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”.
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.
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Sinopec operates 14 plants each, of PE and PP which
include production plants as joint ventures with companies, such as Zhongshan
(Tianjin), China; Sino-Korean (Wuhan), and BASF (Germany)-YPC (China). It
accelerated the development of commodity and specialty chemicals to enable
effective supply for its customers. It fine-tuned its chemical feedstock to
lower production costs and optimize its product portfolio by maximizing the
production of high value-added products tailored to meet market demands. The
company optimized operations of its manufacturing facilities to improve profit
margins and is also focusing on enhancing R&D to offer high value-added new
products to achieve maximum profit. The company also strives to increase sales
volumes and margins, by entering new markets.
ExxonMobil Chemical has maintained a strong position
in the polyolefins market through backward integration and has commissioned its
PP and PE resins production facilities close to its upstream projects for easy
access to raw materials. More than 90% of all its chemical production
facilities are integrated with its refineries and natural gas processing
plants. The company majorly follows new product launches and agreements &
partnerships strategies to increase its market presence. The company launched
around 4 new flexible packaging application products in the market between 2015
and 2018. This development enabled the company to strengthen its product
portfolio. In addition, ExxonMobil and SABIC (Saudi Arabia) signed an agreement
for the production of 1.8 MT ethylene per year, a monoethylene glycol unit, and
2 PE units at its petrochemical complex in Texas. This development is expected
to strengthen the company’s production line for PE resins.
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