Packaging Resins Market: Global Industry Analysis and Forecast (2023-2029)

Global Packaging Resins Market was valued at US$ 192.53 Billion in 2022. The Food and Beverage is one of the segments reviewed in the MMR report dominating the global Packaging Resins market.
Packaging Resins Market Overview:
Packaging resins are plastic resins such as Low Density Polyethylene & Polyethylene terephthalate which has suitable features for numerous packaging solutions. These are cheap lightweight materials through excellent flexibility & durability. Growing preference from customers for suitable packaging is motivating the market development. Moreover, improved demand for packaged & ready-to-eat foodstuff is also donating to the market development. Additionally, cost-effectiveness & the resulting better-quality shelf-life of the product are also pouring the development of the Packaging Resin market.To know about the Research Methodology:- Request Free Sample Report

Owing to COVID-19 limitations, the protection of the employees, & decreasing the spread of the virus, in the 1st half of the year 2021, industrial plants were closed in most areas of the world. The lockdown & the decision of most administrations, globally, to shut down non-essential companies have stopped the consumer goods sector for most of the year 2021. This has harmfully affected the consumer goods sector, in turn, the packaging resins sector.

Around 34.7 Mn fewer electronic things were shipped in February 2021, equated to that of the last year February, marking the major drop in the electronic goods sector. The moderation of the lockdown & the business plants opening is an inspiring sign for the packaging resins market. Also, the cosmetics & personal care industry feel pain in the year 2021 owing to the COVID-19 epidemic. However, there is a rise in e-commerce sales, nearly twice as high as their pre-COVID-19 stages, which is an optimistic influence for the market studied.

Over the extensive term, the rising e-commerce sector, cost-effectiveness, & improved shelf-life of products have been pouring the market development. The rising demand for sustainable packaging keys & revolution of modern packaging skills are likely to deliver ample opportunities for the development of the packaging resins market during the forecast period. The food & beverage sector is anticipated to control the packaging resins market during the forecast period. The APAC region led the packaging resins marketplace, & it is also anticipated to be the fastest-growing regional market during the forecast period, owed to the growing consumption from nations like China, India, & Japan.
Packaging Resins Key Market Trends
Food & Beverage Sector to Lead the Market Demand:
The food & beverage sector stands to be the controlling sector among applications, where packaging necessity is extensively compelled by a rising need to rise the shelf life of products, therefore, protecting food foodstuffs for longer periods.

Packaging is one of the main features considered by the companies engaged in the food & beverage sector to confirm compatibility of packaging material with food, the durability of food, the safety of human health, & the appeal of the packaging.

According to MMR report study, in the food & beverages sector, China has touched around US$ 595 Bn. in the year 2022.

The rise in the old population, rising demand for suitable packaging, development of the e-commerce commercial, the rising online food delivery sector, & the packaging of products in dissimilar sizes & quantities are some of the market circumstances which have been increasing the demand for flexible packaging, worldwide.

In the year 2022, the U.S packaging sector made a total value of US$ 180 Bn. According to MMR report study, in the U.S, more than 46 percent of Americans are eager to pay more for food & beverage products kept in flexible packaging than for food produces preserved in non-flexible packaging. Also, seventy one percent of Americans may select flexible packaging than non-flexible packaging for a product they consider purchasing.

Due to these effects pouring the demand for flexible packaging material, the depletion of packing resins has also been rising from the F&B sector through the world.
APAC to Lead the Market:
The APAC region signifies the largest market, & it is also anticipated to be the fastest-growing market during the forecast period, due to the growing consumption from nations, like China, India, & Japan. Factors, like the increasing disposable income, growing consumer expenditure, & rising population, have been pouring the demand for FMCG goods, which, in result, have been motivating the packaging supplies in APAC. The income made by the Indian food sector increased from US$ 68,960 Mn. in the year 2010 to US$ 262,339 Mn. in the year 2022. The revenue made by the processed meat improved from US$ 1,882 Mn. in the year 2022 to US$ 2,302 Mn. in the year 2022.

