The Packaging Resins Market is estimated at USD 192.17 billion in 2017 and is projected to reach USD 277.13 billion by 2022, at a CAGR of 7.6% from 2017 to 2022. Downsizing of packaging products, cost-effectiveness, and increased shelf-life of products are expected to drive the demand for packaging resins during the forecast period.
In addition, the demand for packaging resins in the food & beverage and FMCG is expected to fuel the market. Packaging resins protect products from moisture and other environmental hazards, which makes these preferable compared to conventional packaging, such as paper, metal, etc.
Polypropylene (PP) is projected to be the fastest-growing type segment of the packaging resins market between 2017 and 2022 due to the provision of an excellent barrier against gas and vapors. PP possesses similar features to those of polyethylene, and does not crack under stress, with the exception when hot aromatic or halogenated solvent products are packaged, which soften it. It has high resistance to almost all types of chemicals, including strong acids, alkalis, and most organic materials.
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Healthcare is projected to be the fastest-growing application in the packaging resins market, majorly owing to the increase in consumption of pharmaceutical products due to aging populations. Healthcare products, which include pharmaceutical and medical products, are required to be protected from external conditions, such as light and moisture as well as contamination and physical damage as these factors can alter the quality of the products.
The Asia Pacific is projected to be the fastest-growing market for packaging resins. Changing lifestyles towards the preference for packed food & beverage products and increasing demand for fast-moving consumer goods are expected to drive the packaging resins market. Countries, such as India and China are expected to post high growth in the plastic packaging market due to the growing demand for plastic packaging due to easy availability at cheaper rates, and increasing population. In addition to this, growing populations in these countries present a significant customer base for FMCG products and food & beverages, which in turn is expected to lead to the growth of the packaging resins market.
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