Yahoo Finance Global Barrier Resin Market Growing at a Lightning Speed—Projected to Reach worth USD 17.7 Billion by 2027 | BlueWeave
Delhi, Dec. 06, 2021 (GLOBE NEWSWIRE) -- The global barrier resin market is witnessing impressive growth trends across the globe. Increasing use of barrier resin in the packaging industry for providing advanced and flexible solutions is anticipated to drive growth during the forecast period….
A study, recently conducted by the strategic consulting and market research firm BlueWeave Consulting, revealed that the global barrier resin market was USD 11.8 billion in 2020 and is further projected to reach USD 17.7 billion by 2027, growing at a CAGR of 6.0% during the forecast period (2021-2027).The growth of the barrier resin market is primarily supported by the growing food and beverage industry across the globe as packaging properties of barrier resins keeps gases (oxygen, carbon dioxide, and nitrogen) and liquids out. The acceleration in medical packaging from emerging nations throughout the world has also pushed the global barrier resin industry forward. Furthermore, the increased shelf life for agricultural and agrochemical items due to the resin's inability to react with the commodities has fueled the global barrier resin market's growth.
Increasing Demand for Customer-Friendly Packaging in Various End-User Industries
Most barrier resins are used in packaging solutions to provide customer-friendly packaging to different end-user industries. Products used in agriculture and agrochemicals must be packed in non-reactive materials that do not affect their chemical composition. Providing adequate protection against external environmental conditions, barrier resins enable packaging materials to retain their chemical structure and texture. Several attractive properties of barrier resins have attracted players in the agrochemical and agriculture industry to ship their products in these containers, allowing the barrier resin market to grow. According to the Economic Survey of India 2020-21 report, the total food grain output in the nation was 296.65 million tonnes in FY20, up 11.44 million tonnes from 285.21 million tonnes in FY19. The rising agriculture industry across the globe has increased the use of barrier resin in packaging goods.
Another industry that heavily relies on barrier resins for packaging is the pharmaceutical industry. Almost all the packaging of medicines today is done under vacuum and to maintain the medicine’s effectiveness and purity, it is important that it does not come in contact with oxygen and moisture. Barrier Resins made of PVDC (Polyvinylidene chloride) and EVOH (Ethylene Vinyl Alcohol) helps in restricting the movement of oxygen and water across them and protect the medicines from biological contamination. Thus, they are massively used in the medical field for the protection of drugs and tablets. As per the Indian Economic Survey, the pharmaceutical industry in India is expected to grow three times over the next ten years. In August 2021, the pharmaceutical market of India experienced an increase of 17.7% annually which is 4% more than that in July2020. Additionally, as the demand for medical devices and products increases, so does the demand for packaging and protective materials. Therefore, the factors mentioned above are driving the growth of the barrier resin market.
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Reduces Cost and Waste in Production
The primary factor driving the growth of the barrier resin market is the reduction of production costs and waste. Using barrier resin for packaging production allows manufacturers to produce more with less waste. For instance, plastic barrier structures can be designed for aseptic filling, which reduces energy consumption. Additionally, its lightweight allows it to transport more goods instead of using unnecessary packaging. Also, affordable and functional packaging design helps introduce quality products to new markets. Since barrier resins offer these advantages, they are increasingly being used in production to cut waste, which has driven the growth of the barrier resin market.
Harmful Impact on Environment may impede its market growth
Barrier Resins available today are generally made up of plastics. In addition to being very stable, they can remain in the environment for a very long time after they have been discarded. The addition of antioxidants by manufacturers, which protect the material from acidic attacks, further slows the decomposition process. Apart from this, the production process of plastics releases many hazardous chemicals like trichloroethane, acetone, methylene chloride, methyl ethyl ketone, styrene, toluene, benzene, and others into the environment. The production process itself can also be dangerous for workers as accidents like explosions, chemical spills, and toxic vapor clouds are common. Moreover, it is possible for the resins to migrate into food from packages in which they are stored, eventually being consumed by humans or animals and causing serious health problems. Today, people across the globe are more aware than ever of their health and of the pollution caused by packaging. Thus, governments around the world are launching campaigns that will decrease the amount of waste deposited in landfills. All of these factors may hinder the growth of the barrier resin market.
Food & Beverage Segment Holds the Largest Share in the End-User Segment
Based on end-users, the market is segmented into food & beverage, pharmaceutical & medical, cosmetics, agriculture, industrial, and others. Among these, the food & beverage segment accounted for the largest share in the barrier resin market in 2020. Barrier resins have contributed greatly to the growth of this segment because they eliminate the need for glass and cans in the food and beverage industries. Furthermore, barrier resins are easily moldable and can be customized to fit any size. Additionally, barrier resins enhance the shelf life of food products, such as canned food, meat, dairy products, and carbonated drinks.
EVOH segment dominates the barrier resin market
Based on types, the barrier resin market is segmented into PVDC (polyvinylidene chloride), EVOH (Ethylene vinyl alcohol), PEN (Polyethylene Naphthalate), PET (Polyethylene Terephthalate), PE (Polyethylene), PP (Polypropylene), and others. Out of these, EVOH (Ethylene vinyl alcohol) segment holds the largest share in the barrier resin market. The growth of this segment is due to the various benefits it provides which makes it a preferred choice of many manufacturers. For instance, EVOH acts as an excellent oxygen barrier and have high transparency and rigidity. It can also act as a flavor barrier as it retards movement of a variety of volatile products which makes it suitable for packaging of food and agricultural products. In addition to its chemical and oil resistance, EVOH can also be used as a fuel tank barrier and portable gas container.
Impact of COVID-19 on Global Barrier Resin Market
The pandemic has slowed many enterprises worldwide, and the global barrier resin market is no exception. The COVID-19 has impacted several supply chains, logistics, raw material suppliers, mining laborers, and others. The pandemic has also influenced the global barrier resin market to some extent due to global supply chain disruptions. Nevertheless. the global health crisis had a mixed impact on the market. In response to the COVID-19 outbreak, medical product manufacturers saw a rise in demand for single-use and packaged medical products, which increased the demand and production of barrier resins worldwide.
Global Barrier Resin Market: Regional Insights
Geographically, the barrier resin market is categorized into North America, Europe, the Asia-Pacific, the Middle East & Africa, and Latin America. The Asia-Pacific accounted for the largest share in the barrier resin market in 2020 and is likely to dominate during the forecast period. The growth in the Asia-Pacific barrier resin market is majorly due to a large number of manufactures of barrier resin in the region. In addition, the growing food and beverage industry in countries such as China and India and the need for advanced packaging solutions in these countries have accelerated the growth of the barrier resin market in the Asia-Pacific.
Competitive Landscape
Some of the key players in the barrier resin market are Solvay, Dow Chemical, INEOS, Kuraray, Teijin DuPont Films, Asahi Kasei, Changchun Group, Invista, Kureha Corporation, LG Chem, Mitsubishi Gas Chemical, The Nippon Synthetic Chemical Industry, Valspar, Honeywell International Inc, E.I. du Pont de Nemours and company, and other prominent players.
The adoption of barrier resin in a wide range of end-user industries and the rising demand for technologically advanced packaging material from emerging economies of the world are driving the key players to increase the production of barrier resin manufacturing. Therefore, the market players are developing new technologies and processes to improve properties of the barrier resins and widen their applications. A number of efforts are also made to reduce the environmental impact of these barrier resins. For instance, Solvay, a Brussels-based company, developed a process in October 2021 to demonstrate that polyvinylidene chloride (PVC) can be recycled without compromising its performance.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global barrier resin market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the barrier resin market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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