The revenue made from milk products & eggs improved from US$ 76,441 Mn. in the year 2022 to $ 92,304 Mn. in the year 2022. The Japanese food sector observed key growth during the last decade. The revenue made by the food sector in Japan improved from US$ 131,616 Mn. in the year 2010 to US$ 138,488 Mn in the year 2022. It made by the meat products & sausages improved from US$ 5,929.2 Mn. in the year 2010 to US$ 6,261.2 Mn. in the year 2022. The revenue made from milk products increased from US$ 12,075.4 Mn. in the year 2010 to US$ 15,173.7 Mn. in the year 2022. Furthermore, the development in the production of beauty & personal care products in nations, such as Japan, India, China, & ASEAN nations, has been motivating the packaging demand in the area.

China stands to be the 2nd largest market for beauty products at global market, after the U.S. seeing the development forecasts for the cosmetics industry in China, worldwide cosmetic brands arrived the market, which led to strong competition in the local cosmetic industry. Owing to the COVID-19 effect, the personal care market has dropped by 4.6 percent, & the cosmetics market has dropped by 3.9 percent in terms of revenue in the year 2022 associated to the last year. However, such increased competition & rising cosmetic production in the nation have been further pouring the packaging demand. Therefore, all such market trends are anticipated to push the demand in the packaging resins market over the forecast period in this region.

Trinseo proposals a variability of polystyrene materials appropriate to a wide range of packaging uses.

Plastic is the most extensively used material for packaging. It is light & easy to procedure to fit dissimilar packaging needs. Trinseo proposals high influence polystyrene & general purpose polystyrene goods for applications such as dairy, food service and more. Plastic packaging using Trinseo polystyrene resins can support decrease weight & cost, while also providing freshness, expediency, information, & the aesthetics vital to attaining consumer sales – all while upholding severe quality requirements. Trinseo also appreciates the additional weights facing today’s packaging value chain: value pressures, variation, & safety. Company identify the importance of these worries & are dedicated to ongoing investment in R&D to confirm these challenges can be effectively met.

The objective of the report is to present a comprehensive analysis of the Packaging Resins Market to the stakeholders in the industry. The past and current status of the industry with the forecasted Market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include Market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the Market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Packaging Resins Market dynamics, structure by analyzing the Market segments and project the Packaging Resins Market size. Clear representation of competitive analysis of key players by Type, price, financial position, Type portfolio, growth strategies, and regional presence in the Packaging Resins Market make the report investor’s guide.
Packaging Resins Market Scope: Inquire before buying



Packaging Resins Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 192.53 Bn.


Forecast Period 2023 to 2029 CAGR:
7.6 %
Market Size in 2029:
US$ 321.51 Bn.


 Segments Covered:
by Type
LDPE
PP
HDPE
PET
PS
PVC


by Application
Food & Beverage
Consumer Goods
Healthcare
Industrial



Packaging Resins Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina and Rest of South America)
Packaging Resins Market Key Players are:
1. Sinopec Corporation
2. Exxonmobil Chemical
3. Lyondellbasell Industries Holdings B.V
4. SABIC
5. Petrochina Ltd.
6. Borealis AG
7. Braskem S.A.
8. Dowdupont Inc.
9. Indorama Ventures Public Company Ltd.
10.M&G Chemicals
11.China Petrochemical Corporation
12.INEOS
13.Reynolds Group
14.Amcor
15.Sealed Air

Frequently Asked Questions:

1. Which region has the largest share in Global Packaging Resins Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Global Packaging Resins Market?
Ans: The Global Packaging Resins Market is growing at a CAGR of 7.6% during forecasting period 2023-2029.

3. What is scope of the Global Packaging Resins market report?
Ans: Global Packaging Resins Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Packaging Resins market?
Ans: The important key players in the Global Packaging Resins Market are – Sinopec Corporation, Exxonmobil Chemical, Lyondellbasell Industries Holdings B.V, SABIC, Petrochina Ltd., Borealis AG, Braskem S.A., Dowdupont Inc., Indorama Ventures Public Company Ltd., M&G Chemicals, China Petrochemical Corporation, INEOS, Reynolds Group, Amcor, and Sealed Air

What is the study period of this market?
Ans: The Global Packaging Resins Market is studied from 2022 to 2029.