The global packaging resins market is set to gain traction from the ongoing development of unique packaging methods and materials. Bioplastic is nowadays used in the plastic packaging sector. It is produced from sustainable sources, such as agricultural byproducts, corn starch, woodchips, and vegetable oils. In February 2021, Milliken and Company’s Chemical Division, for instance, joined the Global Organization for PHA.
Report Coverage-
Our skilled analysts have presented an accurate picture of the global market by summation, synthesis, and study of data from various crucial sources. They have also included multiple facets of the industry with the main focus on determining the significant market influencers. Thus, the data is reliable and comprehensive. It was gathered by conducting extensive primary and secondary research.
Drivers & Restraints-
Plastic packaging helps in surging the shelf-life of perishable products and keeps them safe from dust and contaminants. Packaging resin is very durable, safe, non-corrosive, lightweight, flexible, and robust. Hence, they can protect electronics and fragile objects efficiently. They are also considered to be sustainable as they consume very less energy. They can be easily molded and are cost-effective. However, government agencies have imposed strict rules on the usage of plastic on pharmaceuticals and food items. It may hamper the packaging resins market growth in the upcoming years.
Regional Insights-
Geographically, Asia Pacific procured USD 91.26 billion in terms of revenue in 2020. It is set to retain its leading position in the near future because of the increasing population in developing nations, such as Bangladesh, India, and China. It is expected to drive the demand for packaging type of resins in this region. In North America, on the other hand, the rapid industrialization would aid growth. Europe is anticipated to grow considerably on account of the expansion of the packaging sector.
Competitive Landscape-
The global market contains a large number of companies that are majorly focusing on introducing novel packaging resins to enhance their portfolios. A few others are unveiling their in-house and upcoming products in reputed exhibitions to attract more customers. Below are the two industry developments:
- September 2020: ExxonMobil launched an affordable and easily processed sustainable solution named Achieve™ Advanced PP6302E1. It is meant for high volume applications, such as automotive parts, food & beverages packaging, building products, and industrial packaging.
- March 2020: BASF showcased a wide range of adhesives, plastics, additives, packaging resins, and dispersions for barrier coatings and printing inks at interpack 2020. These solutions would focus on the life cycle of packaging products.
A list of renowned vendors of packaging resins operating in the global market:
- China Petroleum & Chemical Corporation ( Beijing, China)
- Exxon Mobil Corporation (Texas, US)
- BASF SE ( Ludwigshafen, Germany)
- LyondellBasell Industries Holdings B.V. (Rotterdam, Netherlands)
- SABIC (Riyadh, Saudi Arabia)
- PetroChina Companies Ltd. (Beijing, China)
- Dow Chemical Company (Michigan, U.S.)
- Indorama Ventures Public Company Limited (Bangkok, Thailand)
- Reliance Industries (Mumbai, India)
- Other Key Players
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