MarketsandMarkets: Packaging Resins Market Worth $277.13 Billion by 2022

According to MarketandMarket’s report “Packaging Resins Market by Type (LDPE, PP, HDPE, PET, PS, PVC), Application (Food & Beverage, Consumer Goods, Healthcare, Industrial), and Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) – Global Forecast to 2022,” the packaging resins market was estimated at $192.17 billion in 2017, and is projected to reach $277.13 billion by 2022, at a CAGR of 7.6% from 2017 to 2022. Plastic packaging is replacing traditional packaging types, such as metal cans. Factors, such as increasing consumer preference for convenient packaging, increasing demand from the food & healthcare sectors, ease of use, and lightweight nature drive the demand for plastic packaging, which are thereby expected to drive the packaging resins market.

Among types, the LDPE segment led the packaging resins in 2016. LDPE is projected to be the largest segment of the packaging resins market, owing to its excellent properties, such as flexibility, moisture barrier, toughness, chemical resistance, lightweight, low cost, and heat sealing. In addition, increasing demand for applications, such as squeezable tubes and bottles, bags and wrappers for food packaging is expected to drive the market during the forecast period.

Among applications, the food & beverage segment is expected to lead the packaging resins market during the forecast period.

Food & beverage is the largest application segment of the packaging resins market. Plastic packaging of food & beverage products reduces the possibility of product contamination and also protects products from environmental factors, such as moisture, gas, light, and temperature. These factors are expected to drive the demand for packaging resins in the food & beverage sector.

The packaging resins market in the Asia Pacific is projected to grow at the highest CAGR during the forecast period.

Asia Pacific is the largest and the fastest-growing market for packaging resins due to the rising demand from the food & beverage industry in the region. In addition to this, the increasing population in these countries presents 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.