The packaging resins global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Packaging Resins Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The packaging resins market size has grown strongly in recent years. It will grow from $243.86 billion in 2023 to $263.54 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to the growth of the consumer goods industry, rising consumption of packaged and processed foods, globalization and international trade, urbanization, and the emergence of e-commerce.
The packaging resins market size is expected to see strong growth in the next few years. It will grow to $361.18 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to expansion of e-commerce, growth in the food and beverage industry, increase in online retail, growing emphasis on sustainable and eco-friendly packaging, expansion of the food delivery market. Major trends in the forecast period include biodegradable resins, technological advancements, development of high-performance resins, adoption of recyclable resins, smart packaging.
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Scope Of Packaging Resins Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Packaging Resins Market Overview
Market Drivers –
The expansion of online shopping is anticipated to significantly boost the growth of the packaging resin market in the foreseeable future. Online shopping allows consumers to purchase goods and services over the internet, providing convenience and a wide selection of products from the comfort of their homes. This growth is driven by increased internet access, advancements in e-commerce technology, and a broader array of product choices available to consumers. Packaging resins play a crucial role in supporting the growth of online shopping by providing protective, lightweight, and versatile packaging solutions that ensure product safety during transit and enhance the overall consumer experience. For instance, in 2022, Ecommerce Europe, a Belgium-based association representing digital commerce businesses across Europe, reported that European e-commerce surged to €718 billion in 2021, marking a 13% increase from €633 billion in 2020, with continued upward momentum expected in 2022. Therefore, the growth of online shopping will drive the expansion of the packaging resin market through 2023, into 2024, and is expected to continue its growth trajectory by 2028.
Market Trends –
Major companies operating in the packaging resin market are focusing on biodegradable resins, such as compostable resins, to meet increasing consumer demand for sustainable packaging solutions and comply with stringent environmental regulations. Compostable resins are biodegradable materials designed to break down into natural components, such as water, carbon dioxide, and organic matter, under specific composting conditions, leaving no toxic residues. For instance, in July 2022, Green Dot Bioplastics, a US-based company that specializes in producing biodegradable and compostable plastic solutions, launched nine new compostable grades to enhance sustainability in single-use and packaging applications. The new line, including five compostable starch blends, is compatible with existing film extrusion and molding equipment. Terratek BD3003 offers durability comparable to LDPE, while Terratek BD3300 matches HDPE in stiffness and heat resistance. These materials promote rapid biodegradation and are ideal for produce bags, bubble wrap, and agricultural films. They are in the process of obtaining compostability certification from TüV Austria.
The packaging resins market covered in this report is segmented –
1) By Type: Polyethylene (PE), Polypropylene (PP), Polystyrene (PS), Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), Other Types
2) By Application: Flexible Packaging, Rigid Packaging, Other Applications
3) By End-User: Food And Beverages, Healthcare, Personal Care, Consumer Goods, Industrial Packaging, Other End-Users
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Regional Insights –
Asia-Pacific was the largest region in the packaging resins market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the packaging resins market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies in the market are Exxon Mobil Corporation, TotalEnergies SE, Reliance Industries Limited, BASF SE, The Dow Chemical Company, LyondellBasell Industries Holdings B.V., Saudi Basic Industries Corporation (SABIC), LG Chem Ltd., Mitsubishi Chemical Group Corporation, Sumitomo Chemical Co. Ltd., Toray Industries Inc., Braskem S.A., Sasol Limited, Evonik Industries AG, INEOS Group Holdings S.A., Westlake Chemical Corporation, Indorama Ventures Public Company Limited, Amcor Plc, Berry Global Group Inc., Borealis AG, DuPont de Nemours Inc., China Petroleum & Chemical Corporation (Sinopec), Formosa Plastics Corporation, Chevron Phillips Chemical Company LLC, NOVA Chemicals Corporation
Table of Contents
1. Executive Summary
2. Packaging Resins Market Report Structure
3. Packaging Resins Market Trends And Strategies
4. Packaging Resins Market – Macro Economic Scenario
5. Packaging Resins Market Size And Growth
…..
27. Packaging Resins Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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