Packaging Resins Market Growing Popularity and Emerging Trends in the Industry

Allied Market Research recently published a comprehensive report on the global packaging resins market 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 market was valued at $288.9 billion in 2022 and is projected to reach $587.3 billion by 2032, with a CAGR of 7.4% from 2023 to 2032.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/7375

Key Market Insights

Market Size and Growth

- 2022 Value: $288.9 billion
- 2032 Projection: $587.3 billion
- CAGR (2023-2032): 7.4%

Report Coverage

- Forecast Period: 2023-2032
- Base Year: 2022
- Total Pages: 312
- Segments Covered: Type, Application, and Region

Market Drivers and Opportunities

Drivers:

- Increased demand for packaged goods across various sectors.
- Technological advancements in resin manufacturing.

Opportunities:

- Growth in eco-friendly packaging materials.

Market Restraints

- Fluctuating raw material prices of packaging resin.

Segment Analysis

By Type:

- High-Density Polyethylene (HDPE): Held the highest market share in 2022, contributing to nearly one-third of the market revenue. HDPE is favored due to its versatility in manufacturing processes such as injection molding, blow molding, and extrusion.

- Polystyrene (PS): Expected to exhibit the highest CAGR of 8.2% during the forecast period, attributed to its impact resistance, low thermal conductivity, and cost-effectiveness.

By Application:

- Healthcare: Held the highest market share in 2022, accounting for more than two-fifths of the market revenue. The segment is projected to have the highest CAGR of 8.0% due to the extensive use of packaging resins in storing and transporting medical devices, pharmaceuticals, and other healthcare products.

- Food and Beverage: Dominated the market in 2022, accounting for almost one-third of the market share.

Regional Insights

- Asia-Pacific:

Held the highest market share in 2022, accounting for around two-fifths of the global packaging resins market revenue.
Expected to maintain its dominance with a major CAGR of 7.9% due to factors like economic growth, changing consumer lifestyles, and increased e-commerce activities.

Leading Market Players

Key Companies:

- SABIC
- BASF SE
- Borealis AG
- Braskem
- China Petrochemical Corporation
- Exxon Mobil Corporation
- INEOS
- LyondellBasell Industries Holdings B.V.
- Reliance Industries Limited
- Mitsubishi Chemical Corporation

These players employ strategies such as new product launches, collaborations, expansions, joint ventures, and agreements to enhance their market share and maintain dominance in various regions.

𝐎𝐛𝐭𝐚𝐢𝐧 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬: https://www.alliedmarketresearch.com/packaging-resins-market-A07010

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.