Dublin, Sept. 06, 2021 (GLOBE NEWSWIRE) -- The "Packaging Resins Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The packaging resins market is expected to grow at a CAGR of more than 5% during the forecast period (2021-2026).
Due to COVID-19 restrictions, the safety of the employees and to slow down the spread of the virus, in the first half of the year in 2020, manufacturing plants were closed in most parts of the world. The lockdown and the decision of most governments around the world to shut down nonessential businesses have halted the consumer goods segment for the most part of the year 2020. This has negatively affected the consumer goods industry and in turn the packaging resins market. Around 34.7 million fewer electronic goods were shipped in February 2020, compared to that of the previous year February, marking the largest drop in the electronic goods industry. The relaxation of the lockdown and the manufacturing plants opening is an encouraging sign for the Packaging resins market.
Furthermore, the cosmetics and personal care industry has also suffered in 2020 due to COVID-19 pandemic. however, there is an increase in the e-commerce sales almost twice as high as their pre COVID-19 levels which is a positive factor for the market studied.
Over the long term, the growing e-commerce industry, and cost-effectiveness, and increased shelf-life of products have been driving the market growth.
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.
According to the China Chain store and franchise association, in the food and beverages segment, China has reached around USD 595 billion in the year 2019.
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.
The United States packaging industry in 2019 has generated a total value of USD 180 billion. According to the Flexible Packaging Association, in the United States more than 46% of Americans are willing to pay more for food and beverage products stored in flexible packaging than for food products kept in non-flexible packaging. Moreover, 71% of Americans may prefer flexible packaging over non-flexible packaging for a product they consider purchasing.
Hence, with such factors driving the demand for flexible packaging material, the consumption of packaging resins has also been increasing from the food and beverage industry 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.
The revenue generated by the Indian food industry had increased from USD 68,960 million in 2010 to USD 262,339 million in 2019. The revenue generated by the processed meat increased from USD 1,882 million in 2019 to USD 2,302 million in 2020. The revenue generated from milk products and eggs had increased from USD 76,441 million in 2019 to USD 92,304 million in 2020.
The Japanese food industry witnessed major growth over the past decade. The revenue generated by the food industry in Japan had increased from USD 131,616 million in 2010 to USD 138,488 million in 2019. The revenue generated by the meat products and sausages increased from USD 5,929.2 million in 2010 to USD 6,261.2 million in 2019. The revenue generated from milk products increased from USD 12,075.4 million in 2010 to USD 15,173.7 million in 2019.
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.
Due to COVID-19 impact the personal care market has fallen by 4.6% and the cosmetics market has fallen by 3.9% in terms of revenue in the year 2020 compared to the previous year.
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 B.V., SABIC, and China Petrochemical Corporation, among others.
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Key Topics Covered:
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
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
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.3.2 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
5.3.4 South America
188.8.131.52 Rest of South America
5.3.5 Middle-East and Africa
184.108.40.206 Saudi Arabia
220.127.116.11 South Africa
18.104.22.168 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 B.V.
6.4.9 PetroChina Company Limited
6.4.10 Reliance Industries Limited
6.4.12 China Petrochemical Corporation
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Demand for Sustainable Packaging Solutions
7.2 Innovation of Modern Packaging Technologies
For more information about this report visit https://www.researchandmarkets.com/r/st3tou
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