Packaging Resins Market Worth, Size, Regional Trends and Opportunities, Revenue Analysis, For 2020–2028

Market Size – USD 229.57 Billion in 2020, Market Growth - CAGR of 7.50%, Market Trends –Growing demand in healthcare.

The global Packaging Resins Market is forecast to reach USD 410.77 Billion by 2028, according to a new report by Reports and Data. A surge in demand for bioplastics is a significant trend in the global packaging resins market. They are biodegradable products that are derived from renewable and natural sources such as vegetable oil, potatoes, tapioca, pea starch, rice, sugar cane, cornstarch, grains, wheat, and cellulose from wood. Bioplastics are preferred over conventional plastics due to their eco-friendly nature.

The food and beverage sector is fueling the demand for packaging resins market along with consumer goods. The lucrative opportunity provided by the healthcare industry is also boosting market demand. Increasing application of the healthcare industry are also fueling the packaging resins market. Furthermore, various properties of packaging resins, such as its resistance to continuously changing weather conditions is another factor that will propel the market.

Factors affecting the growth of the market are the change in consumer behavior patterns and growth in the processed food industry. The demand for light-weight packaging, owing to a busy lifestyle, fast and convenient food, has increased over the past years.

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This study relies on the evolution of the industry to derive the trends that are observed. A significant increase in the Asian and the Middle Eastern market is visible, which promises the expansion of the market in the coming years. The chemical industry has witnessed vast growth in the Chinese chemicals sector, which is in turn affecting the value-chain of the European chemicals market. Europe’s chemical market decline could also be blamed on slow innovation rates. The mobility trends that have been observed in the industry are indicative of a drop in the development of transportation fuels, which is pushing the manufacturers to rethink their petrochemical strategy, owing to the chemical and petrochemical integration. A global initiative to ban plastics widely in the market is stemming from the environmental impact of the resins. The Chinese market is highly influenced by the economic transitions, fuel regulations, technological developments, private ownership, capital cost advantage, international trade and progress in the specialty chemicals among others. North America is attracting massive investment for its gas-based chemicals. The growing uncertainties regarding the prices of crude oil will affect the competitive landscape. Meanwhile, factors such as fluctuating prices of crude oil, fiscal policies, rising geopolitical tensions, trade disputes coupled with currency fluctuations might cause a decline in the global growth of the market.

Key companies profiled in the report:

Sinopec Corporation,
SABIC,
Petrochina Ltd.,
Borealis AG,
Dowdupont Inc.,
M&G Chemicals,
Indorama Ventures Public Company Ltd.,
Braskem S.A.,
Far Eastern New Century Corporation,
and Jiangsu Sanfangxiang Group Co., Ltd,
among others.

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Regions covered in the report:

North America (U.S.A., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of Europe)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Global Packaging Resins Market Product Segmentation:

LDPE
PP
PET
PVC
HDPE
PS & EPS
Others

Global Packaging Resins Market Application Outlook:

Food and Beverage
Healthcare
Consumer Goods
Industrial
Others

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