According to the latest market survey by Future Market Insights, the global Barrier Resins market is relishing a market valuation of US$ 7,743.0 million in 2022, and all are to expand with a CAGR of 4.7% during the 2022 to 2032 period. The market is anticipated to top a valuation of US$ 12 billion by the end of the forecast period.
| Market Size 2022 | US$ 7,743.0 million |
| Market Size 2032 | US$ 12,256.8 million |
| Value CAGR (2022 to 2032) | 4.7% |
| Collective Value Share: Top 3 Countries (2022E) | 42 - 44% |
Coniferous trees and other plants can naturally contain resin. Resin is a viscous, thick substance that may be turned into polymers in polymer chemistry. Such viscous and sticky compounds may be obtained from plants or manufactured. Organic chemical combinations are the most common causes. Resins are typically produced by plants to protect themselves from harm. In order to safeguard medications and other pharmaceutical items and lengthen their shelf lives, barrier resin use has risen throughout the world's pharmaceutical sectors. It is a kind of plastic that is used in packaging to stop liquid, gas, or air from penetrating the container. These explanations explain why the agricultural, chemical, food, and beverage sectors all require barrier resins.
Over the Historical assessment period, rapid shifts have been witnessed in the personal care and cosmetics industry, pharmaceutical industry, and food & beverage industry has been observed. Barrier resins find a variety of applications across the aforementioned sectors. Robust growth in such industries has propelled the sales of barrier resins with a substantial growth of 1.2% over the 2017 to 2021 period.
On the other hand, as per the latest survey conducted by FMI, the Barrier Resins market is expected to increase at a CAGR of 4.7% between 2022 and 2032. High consumer awareness of health and growing purchase power is expected to be the leading factor promoting the growth.
Also, the demand graph for Barrier Resins has witnessed a dip in 2020. After the declaration of the COVID-19 outbreak as a global pandemic by the World Health Organisation (WHO), various regional governments have taken strict preventive measures such as travel restrictions, nationwide lockdowns, social distancing, production shutdowns, and various others. Such preventive measures have impacted trade and affected every sector of the global economy. Supply for barrier resins has also witnessed a sharp downfall owing to such preventive measures. However, as economic recovery attains pace and industries started to recover at full swing, demand for barrier resins has witnessed a sharp rise in 2021, resulting in a V-shape recovery in the demand graph of barrier resins.
Demand For Longer Shelf Life Products Is Expected To Propel Sales.
The market for barrier resin is expanding as consumers desire food goods to last longer on the shelf. The demand for food goods with extended shelf lives has been rising. In the food and beverages packaging sector, barrier resins are used to seal out gases and protect items from moisture. They give the food a longer shelf life, and better consistency, and shield it from UV radiation and odors, protecting the food's nutrient content in the process.
2020 has seen a threefold growth in demand for long-shelf-life products, according to UAE-based FMCG manufacturer Truebell. The business observed a rise in the demand for baking ingredients and food items with a long shelf life, as well as a rise in the consumption of meals prepared at home. Thus, the market for barrier resin is expected to expand as a result of the rising demand for food goods with a longer shelf life.
Propensity Towards Organic Resins Is Identified As Key Trend In Market.
Consistent growing awareness and increase in regulations imposed over environment protection by various regional governments and regulatory bodies. Demand for organic chemicals is increasing rapidly across various regions. Owing to stringent regulations and high consumer awareness emerged regions such as Europe and North America is the forefront runner of this shift.
Plastics and resins being a key pollutants, demand for organic biodegradable resins is growing at marvelous rates. To attract a maximum consumer base, key players invested a fair share of their revenue in the development of organic resins. Various players have successfully launched such resins, such players are witnessing elevating demand levels in the market.
Volatile Raw Prices May Hamper Profitability Margins in Market
Raw materials including naphtha, natural gas, mono ethylene glycol, oil, and a variety of other petrochemical feedstocks are used to make plastic resins. The choice of feedstock is influenced by a number of variables, such as the cost, source, and availability of raw materials. Since the raw material costs for such feedstocks are extremely unstable and change every day or hour. The profitability margins of manufacturers and distributors might be hampered by changes in the price of raw materials, which can impede the market's expansion.
Food & Beverage Industry to Dominate the Global Market
The food and beverage sector has historically been the biggest user of barrier resins, and similar trends are anticipated over the projection period. Barrier resins are frequently used in the packaging of food products, including milk, fish, meat, wine, vegetables, and several other commodities. These containers are used for a variety of purposes, including extending food's shelf life and maintaining its freshness.
Additionally, the need for glass or ceramic packaging is decreased when such food items are packaged in packaging films. Consequently, the total cost of the product is decreased. The F & B packaging industry has seen a sharp increase in the usage of barrier films as a result of the increased demand for packaged food items.
East Asia represents maximum growth opportunities in the Barrier Resins market
Due to the presence of large-scale polymer and plastic production capacity in nations like China and Japan, East Asia is predicted to dominate the world in barrier resin consumption. China is the largest user of barrier resins both globally and in the East Asian region.
More than three-fourths of the barrier resins used in the East Asia area are expected to be consumed by the nation. The world's greatest population is in China. China has a food supply shortage due to its large population. The country's demand for food and beverage packaging is suddenly increasing in order to more effectively utilize its food resources. Barrier resin demand is increasing quickly in China and the rest of East Asia along with the steady development in F&B packaging demand.
An important breakthrough in the market for barrier resins is the creation of organic resins. Major barrier resin manufacturers are concentrating on inventing different natural resins that are sustainable and favorable to the environment. For instance,
A similar development has been tracked by Future Market Insights in its latest market study.
| Attribute | Details |
| Growth Rate | CAGR of 4.7% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2017 to 2021 |
| Forecast Period | 2022 to 2032 |
| Quantitative Units | Revenue in USD Million, Volume in Tons, and CAGR from 2022 to 2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis |
| Segments Covered |
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| Regions Covered |
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| Key Countries Covered |
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| Key Companies Profiled |
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| Customization & Pricing | Available upon Request |
In 2022, the value of the global Barrier Resins market reached over US$ 7,743.0 million
During the forecast period, the global Barrier Resins market is estimated to expand at a CAGR of 4.7% from 2022 to 2032.
The global Barrier Resins market is projected to reach US$ 12,256.8 million by the end of 2032.
The key players operating in the Barrier Resins market are Dupont, INEOS, Invista, Nova Chemicals Corporation, Valspar Corporation, Mitsui Chemicals Inc., EVAL Europe N.V., Honeywell International Inc., Dow Inc., Kuraray Co. Ltd., Asahi Kasei Corporation, Royal DSM, and few others
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Barrier Resins Market
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