Drivers, Restraints, Opportunities, and Challenges in the Packaging Resins Market

The Packaging Resins Market is estimated at USD 192.17 Billion in 2017, and is projected to reach USD 277.13 Billion by 2022, at a CAGR of 7.6% from 2017 to 2022.

Browse 73 market data Tables and 36 Figures spread through 109 Pages and in-depth TOC on "Packaging Resins Market”.

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Among applications, the food & beverage segment is expected to lead the packaging resins market during the forecast period

Food & beverage is the largest application segment of the packaging resins market. Plastic packaging of food & beverage products reduces the possibility of product contamination and also protects products from environmental factors, such as moisture, gas, light, and temperature. These factors are expected to drive the demand for packaging resins in the food & beverage sector.

Based on type, the packaging resins market has been segmented into LDPE, PP, HDPE, PET, PS & EPS, PVC, and others. LDPE is expected to be the largest type due to its properties, such as flexibility, moisture barrier, toughness, and chemical resistance. The availability of LDPE resins at cheap rates and wide usage in various industries are expected to be the major reasons for the high growth of the packaging resins market.

The packaging resins market in the Asia Pacific is projected to grow at the highest CAGR during the forecast period

Asia Pacific is the largest and the fastest-growing market for packaging resins due to the rising demand from the food & beverage industry in the region. In addition to this, the increasing population in these countries presents a significant customer base for FMCG products and food & beverages, which in turn is expected to lead to the growth of the packaging resins market.

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The key restraining factor in the packaging resins market is the stringent regulations imposed on plastics due to the landfill issue. Companies, such as ExxonMobil Corporation (US), Sinopec Corporation (China), LyondellBasell Industries Holdings B.V. (Netherlands), SABIC (Saudi Arabia), PetroChina Company Ltd.(China), DowDupont Inc. (US) and others have adopted the new product launches, agreements & partnerships, mergers & acquisitions, and investments & expansions strategies to enhance their foothold in the market.

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