The Worldwide Barrier Resins Industry is Expected to Reach $16.6 Billion by 2026 - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Barrier Resins Market by Type (PVDC, EVOH, PEN), Application (Food & Beverage, Pharmaceutical & Medical, Cosmetics, Agriculture, Industrial), and Region (Asia-Pacific, North America, Europe, South America, Middle East & Africa) - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The barrier resins market exhibits high growth potential and is projected to reach a market size of USD 16.6 billion by 2026 from USD 12.4 billion in 2021, at a CAGR of 5.9 %.
The market growth is being led by the ease of use and customization of barrier resins products. The growth is supported by increasing demand in the food & beverage packaging industry and APAC as the largest market.
The major drivers for the market are increased demand for barrier resins in various packaging industry namely Food & Beverage, cosmetics, pharmaceutical & medical and many more. Environmental regulations have restricted the use of some resins in Europe and it may become an issue in other regions as well. Organic barrier resins are getting popular in the packaging industry and among consumers. There are various bio-based barrier resins available in the market, for instance, green materials such as sugarcane and bioplastics whose acceptance by a manufacturer as well as the consumer may be a challenge.
The largest segment in the market is PVDC.
PVDC has been a staple part of food packaging for a long time but in recent years alternatives for PVDC has been developed which are more sustainable and less harmful. PVDC disintegrates at a comparatively lower temperature which creates an issue in recycling. EU recently banned or restricted the use of PVDC in various regions. The latest G7 summit focused on reducing carbon footprint and sustainable practices, even with the concerns PVDC markets shows growth driven by high barrier properties and the reduced waste in the supply chain. The increase in flexible food packaging increases the demand of PVDC resins.
The Pharmaceutical & medical industry will emerge as the fastest-growing segment by 2026.
Advancement in manufacturing techniques and continuous development in the barrier resins have resulted in increasing demand of barrier resins in the pharmaceutical industry. This growth is expected to be the highest in the emerging economies such as Brazil, India, and China, as it is supported by an increase in wealth and growing consciousness about improved healthcare facilities and healthier lifestyles. The COVID-19 outbreak increased the demand of single use and packaged medical products which resulted in increased demand of barrier resins as well.
APAC is the largest market in all end-use industries due to the presence of major developing economies and large populations.
APAC is the largest market for barrier resins, accounting for a share of 42.5%, in terms of value, in 2020. The growing packaging industry and the increasing demand in the agriculture sector are the factors driving the barrier resins market in the region.
Extensive primary interviews have been conducted, and information has been gathered from secondary research to determine and verify the market size of several segments and sub-segments.
- Growing Use of Barrier Resins in Major End-Use Industries
- Enhanced Shelf Life of Packaged Food Products
- Urbanization and Changes in Lifestyle Driving the Food Packaging Market
- Growing Demand from Emerging Economies
- Demand for a Longer Shelf Life of Food Products
- Increasing Demand for Customer-Friendly Packaging
- Rising Number of Retail Chains in Developing Countries
- Downsizing of Packaging
- Susceptibility to Degradation
- Volatile Raw Material Prices
- Biodegradable Barrier Resins
- Increasing Use of Agricultural Films
- Growing Applications of Barrier Films in the Electronics Industry
- Issue Related to Recycling of Barrier Resins
- Asahi Kasei Corporation
- Borealis Ag
- Braskem S.A.
- E.I Dupont De Nemours and Company
- Exxon Mobil Corporation
- Formosa Plastics Corporation
- Hanwha Total Petroleum
- Kuraray Co. Ltd.
- Kureha Corporation
- LG Chem
- Lyondellbasell Industries
- Mitsubishi Chemical Corporation
- Mitsui Chemicals, Inc.
- Solvay S.A.
- Tenjin Limited
- The Dow Chemical Company
- Toray Industries
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