Global Barrier Resins Market was valued US$ XX Bn in 2019 and is expected to grow US$ 3.69 Bn by 2027, at a CAGR of around 4.9% during the forecast period.
Global Barrier Resins Market
The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Resin, a natural element found in many plants that are categorized as coniferous trees. But, in chemical industry resins are categorized as a viscous material which may be plant-derived or synthetic by nature. Natural resins are produced in several plants, thus external impact leading to damage to their outer shell to protect the plant from parasites and other pathogens. Commercially, the resin is used as a synthetic material to make varnishes, food glazing, adhesives, nail paints, and perfumes, etc.
Rise in the pharmaceutical packaging industry in emerging economies and enhanced shelf life of packaged food products continue to drive the food packaging market. For example, OxyClear barrier resin is a PET-based, monolayer oxygen ingress barrier resin that provides shelf-life protection for up to 24 months. Containers made from OxyClear barrier resin are crystal clear and protect oxygen-sensitive foods & beverages, like juice, wine, beer, dairy, and fortified water.
Other factors such as visual appeal and low costs are further expected to promise well for market growth. Among the numerous types of barrier resins available in the market, the type of EVOH is expected to gain popularity in the future. Also, shifting trend towards small households, because of changing lifestyles and rapid urbanization will support barrier resins market growth.
On the other hand, increasing costs, severe regulatory standards, environmental and political norms are the key obstacles in the barrier resins market growth.
By the material type analysis, Ethylene vinyl alcohol (EVOH) is expected to hold the largest market share of the global barrier resins market by 2027. EVOH is a highly flexible thermoplastic barrier resin that has main applications in the food & beverage and pharmaceutical packaging as it is highly transparent, oil & solvent resistant, moldable, and recyclable. Also, the EVOH barrier resin has superior barrier properties compared to other high barrier materials. Polyvinylidene Chloride (PVDC) and is capable of meeting other demanding requirements, as an oxygen barrier in medical packaging, flavor preservation in coffee, and a barrier to fragrances and solvents in cosmetics packaging.
Global Barrier Resins Market1
In terms of the application, the food & beverage segment held the largest market share of the global market in 2018 and is expected to hold continuous dominance by 2027. Because the resin is mainly used in the packaging of food & beverage products, such as meat, fish, beer, wine, carbonated soft drinks, and canned milk. Barrier resins used for food & beverage packaging provide improved shelf life, food quality, prevents odor and UV rays from penetrating the package, and thus protects vitamin content.
Region-wise, Asia Pacific is expected to hold the highest CAGR of a XX% during the forecast period. Asia Pacific region witnesses a rapid transformation and growth are mainly driven by developed infrastructure and sustainable economic growth. Thus, Asia-Pacific is a global hub for main companies, because of the growth in demand for barrier resins.
North America is expected to hold the lucrative market growth in the future and is a significant opportunity for this region. And this is mainly because of the high consumption of packaged food and the growth of the medical industry. Europe is also a key market, thanks to the high volume demand for barrier resins from the food & beverage application segment.
The objective of the report is to present a comprehensive analysis of the Global Barrier Resins Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Barrier Resins Market dynamics, structure by analyzing the market segments and project the Global Barrier Resins Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Barrier Resins Market make the report investor’s guide.