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. The high demand for packaging resins in various applications, such as food & beverage, consumer goods, healthcare, industrial, and others are expected to drive the packaging resins market.
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.
Based on application, the packaging resins market has been segmented into food & beverage, consumer goods, healthcare, industrial, and others. Packaging resins are widely used in the food & beverage sector, as these increase the shelf life of products, thus protecting food products for longer periods. These factors are expected to drive demand for packaging resins in the food & beverage application.
Based on region, the packaging resins market has been segmented into Asia Pacific, North America, Europe, Middle East & Africa, and South America. The packaging resins market in the Asia Pacific is projected to be the largest and fastest-growing, owing to the growing demand from FMCG and food & beverage industries in the region.
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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