The packaging resins market is expected to register a CAGR of over 5% during the forecast period. The growing e-commerce industry, and cost effectiveness and increased shelf-life of products have been driving the market growth. On the flip side, the rising environmental concerns related to plastic disposal, and unfavorable conditions arising due to the COVID-19 outbreak are hindering the growth of the market.
- The growing demand for sustainable packaging solutions and innovation of modern packaging technologies are likely to provide ample opportunities for the growth of the packaging resins market over the forecast period.
- The food and beverage segment is expected to dominate the packaging resins market over the forecast period.
- The Asia-Pacific region dominated the packaging resins market, and it is also expected to be the fastest-growing regional market over the forecast period, owing to the increasing consumption from countries, such as China, India, and Japan.
Key Market Trends
Food and Beverage Segment to Dominate the Market Demand
- The food and beverage segment stands to be the dominating segment among applications, where packaging requirement is widely driven by a growing need to increase the shelf life of products, thus, protecting food products for longer periods.
- The packaging is one of the key aspects considered by the firms engaged in the food and beverage industry, in order to ensure compatibility of packaging material with food, the durability of food, the safety of human health, and attractiveness of the packaging.
- The increase in the aging population, growing demand for convenient packaging, growth of the e-commerce business, the growing online food delivery market, and the packaging of products in different sizes and quantities are some of the market conditions that have been boosting the demand for flexible packaging globally.
- Hence, with such factors driving the demand for flexible packaging material, the consumption of packaging resins has also been increasing across the world.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region represents the largest market, and it is also expected to be the fastest-growing market over the forecast period, owing to the increasing consumption from countries, such as China, India, and Japan.
- Factors, such as the rising disposable income, increasing consumer expenditure, and growing population, have been driving the demand for FMCG goods, which in turn, have been driving the packaging requirements in Asia-Pacific.
- Furthermore, the growth in the production of beauty and personal care products in countries, like Japan, India, China, and ASEAN Countries, has been further driving the packaging demand in the region.
- China stands to be the second-largest market for beauty products in the world, after the United States. Considering the growth prospects for the cosmetics industry in China, international cosmetic brands entered the market, which led to intense competition in the domestic cosmetic industry.
- However, such intensified competition and growing cosmetic production in the country have been further driving the packaging demand.
- Hence, all such market trends are expected to drive the demand in the packaging resins market in the region during the forecast period.
The packaging resins market is partially fragmented in nature. Some of the prominent players operating in the market are Borealis AG, INEOS, Lyondellbasell Industries Holdings BV, SABIC, and Sinopec Corporation, among others.
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1.1 Study Assumptions
1.2 Scope of the Report
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Cost Effectiveness and Increased Shelf-life of Products
4.1.2 Growing E-commerce Industry
4.2.1 Rising Environment Concerns Related to Plastic Disposal
4.2.2 Unfavorable Conditions Arising Due to the COVID-19 Outbreak
4.3 Industry Value Chain Analysis
4.4 Porters Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION
5.1 Resin Type
5.1.1 High-density Polyethylene
5.1.2 Low-density Polyethylene
5.1.3 Polyethylene Terephthalate
5.1.6 Polyvinyl Chloride
5.1.7 Other Resin Types
5.2.1 Food and Beverage
5.2.2 Consumer Goods
5.2.3 Cosmetics and Personal Care
5.2.6 Other Applications
188.8.131.52 South Korea
184.108.40.206 Rest of Asia-Pacific
5.3.2 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.3.4 South America
126.96.36.199 Rest of South America
5.3.5 Middle-East and Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Borealis AG
6.4.4 Exxon Mobil Corporation
6.4.5 Far Eastern New Century Corporation
6.4.6 Indorama Ventures Public Company Limited
6.4.8 Lyondellbasell Industries Holdings BV
6.4.9 PetroChina Company Limited
6.4.10 Reliance Industries Limited
6.4.12 Sinopec Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Demand for Sustainable Packaging Solutions
7.2 Innovation of Modern Packaging Technologies
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.