Packaging Resins Market, By Type (Polystyrene (PS), Polypropylene (PP), High-Density Polyethylene (HDPE), Linear Low Density Polyethylene (LLDPE), Low-Density Polyethylene (LDPE), Polyvinyl Chloride (PVC), and Others) By Application (Food and Beverages, Restaurants, Consumer goods, Industries, Retail, Healthcare and Other) By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030

The Global Packaging Resin Market size accounted for USD 188.9 billion in 2020 and is estimated to be USD 380.15 billion by 2030 and is anticipated to register a CAGR of 7.3%.

Resins are mixture of organic compounds. Resin is water insoluble, cross-linked polymer which are having ionizable group. It forms a complex structure with a drug and helps to eliminate the odor, taste and stability.  Resins are commonly used in injection-molded consumer products and beverage bottles. Polyethylene resins are most commonly used resin. PVC (Polyvinyl Chloride) demand is growing as it offers strength, processing performance, clarity & resistant to oil & chemicals used in electrical wire insulation, clothing, bags, pipes, pool toys etc. HDPE (High-Density Polyethylene) are resistant to most solvents and are used in bottles for shampoos, detergents, cosmetics, water, juices and milk. LDPE (Low-Density Polyethylene) is resistant to vegetable oils, acids & bases & are used in bags for household garbage, frozen foods, fresh product & bakery product. LLDPE (Linear Low Density Polyethylene) is highly stretchable, less shear sensitive & remains more viscous & are used in squeezable bottles like honey, stretch film & shrink wrap.  Packaging resins are widely used.

Rise in demand for packaging industries and rate of urbanization

Rise in demand for food packaging industries is one of the leading factors for the global packaging resin market. Due to rate of urbanization people living in urban areas are giving preference for ready to cook & ready to eat food. Increase in online delivery of food from hotels, restaurants due to busy lifestyle, fast and convenient food has increased the demand for packaging resin market.  Resins used in packaging are used in packaging of bottles like water, milk, juices which are high in demand and thus can boost the global packaging resin market. Moreover, increasing population and change in lifestyle of people which owes to packed food, packed products, grocery products, is one of the driving factors for the global packaging resin market.

According to news published by (usda.gov) 2021, mention that many Americans live their busy lives and didn’t have enough time to prepare their own food for them and their families which leads to purchase convenience food from hotels, restaurants, packed frozen food which saves time and preparation of food. 

February 2022, American Express announces ‘Let’s Grab a Table’ which will continue its multi-million dollar support for independent restaurants. This will help in supporting the food and beverage industries which were affected by pandemic. Increase in restaurants and online food deliveries will increase the growth in packaging industries. However, the growth in food packaging industries and rise in urban areas boosts the demand for packaging resin market.

Technological advancement

Manufactures involved in packaging resin market are developing advanced versions of their products due to new age technological advancements that can carry out safe transport and shelf life of product. New developments in resin technology efficiency and film has designed to make easier work in packaging. MICRO PACKAGING by using Nanotechnology are new advanced technology in market. Packaging resin are high in demand in retail market, grocery shops, healthcare, industries which has led to growth in technological advancement due to high demand from consumers. For instance, Feb 2018, (flexpackmag.com) the latest innovation techniques are driving the sustainable packaging (refers to minimal carbon footprint and environmental impact) industry, which will help in business growth, promotes environmental protection, reduce energy consumption, reduce weight and volume of packaging. This will help in growth of packaging resins market.

Restrains

However, the majority of synthetic products are harmful to the environment if not properly disposed which release harmful hazardous material like carcinogens and can affect human being and animals. The ban on synthetic resin product by government can somewhat restrain the packaging resin market.

The Global Packaging Resin Market size is segmented based on Type, Application, and Region.

On the basis of Type, the Global Packaging Resins Market is segmented into Polystyrene (PS), Polypropylene (PP), High-Density Polyethylene (HDPE), Linear Low Density Polyethylene (LLDPE),   Low-Density Polyethylene (LDPE), Polyvinyl Chloride (PVC), and Others. On the basis of Application, the Global Packaging Resins Market is classified into Food and Beverages, Restaurants, Consumer goods, Industries, Retail, Healthcare and Others.

Regional Insights:

On region the Global Packaging Resins Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Due to population growth, particularly in countries like China and India, and technology developments, the Asia-Pacific market is anticipated to have a significantly high revenue share throughout the forecast period. Furthermore, it is projected that the growing industrial corridor in the area will boost demand for packaging resins globally.

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029. For the purpose of this study, has segmented the global packaging resins market report based on type, application, and region:

Global Packaging Resins Market, By Type:

• Polystyrene (PS)
• Polypropylene (PP)
• High-Density Polyethylene (HDPE)
• Linear Low Density Polyethylene (LLDPE)
• Low-Density Polyethylene (LDPE)
• Polyvinyl Chloride (PVC)
• Others

Global Packaging Resins Market, By Application:

• Food and Beverages
• Restaurants
• Consumer goods
• Industries,
• Retail
• Healthcare
• Others

Global Packaging Resins Market, By Region:

• North America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • U.S.
  • Canada

The key players operating the Global Packaging Resins Market includes,  Reliance Industries Ltd., Dow Chemical Company,  Lotte Chemical Corporation, Sinopec Corporation, SABIC (Saudi Arabia), Formosa Plastics Corporation, Jiangsu Sanfangxiang Group Co., Ltd., ExxonMobil Corporation, Toray Industries Inc.,  LyondellBaseall Industries Holdings B.V., M&G Chemicals, Borealis AG, Indorama Ventures Public Company Limited, PetroChina Companies Limited., Eastman Chemical Company, Arkema,  BASF SE, Braskem S.A., Sumitomo Chemical, Mitsui & Co. Plastics Ltd., Chevron Philips Chemical Co., LLC., and others.  Prominent players operating in the target market are focusing on the strategic partnerships as well as launching of the products in order to gain competitive edge in the target market. For instance, in 2021, Reliance Industries Limited has announced the double PET recycling capacity to about 5 billion bottles in Andhra Pradesh, the new recycled PSF (Polysulfone)) – Recron Greengold & PET (Polyethylene Terephthalate) flakes wash line. With the addition of Srichakra capacity, Reliance Industries Limited will be converting about five billion PET (Polyethylene Terephthalate) bottles as, (PET is 100% recyclable and sustainable) into value added fibers. This will help in protection of environment by recycling and waste management of product.  

• In June 2024, Dow launches new Revoloop recycled plastic resins. The two new resins are approved for nonfood contact packaging applications, with one containing 100 percent PCR content and the other with 85 percent PCR.

• Reliance Industries Ltd.
• Dow Chemical Company
• Lotte Chemical Corporation
• Sinopec Corporation
• SABIC (Saudi Arabia)
• Formosa Plastics Corporation
• Jiangsu Sanfangxiang Group Co. Ltd.,
• ExxonMobil Corporation
• Toray Industries Inc., 
• LyondellBaseall Industries Holdings B.V.,
• M&G Chemicals
• Borealis AG
• Indorama Ventures Public Company Limited.,
• PetroChina Companies Limited.,
• Eastman Chemical Company
• Arkema
• BASF SE
• Braskem S.A.
• Sumitomo Chemical
• Mitsui & Co. Plastics Ltd.,
• Chevron Philips Chemical Co., LLC.