The packaging resins market size has also seen robust growth, expected to increase from $243.86 billion in 2023 to $263.54 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth during the historic period is linked to the expansion of the consumer goods industry, rising consumption of packaged and processed foods, globalization and international trade, urbanization, and the emergence of e-commerce. Looking ahead, the market is projected to reach $361.18 billion in 2028 at a CAGR of 8.2%, fueled by the expansion of e-commerce, growth in the food and beverage industry, an increase in online retail, a growing emphasis on sustainable and eco-friendly packaging, and the expansion of the food delivery market. Significant trends in this forecast period include the development of biodegradable resins, technological advancements, the creation of high-performance resins, the adoption of recyclable resins, and innovations in smart packaging.
Global Packaging Resins Market Key Driver
The expansion of online shopping is anticipated to significantly boost the growth of the packaging resin market in the foreseeable future. Online shopping allows consumers to purchase goods and services over the internet, providing convenience and a wide selection of products from the comfort of their homes. This growth is driven by increased internet access, advancements in e-commerce technology, and a broader array of product choices available to consumers. Packaging resins play a crucial role in supporting the growth of online shopping by providing protective, lightweight, and versatile packaging solutions that ensure product safety during transit and enhance the overall consumer experience. For instance, in 2022, Ecommerce Europe, a Belgium-based association representing digital commerce businesses across Europe, reported that European e-commerce surged to €718 billion in 2021, marking a 13% increase from €633 billion in 2020, with continued upward momentum expected in 2022. Therefore, the growth of online shopping will drive the expansion of the packaging resin market through 2023, into 2024, and is expected to continue its growth trajectory by 2028.
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Global Packaging Resins Market Segments
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
By Geography:The regions covered in the packaging resins market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
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.
Major Packaging Resins Industry Players
Exxon Mobil Corporation, TotalEnergies SE, Reliance Industries Limited, BASF SE, The Dow Chemical Company, LyondellBasell Industries Holdings B.V., Saudi Basic Industries Corporation (SABIC), LG Chem Ltd., Mitsubishi Chemical Group Corporation, Sumitomo Chemical Co. Ltd., Toray Industries Inc., Braskem S.A., Sasol Limited, Evonik Industries AG, INEOS Group Holdings S.A., Westlake Chemical Corporation, Indorama Ventures Public Company Limited, Amcor Plc, Berry Global Group Inc., Borealis AG, DuPont de Nemours Inc., China Petroleum & Chemical Corporation (Sinopec), Formosa Plastics Corporation, Chevron Phillips Chemical Company LLC, NOVA Chemicals Corporation
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Packaging Resins Market Overview
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 2023 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.
