation, Invista, Solvay, du Pont de Nemours, Zhejiang Juhua, Teijin, Kureha Corporation
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Barrier Resins Market size will witness significant growth rate from 2017 to 2024. Growth in pharmaceutical packaging industry along with increasing penetration of bio-based material will drive the industry growth. Effective protection against moisture, light, oxygen, physical damage, counterfeit and contamination are key properties fueling product scope.
Strong outlook in food & beverages, cosmetics, industrial and agriculture industry will propel barrier resins market growth. Improved shelf life of packaged food coupled with rising demand for convenience food products are among major factors driving industry demand. Increasing consumer awareness regarding health & safety coupled with hectic life schedules have enhanced packaged food demand.
Shifting trend towards small households due to changing lifestyles and rapid urbanization will support barrier resins market growth. Increasing product usage in packaging food & beverages including bakery & confectionery, dairy products, fruits & vegetables, meat products, sauces and condiments will drive business growth.
Barrier resins market is segmented based on product as bio-based and synthetic products. Bio-based material will witness notable gains in forecast period due to increasing consumer preference for ecofriendly substitutes. These resins derive their carbon molecules from the renewable feed stocks and offer minimal carbon footprint impact. Enhanced physical performance and shelf life are other factors supporting product demand.
Synthetic barrier resins market share is further segregated as polyvinylidene chloride (PVDC), ethylene vinyl alcohol (EVOH) and polyethylene naphthalate (PEN). PVDC is expected to remain dominating share of overall industry share. Rising demand as high-performance product in various industries including healthcare, cosmetics, and food & beverages will drive barrier resins market. Low permeability for nitrogen, oxygen, water, and carbon dioxide along with highly effective properties has enhanced the product demand.
EVOH is anticipated to witness substantial growth over the coming years owing to high usage for packaging in pharmaceutical and food & beverage industry. High flexibility, efficient recyclability, easily moldable, highly resistant to weather, solvent & oil, and high transparency are key properties fueling product penetration. Shifting manufacturer focus in product and material innovations will further support barrier resins market growth.
Barrier resins market is segmented based on end-use into pharmaceuticals, food & beverages, agriculture, cosmetics, and industrial. Food & beverage is anticipated to remain largest revenue share over the forecast timeframe primarily owing to high product usage in packaging food products including meat, fish, beer, canned milk & vegetables. Extended shelf life, long-lasting flavor, food quality, and prevention of odors are among major properties fueling product penetration.
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Global industry share is highly fragmented and competitive due to presence of numerous international and regional manufacturers. Dow Chemicals Company, Kuraray, INEO Group, Honeywell International, Asahi Kasei Corporation, Invista, Solvay, du Pont de Nemours, Zhejiang Juhua, Teijin, Kureha Corporation, and Nippon Synthetic Chemical are among prominent players in barrier resins market. Mergers & acquisitions, supply agreements and product portfolio expansion are among major strategies adopted by manufacturers to strength their foothold. For instance, in April 2015, Kuraray announced acquisition of Plantic Technologies for expansion into bio-based barrier materials for industrial and food packaging applications.
Market share calculation in this report is not done based on companies covered in it. The calculation of Ethyleneamines market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.
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