"Innovative Market Solutions to Help Businesses Make Informed Decisions"

Packaging Resins Market Size, Share & Industry Analysis, By Type (HDPE, LDPE, PET, Polypropylene, Polystyrene, PVC, and Others), By Application (Food & Beverages, Consumer Goods, Healthcare, and Others), and Regional Forecast, 2024-2032

Last Updated: September 23, 2024 | Format: PDF | Report ID: FBI105633

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global packaging resins market size was USD 233.78 billion in 2023. The market is projected to grow from USD 250.80 billion in 2024 to USD 429.67 billion by 2032 at a CAGR of 7.1% during the 2024-2032 period. Asia Pacific dominated the packaging resins market with a market share of 49.98% in 2023. Moreover, the packaging resins market size in the U.S. is projected to grow significantly, reaching an estimated value of USD 51.62 billion by 2032, driven by the increasing demand for packaged food and beverages.


The market is expected to witness extensive growth due to the increasing demand for packaged food and beverages. Plastic packaging increases the shelf life of perishables and protects them from external factors that may degrade the quality of the product. Hectic work-life schedules are driving the demand for packaged foodstuff, further escalating the demand for packaging type of resins. Moreover, the increasing demand for consumer goods will contribute positively to the market.


In the global plastic sector, the COVID-19 pandemic had a severe impact on primary producers, as well as recyclers, which caused the overall depression in the production and supply of this type of resins, plastics, and other petrochemicals. This further resulted in a negative economic downturn in the sector. The market experienced a decrease in industrial demand attributed to restrictions imposed by the government to pause production activities.


Packaging Resins Market Trends


The Emergence of Bioplastics in the Packaging Market is a Prominent Trend


There has been significant development in packaging materials and packaging methods in the last few decades. The development of bioplastic is one of the major technological advancements in the field of plastic packaging. Bioplastics are plastics produced from renewable biomass sources, such as vegetable fats and oils, woodchips, corn starch, agricultural byproducts, and others. PLA, PHA, and CPLA are types of bioplastic developed to overcome the issue of biodegradability. PLA is recyclable, biodegradable, as well as compostable. The development of bioplastic is one of the significant achievements in the plastic packaging sector. Companies have started employing plant-based packaging methods, which include the use of bioplastic. For instance, Milliken and Company joined the global organization of PHA (GO! PHA) to drive the adoption of PHA, a biodegradable polymer in single-use packaging applications.


Request a Free sample to learn more about this report.


Packaging Resins Market Growth Factors


Increasing Demand from Food & Beverages Sector to Propel Market Growth


Packaging resins are expected to experience strong growth in the forecast period owing to the high demand from the food & beverage industry. The increasing population, coupled with a rise in disposable income, has substantially driven the demand for processed, ready-to-eat, and ready-to-cook food products. Another factor driving the demand for packaged food is the rising awareness of waste and its attendant costs. For instance, according to BBC News, almost 17.5 % of the total amount of food thrown away in the U.K. comes from households. Almost 7.2 million tons of food and drinks from the household are thrown away in the country.


The availability of packaging can reduce the wastage of food. The world population is increasing. However, household populations are growing smaller. Smaller households have increased the demand for the closer regulation of food purchase and consumption. The increasing number of store visits required the growth of shelf-ready packaging, and in-store merchandise has substantially driven the demand for packaging, which, in turn, is surging the demand for packaging type of resins.


In addition, heightened awareness among consumers regarding food safety and hygiene has led to a growing preference for packaging materials that protect against contamination and spoilage. Packaging resins offer excellent barrier properties, extending the shelf life of food and beverage products by preventing exposure to oxygen, moisture, light, and other external factors that can compromise product quality and freshness. Additionally, sustainability has emerged as a key driving factor in the food and beverage industry, prompting manufacturers to seek eco-friendly packaging alternatives. Packaging resins such as bio-based and recyclable materials offer a more sustainable option compared to traditional petroleum-based plastics, aligning with the industry's goals to reduce environmental impact and promote circular economy principles.


Furthermore, the observation on the demographic values implies that the packaging sector has been experiencing strong growth, and a similar trend is anticipated to be observed in the future.


