New York, Packaging resins are a type of synthetic polymer that is used to make packaging materials. They are typically made from petroleum-based feedstocks, such as ethylene and propylene, and are used to make a variety of packaging materials, such as plastic bags, bottles, and containers. Packaging resins are typically designed to be lightweight, strong, and durable, and to resist degradation from sunlight, heat, and chemicals.
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Key Trends
Consumer desire for convenient packaging, rising demand from the food and healthcare industries due to the product’s lightweight nature, and convenience of use are factors boosting demand for plastic packaging, and thus driving growth in the global packaging resins market.
Bio-plastic packaging is in high demand since it helps minimize carbon footprint and eliminates the need for landfill dumping. Plastics generate over 200 million tonnes of garbage, causing substantial landfill difficulties.
Food joints’ increasing preference for economical, light-weight, beneficial, and simple-to-use packaging is likely to drive market growth.
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Key Drivers
The key drivers of the packaging resins market are the growing demand from the food and beverage industry and the increasing demand for flexible packaging.
The food and beverage industry is the largest end-user of packaging resins and is expected to grow at a significant rate in the coming years. The rising disposable incomes and the changing lifestyle of consumers are the major factors driving the growth of the food and beverage industry.
Flexible packaging is expected to grow at the highest rate during the forecast period. The growing demand for ready-to-eat food and the rising demand for packaged food are the major factors driving the growth of the flexible packaging market.
Market Segments
The Packaging Resins Market is segmented by type, application, and region. Based on the type, the packaging resins market is divided into LDPE, PP, HDPE, and others. On the basis of application, it is bifurcated into application, the packaging resins market is bifurcated into food & beverage, consumer goods, healthcare, and others. Region-wise the market is divided into North America, Europe, Asia-Pacific, and the Rest of the World.
Key Players
The Packaging Resins Market includes players such as Arkema Group, BASF SE, Borealis AG, Braskem, Exxon Mobil Corporation, Indorama Ventures Public Company Limited, LyondellBasell Industries Holdings B.V., M&G Chemicals SA, SABIC, and The Dow Chemical Company.
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