Press release
Strong Growth Ahead: Packaging Resins Market Size To Grow At Arecord 8.1% Cagr By 2029
Packaging Resins
How Big Is the Packaging Resins Market Size Expected to Be by 2034?
The packaging resins market has grown significantly in recent years. It will rise from $263.54 billion in 2024 to $285.72 billion in 2025 at a CAGR of 8.4%. This growth has been supported by the expansion of the consumer goods sector, increased demand for packaged and processed foods, globalization, urbanization, and the rise of e-commerce.
The packaging resins market is projected to grow to $390.18 billion by 2029, at a CAGR of 8.1%. Growth drivers include the expansion of e-commerce, the food and beverage industry's growth, an increase in online retail, a greater focus on eco-friendly packaging, and the expansion of food delivery services. Trends include biodegradable resins, technological advancements, high-performance resins development, recyclable resins adoption, and the rise of smart packaging.
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What Are the Emerging Segments Within the Packaging Resins Market?
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
Subsegments:
1) By Polyethylene (PE): Low-Density Polyethylene (LDPE), High-Density Polyethylene (HDPE), Linear Low-Density Polyethylene (LLDPE)
2) By Polypropylene (PP): Homopolymer Polypropylene, Copolymer Polypropylene, Biaxially Oriented Polypropylene (BOPP)
3) By Polystyrene (PS): General Purpose Polystyrene (GPPS), High Impact Polystyrene (HIPS), Expandable Polystyrene (EPS)
4) By Polyethylene Terephthalate (PET): Amorphous PET, Crystalline PET, PET Glycol-Modified (PETG)
5) By Polyvinyl Chloride (PVC): Rigid PVC, Flexible PVC, Plasticized PVC
6) By Other Types: Polyamide (Nylon), Polycarbonate (PC), Polyurethane (PU), Acrylonitrile Butadiene Styrene (ABS), Polybutylene Terephthalate (PBT), Other Specialty Resins
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What Long-Term Drivers Are Shaping Packaging Resins Market Trends?
The growth of online shopping is expected to support the growth of the packaging resin market. Online shopping continues to expand due to greater internet access, advancements in e-commerce technologies, and a broader range of product offerings. Packaging resins provide essential benefits such as product protection during shipping, lightweight solutions, and enhancing consumer experiences. The U.S. Census Bureau's August 2024 report showed that e-commerce sales grew by 6.6% in the second quarter of 2024. As such, online shopping growth is boosting the packaging resin market.
Who Are the Top Competitors in Key Packaging Resins Market Segments?
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
What Are the Major Trends Shaping the Packaging Resins Market?
Major companies in the packaging resin market are investing in biodegradable materials like compostable resins to address consumer preferences and regulatory requirements for sustainable packaging. Compostable resins decompose into natural elements under composting conditions. In July 2022, Green Dot Bioplastics, a US company, launched nine new compostable resin types, including starch blends compatible with existing machinery. These materials are intended for eco-friendly applications like produce bags and are being certified by TüV Austria.
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Which Regions Are Becoming Hubs for Packaging Resins Market Innovation?
Asia-Pacific was the largest region in the packaging resins market in 2024 and is expected to be the fastest-growing region in the forecast period. The regions covered in the packaging resins market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Packaging Resins Market?
2. What is the CAGR expected in the Packaging Resins Market?
3. What Are the Key Innovations Transforming the Packaging Resins Industry?
4. Which Region Is Leading the Packaging Resins Market?
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