Superior Properties of Resins to Drive the Market


Plastic packaging resins are exceptionally lightweight, strong, flexible, non-corrosive, safe, and durable. The durability of plastic resins provides protection against fragile objects and electronics. Plastic packaging increases the shelf life of perishables and keeps them safe from contaminants and dust. Plastic resin is one of the sustainable packaging solutions available in the market, which consumes less energy while producing than metals and other packaging alternatives. The easy molding ability is one of the prime factors supporting the increasing demand for plastic packaging resins. These superior properties, coupled with the relatively lower cost than alternatives, would propel the packaging resins market growth in the upcoming years.


RESTRAINING FACTORS


Stringent Government Norms May Hamper Market Growth


The use of plastic is thoroughly controlled by the Food & Drug Administration (FDA), attributed to the concern regarding the impact of plastic packaging on food and pharmaceuticals. The Consumer Product Safety Commission has jurisdiction over the plastic packaging used for toys of kids. Stringent norms imposed by the government to ensure the safety of consumers and the environment and plastic disposal are likely to hamper the market growth.


Packaging Resins Market Segmentation Analysis


By Type Analysis


To know how our report can help streamline your business, Speak to Analyst


Polypropylene Segment to Generate High Revenue due to Surging Demand from End-use Industries


Based on type, the market is segmented into HDPE, LDPE, PET, polypropylene, polystyrene, PVC, and others. The polypropylene segment is estimated to generate the highest revenue attributed to the strong production and increasing adoption of packaging resins in various end-use sectors. Followed by it, LDPE is highly employed in packaging films and food packaging attributed to its clarity and processability. The increasing demand for HDPE from various end-use sectors, such as personal care and consumer goods, attributed to its high strength and durability is expected to drive market growth. The PVC segment is expected to show considerable growth during the forecast period owing to the high demand for rigid packaging.


By Application Analysis


Food & Beverages Segment to Hold a Significant Share due to High Population Growth


The market is segmented into food & beverages, consumer goods, and healthcare in terms of application. The food & beverages segment constituted the key market share. The growing demand for food & beverages supported by the increasing population is the key factor driving the demand for this type of resins. Besides, the increasing demand for consumer goods owing to a rise in disposable income is expected to drive the stipulation for these products. The high demand for consumer goods due to the rising disposable income and substantial expenditure on maintaining a good lifestyle shall significantly aid the segment’s growth.


REGIONAL INSIGHTS


Asia Pacific Packaging Resins Market Size, 2023 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


The market size in Asia Pacific stood at USD 116.89 billion in 2023. The region dominated the packaging resins industry and is likely to maintain its position throughout the forecast period. The increasing population in countries such as China, India, and Bangladesh is expected to drive the demand for convenience food, subsequently providing ample opportunities to manufacturers and boost regional growth. For instance, according to The Agricultural and Processed Food Products Export Development Authority (​APEDA), the market for ready-to-eat food products in India in 2016 was INR 2900 crores. The market is further expected to show a double-digit growth rate. Additionally, the presence of strong manufacturing bases for polymer resins, namely, propylene, polystyrene, PVC, and others in China, is expected to foster market growth.


North America is one of the thriving regions in terms of development and industrialization. The growth in the packaging industry is anticipated to be a significant driver for the market. Modern packaging technologies and advancements in production methods are expected to propel the growth of the packaging resins. The demand for plastic packaging is expected to increase during the forecast period owing to demographics and consumer preferences.


Europe is expected to show considerable growth owing to the increasing packaging industry. Russia’s packaging industry has significantly grown in the economy, allowing it to become the 10th largest packaging market in the world. Limited packaging waste laws and favorable taxation are factors influencing growth for packaging resins in Europe.


The Brazil packaging industry is considered to be the 7th largest across the globe. The growth in Latin America is largely driven by Brazil’s healthy population and the increasing disposable income. According to Pira International, South America is expected to experience high growth by the end of the forecast period attributed to the recent acquisition of manufacturers such as Amcor, Rexam, graham’s packaging, and others for PET and other plastic packaging materials.


The Middle East and Africa is expected to show considerable growth. Population growth and the rising tourism due to the hosting of mega-events are key growth factors for the packaging industry. The increasing demand for packaged food products and perishables due to extreme weather conditions shall positively impact market growth. The UAE and Saudi Arabia are expected to be lucrative countries for the packaging industry due to the increase in the purchasing power of consumers.


To know how our report can help streamline your business, Speak to Analyst


List of Key Companies in Packaging Resins Market


Key Companies to Launch Sustainable Packaging Brands and Broaden their Market Presence


With a few global players capturing a significant share, the market is concentrated in nature. BASF, China Petroleum & Chemical Corporation, Exxon Mobil Corporation, LyondellBasell Industries Holdings B.V, Dow Inc., and SABIC are some key players in this industry.


