How Is The Global Packaging Resins Market Defined?
Packaging resins refer to synthetic materials used in the production of packaging products, such as films, bottles, and containers. These resins provide essential properties like durability, flexibility, and barrier protection to safeguard products during storage and transportation.
Packaging Resins Global Market Report 2024 provides data on the global packaging resins market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The packaging resins market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Market Size And Growth Rate Of The Global Packaging Resins Market Projected?
The packaging resins market has seen steady growth, from $243.86 billion in 2023 to $263.54 billion in 2024, growing at a CAGR of 8.1%. This growth has been driven by the rise in consumer goods, demand for processed foods, globalization, urbanization, and the growth of e-commerce. The market is expected to grow to $361.18 billion by 2028, at a CAGR of 8.2%. Contributing factors include the expansion of e-commerce, growth in the food and beverage industry, a rise in online retail, and a push for sustainable packaging. Trends include biodegradable resins, technological advancements, recyclable materials, and smart packaging.
What Are The Primary Growth Drivers In The Packaging Resins Market?
The growth of online shopping is expected to propel the packaging resin market. With increased internet access and advancements in e-commerce technology, online shopping continues to expand, offering convenience and a wider product selection. Packaging resins are essential in ensuring product safety during transit, as they offer protective, lightweight, and versatile packaging solutions. According to Ecommerce Europe, the European e-commerce market grew by 13% in 2021, indicating continued growth in online shopping and a rising need for packaging solutions.
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What Is The Segmentation Of The Global Packaging Resins Market?
The packaging resins market covered in this report is segmented –
1) By Type: Polyethylene (PE), Polypropylene (PP), Polystyrene (PS), Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), Other Types
2) By Application: Flexible Packaging, Rigid Packaging, Other Applications
3) By End-User: Food And Beverages, Healthcare, Personal Care, Consumer Goods, Industrial Packaging, Other End-Users
What Emerging Trends Are Shaping The Packaging Resins Market Landscape?
In the packaging resin market, companies are turning to biodegradable and compostable resins to meet the increasing demand for sustainable packaging. Green Dot Bioplastics introduced new compostable resins in July 2022, including starch blends designed for use in applications like produce bags and agricultural films. These materials are engineered to break down quickly and leave no harmful residues, aligning with environmental sustainability goals.
What Is The Fastest Growing Region In The Packaging Resins Market?
Asia-Pacific was the largest region in the packaging resins market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the packaging resins market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
