Global Barrier Resin Market is Thriving—Projected to Reach worth USD 17.7 Billion in 2027
Published | 25 October 2021
The global barrier resin market is witnessing impressive growth trends. The market is anticipated to grow due to the increasing use of barrier resin in the packaging industry for providing advanced and flexible solutions…
A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global barrier resin market was USD 11.8 billion in 2020 and is further projected to reach USD 17.7 billion by 2027, growing at a CAGR of 6.0% during the forecast period (2021-2027). The growth of the barrier resin market is primarily supported by the rising food and beverage industry across the globe as packaging properties of barrier resins keeps gases (oxygen, carbon dioxide, and nitrogen) and liquids out. The acceleration in medical packaging from emerging nations throughout the world has also pushed the global barrier resin industry forward. Furthermore, the increased shelf life for agricultural and agrochemical items due to the resin's inability to react with the commodities has fueled the global barrier resin market's growth.
Increasing Demand for Customer Friendly Packaging in Various End-User Industry
The major use of barrier resin is in packaging solutions to provide customer-friendly packaging in various end-user industries. Agriculture and agrochemical products must be packed in unreactive substances that do not change the chemical composition of the products. By providing adequate protection from external environmental conditions, barrier resins enable packaging materials to retain the texture and chemical structure of the products. Several attractive properties of barrier resins have attracted players in the agrochemical and agriculture industry to ship their products in these containers, allowing the barrier resin market to grow. According to the Economic Survey of India 2020-21 report, the total foodgrain output in the nation was 296.65 million tonnes in FY20, up 11.44 million tonnes from 285.21 million tonnes in FY19. The rising agriculture industry across the globe has increased the use of barrier resin in packaging goods. Thus, the key factors mentioned above are driving the growth of the barrier resin market.
Reduces Cost and Waste in Production
The primary factor driving barrier resin growth is the reduction of production costs and waste. Using barrier resin for packaging production allows manufacturers to produce more with less waste. For instance, plastic barrier structures can be designed for aseptic filling, which reduces energy consumption. Moreover, its lightweight properties allow transporting more goods instead of unnecessarily heavy packaging. Additionally, inexpensive but functional packaging design helps bring quality products to a new market. Due to these advantages, barrier resins are increasingly used in production to reduce waste, which has fueled the growth of the barrier resin market.
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Food & Beverage Segment Holds the Largest Share in the End-User Segment
Based on end-users, the market is segmented into food & beverage, pharmaceutical & medical, cosmetics, agriculture, industrial, and others. Among these, the food & beverage segment accounted for the largest share in the barrier resin market in 2020. The growth in this segment is majorly due to these barrier resins helps to eliminate the use of glass and can in the food and beverage industry. In addition, barrier resins can be customized according to size and are easily moldable. Additionally, barrier resins enhance the shelf life of food products, such as canned food, meat, dairy products, and carbonated drinks.
Impact of COVID-19
The pandemic has slowed many enterprises worldwide, and the global barrier resin market is no exception. The COVID-19 has impacted several supply chains, logistics, raw material suppliers, mining laborers, and others. The pandemic has also influenced the market of barrier resin market to some extent due to global supply chain disruptions. Nevertheless. the global health crisis had a mixed impact on the market. In response to the COVID-19 outbreak, medical product manufacturers saw a rise in demand for single-use and packaged medical products, which increased barrier resin production.
Global Barrier Resin Market: Regional Insights
Geographically, the barrier resin market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. The Asia-Pacific accounted for the largest share in the barrier resin market in 2020 and is likely to dominate during the forecast period. The growth in the Asia-Pacific barrier resin market is majorly due to a large number of manufactures of barrier resin in the region. In addition, the rising food and beverage industry in countries such as China and India and the need for advanced packaging solutions to meet the industry's organic rising demand has accelerated the growth of the barrier resin market in the Asia-Pacific.
Competitive Landscape
Some of the key players in the barrier resin market are Solvay, Dow Chemical, INEOS, Kuraray, Teijin DuPont Films, Asahi Kasei, ChangChun Group, INVISTA, KUREHA CORPORATION, LG Chem, Mitsubishi Gas Chemical, The Nippon Synthetic Chemical Industry, Valspar, Honeywell International Inc, E.I. du Pont de Nemours and company, and other prominent players. The adoption of barrier resin in a wide range of end-user industries and the rising demand for technologically advanced packaging material from emerging economies of the world has given the key players to increase the production of barrier resin manufacturing.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global barrier resin market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the barrier resin market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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