PUBLISHER: 360iResearch | PRODUCT CODE: 1497750
PUBLISHER: 360iResearch | PRODUCT CODE: 1497750
[193 Pages Report] The Barrier Resins Market size was estimated at USD 13.34 billion in 2023 and expected to reach USD 14.14 billion in 2024, at a CAGR 6.35% to reach USD 20.53 billion by 2030.
Barrier resins are a type of material used in packaging to prevent the passage of moisture, oxygen, and other gases. They help in preserving the quality and extend the shelf life of packaged goods, particularly food, beverages, and pharmaceutical products. These resins are essential in maintaining product integrity and ensuring it remains safe, fresh, and appealing to consumers. The rising consumption of packaged food products as global populations grow and urbanize increases the demand for barrier resins. The growing trend towards sustainable packaging solutions is expanding the demand for modern barrier resins that can be recycled or are biodegradable. The high cost of development and production and availability of wide alternative technologies hampers the market growth. Rising technological innovations for the development of superior barrier materials that offer better protection against contaminants and external elements are expected to create opportunities for market growth. This progress drives the adoption of barrier resins in various packaging applications.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 13.34 billion |
Estimated Year [2024] | USD 14.14 billion |
Forecast Year [2030] | USD 20.53 billion |
CAGR (%) | 6.35% |
Regional Insights
In the Americas, the barrier resins market has been observing steady growth, largely driven by the food and beverage industry, which uses these materials to enhance the shelf life and quality of packaged goods. Innovations and stricter environmental regulations influence the market, pushing companies to adopt more sustainable practices. Europe exhibits a strong demand for barrier resins, primarily owing to advanced packaging technologies and high consumer awareness regarding sustainable packaging solutions. Moreover, the Middle East and Africa showcase growth potential, with an increasing awareness about packaged product safety and quality. The barrier resins market in Asia-Pacific is experiencing robust growth, fueled by increasing industrialization, rising income levels, and the expanding food and beverage sector. The region's large population base is a significant factor driving demand for barrier packaging solutions, and thus propelling the barrier resins market forward.
Market Insights
The market dynamics represent an ever-changing landscape of the Barrier Resins Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Barrier Resins Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Barrier Resins Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
Archroma Launches Innovative PFAS-Free Barrier Coating for Sustainable Packaging
Archroma has introduced Cartaseal OGB F10, a groundbreaking barrier coating to enhance the sustainability of paper and board packaging. This water-based, bio-based formulation offers superior oil and grease resistance while facilitating recyclability and reliability, aligning with global environmental compliance standards such as the FDA and BfR. Cartaseal OGB F10 replaces harmful fluoro-based substances and polyethylene, providing manufacturers and brands with an eco-friendly alternative for both food and non-food packaging. [Published On: 2024-04-09]
Berry Global and Mitsubishi Gas Chemical Enhance Recyclability in Food Packaging
Berry Global and Mitsubishi Gas Chemical have collaborated to improve the recyclability of food packaging through a pioneering initiative involving the coating of thermoformed tubes, jars, and bottles. This partnership uses Mitsubishi's innovative MXD6 barrier resin to replace EVOH, a substance previously known for recycling challenges, with a more sustainable and efficient recyclable option. MXD6 has demonstrated superior performance in maintaining the quality of reprocessed materials. [Published On: 2024-03-22]
Covestro's Decovery CQ 6010, Innovating Towards Sustainable Food Packaging
Covestro has launched Decovery CQ 6010, a partially bio-based barrier coating resin designed for recyclable paper packaging. Discovery CQ 6010, comprising 37 percent plant-based ingredients sourced from bark, castor beans, and corn, this resin presents an eco-friendly alternative to conventional polyethylene and aluminum coatings, typically used for their moisture barriers but detrimental to recyclability. Decovery CQ 6010 addresses critical issues in food packaging, such as moisture vapor transmission, oil, and grease resistance, which are essential for preserving the quality of various food products, from chocolates to frozen foods. [Published On: 2023-05-24]
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Barrier Resins Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Barrier Resins Market, highlighting leading vendors and their innovative profiles. These include Archroma, Arkema S.A., Asahi Kasei Corporation, BASF SE, Borealis AG, BP Polymers, LLC, Braskem S.A., Celanese Corporation, Chang Chun Group, Covestro AG, Exxon Mobil Corporation, Formosa Plastics Corporation, Honeywell International Inc., Huntsman Corporation, Kuraray Co., Ltd., LG Chem Ltd., LyondellBasell Industries N.V., Mitsubishi Chemical Corporation, Mitsui Chemicals, Inc., NOVA Chemicals, Solvay S.A., Teijin Limited, The Dow Chemical Company, and Ultradent.
Market Segmentation & Coverage