Barrier materials are used in packaging purpose in a number of industries like food & beverage, pharmaceutical, cosmetics, agriculture, etc., mainly because they are resistant to water vapor, atmospheric gases, aroma, and flavor. This results in increases shelf-life of food products and ensures its quality.
Drivers and Restraints
Rise in demand for barrier materials from developing economies like China and India, greater shelf-life of packaged food products, and growing pharmaceutical packaging industry are primary factors driving the barrier material market in the Asia-Pacific region. The growth in end-user segment can be attributed to the growing food & beverage and pharmaceutical industries, mainly in the developing nations, which in turn are driving the barrier material market towards growth. Overall, this industry is expected to observe numerous growth opportunities over the coming years.
However, increasing demand for packaged products and enforcing of strict health regulatory standards, environmental, and political norms are likely to hamper the growth of this market.
The value of global barrier material market is anticipated to be pushed from USD 1.74 Billion in 2014 to USD 2.64 Billion by 2020, growing at a CAGR of 7.26% during the forecast period. Currently, Asia-Pacific holds the largest market share, accounting for nearly 42.37% of the total market in 2014, and is expected to continue to do so in the near future as well. China comprises more than half of the market share of this region, followed by India, Japan, and Taiwan.
Among the types, PVDC is leading the market with highest market share, accounting for 42.74% of the Asia-Pacific market in 2014, owing to its extensive use in end-user industries like food & beverage, pharmaceutical, cosmetic, and agriculture.
If the end-user industries are to be considered, the food & beverage segment held the largest market share of 48.13% in 2014 and is expected to grow at the highest CAGR of 5.20% during the forecast period. The pharmaceutical sector accounted for 24.35% of the market share.
Kuraray Co., Ltd (Japan), The DOW Chemical Company (U.S.), E.I. Du Pont de Nemours and Co. (U.S.), Solvay SA (Belgium), Chang Chun Petrochemical Co., Ltd (Taiwan), Kureha Corporation (Japan), Ashahi Kasei Corporation (Japan), Teijin Limited (Japan), and Zhejiang Juhua Co., Ltd. (China) are some of the major players competing in the global market for barrier materials.
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The market for barrier materials has been segregated on the basis of types, end-user industry, and regions, which are further analyzed as per each of the submarkets:
- Food & Beverage
- North America