Press release
Packaging Resins Market Report, Size, Share, Growth, Trends, Competitive Landscape to 2033
Packaging Resins Market
The new report published by The Business Research Company, titled Packaging Resins Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033, delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.
As per the report, the packaging resins market size has grown strongly in recent years. It will grow from $243.86 billion in 2023 to $263.54 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The packaging resins market size is expected to see strong growth in the next few years. It will grow to $361.18 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%.
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What Is Driving The Growth Of The Global Packaging Resins Market?
Online Shopping Surge to Boost Packaging Resin Market Growth
The growth of online shopping is expected to propel the growth of the packaging resin market going forward. Online shopping allows consumers to purchase goods and services via the internet, offering convenience and a wide selection from the comfort of their homes. The growth of online shopping is driven by increased internet access, advancements in e-commerce technology, convenience, and a broader range of product choices available to consumers. Packaging resins play a crucial role in the growth of online shopping by providing protective, lightweight, and versatile packaging solutions that ensure product safety during transit and enhance the overall consumer experience. For instance, in 2022, according to Ecommerce Europe, a Belgium-based association representing digital commerce businesses across Europe, In 2021, European e-commerce surged to €718 billion, marking a 13% growth from €633 billion in 2020, with forecasts indicating continued upward momentum in 2022. Therefore, the growth of online shopping will drive the growth of the packaging resin market.
What Is The Key Trend In The Global Packaging Resins Market?
Compostable Resin Lines Meet Sustainable Packaging Demands
Major companies operating in the packaging resin market are focusing on biodegradable resins, such as compostable resins, to meet increasing consumer demand for sustainable packaging solutions and comply with stringent environmental regulations. Compostable resins are biodegradable materials designed to break down into natural components, such as water, carbon dioxide, and organic matter, under specific composting conditions, leaving no toxic residues. For instance, in July 2022, Green Dot Bioplastics, a US-based company that specializes in producing biodegradable and compostable plastic solutions, launched nine new compostable grades to enhance sustainability in single-use and packaging applications. The new line, including five compostable starch blends, is compatible with existing film extrusion and molding equipment. Terratek BD3003 offers durability comparable to LDPE, while Terratek BD3300 matches HDPE in stiffness and heat resistance. These materials promote rapid biodegradation and are ideal for produce bags, bubble wrap, and agricultural films. They are in the process of obtaining compostability certification from TüV Austria.
How Is The Global Packaging Resins Market Segmented?
The packaging resins market covered in this report is segmented -
1) By Type: Polyethylene (PE), Polypropylene (PP), Polystyrene (PS), Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), Other Types
2) By Application: Flexible Packaging, Rigid Packaging, Other Applications
3) By End-User: Food And Beverages, Healthcare, Personal Care, Consumer Goods, Industrial Packaging, Other End-Users
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How Is The Competitive Landscape Of The Global Packaging Resins Market?
Major companies operating in the packaging resins market are Exxon Mobil Corporation, TotalEnergies SE, Reliance Industries Limited, BASF SE, The Dow Chemical Company, LyondellBasell Industries Holdings B.V., Saudi Basic Industries Corporation (SABIC), LG Chem Ltd., Mitsubishi Chemical Group Corporation, Sumitomo Chemical Co. Ltd., Toray Industries Inc., Braskem S.A., Sasol Limited, Evonik Industries AG, INEOS Group Holdings S.A., Westlake Chemical Corporation, Indorama Ventures Public Company Limited, Amcor Plc, Berry Global Group Inc., Borealis AG, DuPont de Nemours Inc., China Petroleum & Chemical Corporation (Sinopec), Formosa Plastics Corporation, Chevron Phillips Chemical Company LLC, NOVA Chemicals Corporation
Contents Of The Global Packaging Resins Market
1. Executive Summary
2. Packaging Resins Market Report Structure
3. Packaging Resins Market Trends And Strategies
4. Packaging Resins Market - Macro Economic Scenario
5. Packaging Resins Market Size And Growth
…..
27. Packaging Resins Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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