PUBLISHER: The Business Research Company | PRODUCT CODE: 1391028
PUBLISHER: The Business Research Company | PRODUCT CODE: 1391028
“Barrier Resins Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on barrier resins market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for barrier resins? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The barrier resins market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Barrier resins are plastics utilized in packaging to prevent the penetration of gases, vapors (such as water or solvent), or liquids. These materials are crucial in packaging applications where maintaining a barrier against external elements is essential.
The main types of barrier resin packaging include flexible packaging and rigid packaging. Flexible packaging is predominantly composed of materials such as plastic, film, foil, and paper, making it lightweight, compact, and flexible. Various resin types are employed in barrier packaging, including polyvinylidene chloride, ethylene vinyl alcohol, polyethylene naphthalate, polyamide, polyethylene terephthalate, polyethylene, polypropylene, polyvinyl alcohol, and other resin types. These resins find applications across diverse sectors such as food and beverage, pharmaceutical and medical, cosmetics, agriculture, industrial, and others.
The barrier resins market research report is one of a series of new reports from The Business Research Company that provides barrier resins market statistics, including barrier resins industry global market size, regional shares, competitors with a barrier resins market share, detailed barrier resins market segments, market trends and opportunities, and any further data you may need to thrive in the barrier resin industry. This barrier resins market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The barrier resins market size has grown strongly in recent years. It will grow from $3.64 billion in 2023 to $3.88 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth observed during the historical period can be attributed to several factors, including an increase in the demand for food packaging, a rise in consumer awareness about food safety, adherence to regulatory compliance standards, the growth of the pharmaceutical industry, and the trend towards market globalization. These factors collectively contributed to the expansion and development of the barrier resins market during the specified historical timeframe.
The barrier resins market size is expected to see strong growth in the next few years. It will grow to $5.18 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the forecast period can be attributed to the expansion of e-commerce, an increasing demand in the agriculture sector, the continuous growth of the packaging industry, and a rise in disposable income. Major trends expected during this period include the adoption of digital printing on barrier packaging, the use of antimicrobial barrier coatings, the development of biodegradable barrier resins, the utilization of recyclable barrier materials, and the incorporation of high-barrier films. These trends reflect significant considerations in the barrier resins market as it adapts to evolving consumer preferences, technological advancements, and sustainability requirements.
The growth of the barrier resins market is significantly driven by the increasing demand for food products with extended shelf life. Consumers' preference for food items with longer shelf life has surged, prompting the use of barrier resins in the food and beverage packaging industry. These resins play a crucial role in safeguarding packaged goods by preventing moisture and gas penetration. By offering enhanced shelf life, consistency, and protection against odors and UV rays, barrier resins contribute to preserving the nutritional content of packaged food. Notably, a UAE-based FMCG company, Truebell, experienced a threefold increase in demand for long-shelf-life products, reflecting the growing popularity of such items and an uptick in home-cooked meals.
Anticipated lifestyle changes are expected to be a driving force behind the future growth of the barrier resins market. Lifestyle changes involve deliberate modifications in daily routines, behaviors, and choices across various aspects of life, including health, diet, exercise, work, and leisure. A shift towards healthier eating habits and increased consumption of fresh, minimally processed foods has led to a rising demand for barrier resins in packaging solutions. These resins play a vital role in protecting products, ensuring their freshness and safety for an extended period. This trend aligns with the data from January 2021, indicating that 80% of individuals over 18 were expected to have changed their lifestyle, thereby contributing to the growth of the barrier resins market.
In the pursuit of increased profitability and market share, major companies in the barrier resins sector are focusing on innovation, introducing new products like Decovery CQ 6010. This partially bio-based resin, launched by Covestro AG in May 2023, offers versatility in culinary applications, with resilience against oil, grease, and moisture barriers. Comprising about 37% plant-derived components from maize, castor beans, and bark, Decovery CQ 6010 presents a reduced carbon footprint compared to virgin PE and conventional fossil-based coatings. The introduction of innovative products like Decovery CQ 6010 reflects the commitment of industry leaders to sustainable practices and meeting evolving market demands in the barrier resins sector.
In a bid to enhance profitability and remain competitive, major players in the barrier resins industry are actively innovating, introducing products like PLANTIC to their portfolios. PLANTIC, a bio-based, high-performance barrier material, was launched by Kuraray Co. Ltd. in April 2023. This flexible material finds applications in various packaging scenarios, making it an attractive solution for sustainable packaging. PLANTIC stands out for its robust gas barrier properties, biodegradability, and compostability, aligning with the growing demand for environmentally friendly packaging solutions. Its versatility allows for application across different package forms and uses, positioning it as a valuable tool in the packaging sector.
In a strategic move, IPACKCHEM Group, a France-based manufacturer and distributor of plastic packaging products, signed an acquisition agreement in November 2021 to acquire Mullackal Polymers. This acquisition is anticipated to strengthen IPACKCHEM's presence in the expansive and rapidly growing Indian market, positioning the company for future growth opportunities. Mullackal Polymers, based in India, specializes in producing high-quality HDPE and barrier plastic bottles, lids, and measuring cups, complementing IPACKCHEM's objectives for market expansion and diversification.
Major companies operating in the barrier resins market include Kuraray Co. Ltd., The Dow Chemical Company, Tenjin Limited, Asahi Kasei Corporation, Solvay International SA, E.I. du Pont de Nemours and Company, Nspec Ethylene Oxide and Specialities, LyondellBasell Industries NV, Honeywell International Inc., Mitsui Chemicals Inc., LG Chem Ltd., INVISTA Textiles UK Ltd., Chang Chun Petrochemical Co. Ltd., Mitsubishi Chemical Corporation, Valspar Corporation, Saudi Basic Industries Corporation, Borealis Ag, China Petroleum & Chemical Corporation, Braskem S.A., Hanwha TotalEnergies Petrochemical Co. Ltd., NOVA Chemicals Corporation, EVAL Europe N.V, Zhejiang Juhua Co. Ltd., Toray Industries Inc., Mitsubishi Gas Chemical Company Inc., Elion Technology Co. Ltd., Kureha Corporation, Kuraray America Inc., Eastman Chemical Company, Exxon Corporation., Chevron Phillips Chemical Company LLC, Berry Global Inc., Sealed Air Corporation, Amcor Limited, Bemis Company Inc., Sumitomo Chemical Co. Ltd., Daikin Industries Ltd.
Asia-Pacific was the largest region in the barrier resins market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the barrier resins market analysis report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the barrier resins market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
The barrier resins market consists of sales of nitrile resins and vinylidene chloride copolymers. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.