How Has the Packaging Resins Market Size Evolved in Recent Years?
The packaging resins market has seen considerable growth due to a variety of factors.
• The packaging resins market has grown significantly in recent years. It is forecast to grow from $263.54 billion in 2024 to $285.72 billion in 2025, at a compound annual growth rate (CAGR) of 8.4%.
This growth is driven by the expansion of the consumer goods industry, rising consumption of packaged foods, globalization, urbanization, and the growth of e-commerce.
What are the Market Size and Expected Growth Rates for the Packaging Resins Market?
The packaging resins market is expected to maintain its strong growth trajectory in upcoming years.
• The packaging resins market is expected to reach $390.18 billion by 2029, at a CAGR of 8.1%.
Growth is attributed to the expansion of e-commerce, growth in the food and beverage industry, increased online retail, a focus on sustainable packaging, and the expansion of the food delivery market. Trends include the rise of biodegradable resins, technological advancements, the development of high-performance resins, adoption of recyclable resins, and smart packaging.
Which Key Drivers Are Propelling The Packaging Resins Market's Growth?
The upsurge of online retailing is poised to bolster the expansion of the packaging resin market in the future. Online shopping, which involves purchasing products and services via the internet from the comfort of one's home, affords consumers unparalleled convenience and a vast array of options. This phenomenon's growth is fueled by increased internet penetration, advancements in e-commerce technologies, comfort, and a wide variety of product choices presented to consumers. Packaging resins play a significant part in this development, offering protective, lightweight, and adaptable packaging solutions that safeguard the integrity of products during transportation and enhance the buyer's experience overall. For instance, E-commerce sales in the second quarter of 2024, as recorded by the United States Census Bureau, a US government agency, increased by 6.6 percent (±1.2) compared to the analogous period in 2023, whereas the total retail sales witnessed a growth of 1.9 percent (±0.4) during the same duration. In the second quarter of 2024, E-commerce made up 15.2 percent of all retail sales. As a result, the expansion of online retailing is expected to propel the growth of the packaging resin market.
What Are The Key Segments Within 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
Subsegments:
1) By Polyethylene (PE): Low-Density Polyethylene (LDPE), High-Density Polyethylene (HDPE), Linear Low-Density Polyethylene (LLDPE)
2) By Polypropylene (PP): Homopolymer Polypropylene, Copolymer Polypropylene, Biaxially Oriented Polypropylene (BOPP)
3) By Polystyrene (PS): General Purpose Polystyrene (GPPS), High Impact Polystyrene (HIPS), Expandable Polystyrene (EPS)
4) By Polyethylene Terephthalate (PET): Amorphous PET, Crystalline PET, PET Glycol-Modified (PETG)
5) By Polyvinyl Chloride (PVC): Rigid PVC, Flexible PVC, Plasticized PVC
6) By Other Types: Polyamide (Nylon), Polycarbonate (PC), Polyurethane (PU), Acrylonitrile Butadiene Styrene (ABS), Polybutylene Terephthalate (PBT), Other Specialty Resins
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Which Emerging Market Trends Are Altering The Packaging Resins Industry?
Major firms in the packaging resin industry are prioritizing biodegradable materials, such as compostable resins, as a response to the growing demand from consumers for eco-friendly packaging options and to adhere to strict environmental regulations. Compostable resins are materials specifically engineered to disintegrate into basic natural elements like water, carbon dioxide, and organic matter under particular composting conditions, causing no harmful residues. For example, in July 2022, Green Dot Bioplastics, an American company that specializes in creating compostable and biodegradable plastic alternatives, introduced nine new compostable variations to boost sustainability in single-use and packaging uses. The latest offerings, including five compostable starch blends, can be used seamlessly with existing film extrusion and molding machinery. Terratek BD3003 provides a durability level similar to LDPE while Terratek BD3300 is on par with HDPE in terms of stiffness and heat resilience. These substances encourage swift biodegradation and are perfectly suited for produce bags, agricultural films, and bubble wrap. They are currently working towards acquiring compostability certification from TüV Austria.
Who Are the Key Players In The Packaging Resins Market?
Major companies operating in the packaging resins market are:
• 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
What Are The Regional Insights Into The Packaging Resins Market?
Asia-Pacific was the largest region in the packaging resins market in 2024 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.