Market players are operating principally based on the product's price and application characteristics. To boost their market share and achieve a competitive advantage, several major players are engaged in numerous strategic alliances to promote their brands and sales. For instance, in April 2021, Beiersdorf selected SABIC certified renewable polypropylene from the TRUCIRCLE portfolio for its new Nivea packaging.


LIST OF KEY COMPANIES PROFILED



  • China Petroleum & Chemical Corporation (Beijing, China)

  • Exxon Mobil Corporation (Texas, US)

  • BASF SE (Ludwigshafen, Germany)

  • LyondellBasell Industries Holdings B.V. (Rotterdam, Netherlands)

  • SABIC (Riyadh, Saudi Arabia)

  • PetroChina Companies Ltd. (Beijing, China)

  • Dow Chemical Company (Michigan, U.S.)

  • Indorama Ventures Public Company Limited (Bangkok, Thailand)

  • Reliance Industries (Mumbai, India)


KEY INDUSTRY DEVELOPMENTS



  • October 2020 – LyondellBasell and Sasol signed an agreement to acquire half of Sasol's 0.9 MM ton low and linear low-density polyethylene plants, 1.5 MM ton ethane cracker, and its infrastructure for around USD 2 billion. The agreement is expected to operate under the name Louisiana Integrated PolyEthylene JV LLC.

  • September 2020 – ExxonMobil introduced new foamable Achieve Advanced Polypropylene, an easy, affordable, and sustainable packaging solution for high volume food and beverage, industrial, and automotive applications.

  • October 2019 – SABIC demonstrated its leadership in sustainable packaging solutions at K 2019. The company unveiled its product portfolio for sustainable packaging under the brand name TRUCIRCLE.


REPORT COVERAGE


An Infographic Representation of Packaging Resins Market

To get information on various segments, share your queries with us



The market research report provides a detailed analysis of the industry and focuses on crucial aspects, such as leading companies, products, and raw materials. Also, it offers insights into the packaging resins market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the market's growth in recent years.


This report includes historical data & forecasts revenue growth at global, regional, and country levels and analyzes the industry's latest market dynamics and opportunities.


To gain extensive insights into the market, Request for Customization


Report Scope & Segmentation
















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Unit



Value (USD Billion) and Volume (Kilo Tons)



Growth Rate



CAGR of 7.1% from 2024 to 2032



Segmentation



By Type



  • HDPE

  • LDPE

  • PET

  • Polypropylene

  • Polystyrene

  • PVC

  • Others



By Application



  • Food & Beverages

  • Consumer Goods

  • Healthcare

  • Others



By Region



  • North America (By Type, By Application)

    • The U.S. (By Application)

    • Canada (By Application)



  • Europe (By Type, By Application)

    • Germany (By Application)

    • UK (By Application)

    • France (By Application)

    • Italy (By Application)

    • Rest of Europe (By Application)



  • Asia Pacific (By Type, By Application)

    • China (By Application)

    • Japan (By Application)

    • India (By Application)

    • ASEAN (By Application)

    • Rest of Asia Pacific (By Application)



  • Latin America (By Type, By Application)

    • Brazil (By Application)

    • Mexico (By Application)

    • Rest of Latin America (By Application)



  • The Middle East & Africa (By Type, By Application)

    • GCC (By Application)

    • South Africa (By Application)

    • Rest of the Middle East & Africa (By Application)








Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 233.78 billion in 2023 and is projected to reach USD 429.67 billion by 2032.

In 2023, the Asia Pacific market value stood at USD 116.89 billion.

Registering a CAGR of 7.1%, the market will exhibit steady growth during the forecast period (2024-2032).

The food & beverages segment held a leading share in the market in 2023.

The growing demand for food and perishable packaging is the key factor driving the market.

BASF SA, SABIC, China Petroleum and Chemical Corporation, Lyondellbasell, and Dow Chemical Company are the major players in the global market.

Asia Pacific dominated the market in terms of share in 2023.

The usage of bioplastic by end-use sectors is expected to drive the adoption of this product.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts
Speak to an Expert
  • 2019-2032
  • 2023
  • 2019-2022
  • 140
Multi-report Purchase Plan
    A Customized Plan Will be Created Based on the number of reports you wish to purchase
Chemicals & Materials Clients
Samsung
Citibank
BASF
Mobil
LG Chem
Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X