Barrier Resins Global Market Report 2022

Barrier Resins Global Market Report 2022

  • June 2022 •
  • 175 pages •
  • Report ID: 6284232 •
  • Format: PDF
Major players in the barrier resin market are Kuraray Co., Ltd., The Dow Chemical Company, Tenjin Limited, Asahi Kasei Corporation, Solvay International, El du Pont de Nemours and Company, Ineos, Lyondellbasell Industries, Honeywell International Inc., Mitsui Chemicals, Inc., LG Chem, INVISTA, Chang Chun Petrochemical Co., Ltd., Mitsubishi Chemical Corporation, Valspar Corporation, Sabic, Borealis Ag, Sinopec, Braskem S.A., Hanwha Total Petroleum, NOVA Chemicals Corporation, EVAL Europe N.V, Zheijang Juhua Co., Ltd., Toray Industries and Mitsubishi Gas Chemical Company Inc.

The global barrier resins market is expected to grow from $3.23 billion in 2021 to $3.41 billion in 2022 at a compound annual growth rate (CAGR) of 5.75%. The growth is mainly due to the companies’ rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $4.24 billion in 2026 at a CAGR of 5.58%.

The barrier resin market consists of sales of barrier resins by entities (organizations, partnerships, and sole proprietors) that refer to plastics that are used in packaging to prevent the penetration of gases, vapours (water or solvent), or liquids.

The main barrier resin packaging types include flexible packaging and rigid packaging.Flexible packaging is mostly made from plastic, film, foil, and paper and hence is light, compact, and flexible.

The different resin types include polyvinylidene chloride, ethylene vinyl alcohol, polyethylene naphthalate, polyamide, polyethylene terephthalate, polyethylene, polypropylene, polyvinyl alcohol and other resin types used in applications such as food and beverage, pharmaceutical and medical, cosmetics, agriculture, industrial and other applications.

Asia-Pacific was the largest region in the barrier resin market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Increasing demand for the longer shelf life of food products is contributing to the growth of the barrier resin market.There has been an increasing demand for food products with a longer shelf life.

Barrier resins are used in the food and beverage packaging industry to protect packed goods from moisture and to prevent gas penetration.They provide enhanced shelf life, consistency, and prevent odour and UV rays from entering the container, thus protecting the vitamin content of the food. In 2020, UAE-based FMCG company, Truebell, saw a threefold increase in demand for long-shelf-life products. The company saw an increase in the popularity of long-shelf life food products and baking ingredients, along with an increase in the consumption of home-cooked meals. Thus, the growing demand for a longer shelf life of food products will drive the growth of the barrier resin market.

The development of organic resins is a key trend gaining popularity in the barrier resin market.Major companies operating in the barrier resin market are focused on developing new organic resins that are environmentally friendly and sustainable.

For instance, in December 2020, Netherlands-based Royal DSM, a key science-based company involved in health, nutrition, and materials, launched Discovery resins for the packaging industry that are sustainable and plant-based. The SP-6400XP is a part of DSM’s Discovery range of resins and emits fewer VOCs and carbon emissions for the printing and packaging industry.

In December 2018, Indorama, a Thailand-based chemical manufacturer, acquired INVISTA Resins & Fibers GmbH for an undisclosed amount.Through this acquisition, Indorama will be able to better strategize for growth and support its customers’ needs with differentiated solutions in both packaging and industrial fibers.

This acquisition further gives Indorama a competitive edge by acquiring the intellectual property rights to Invista’s barrier technology, POLY SHIELD PET, and OXYCLEAR Barrier PET. Invisa Resins and Fibers is a specialty chemical company based in Germany.

The countries covered in the Barrier Resins market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.