The most recent study conducted by Report Ocean, titled “Global Packaging Resins Market Size, Share, Pricing, Trends, Growth, Report and Forecast 2023-2030,” presents a comprehensive analysis of the worldwide market. This research delves into the factors driving the market, emerging trends, opportunities for development, as well as potential limitations that may affect the Packaging Resins. The report provides an estimation of the global market size and examines recent strategic actions taken by prominent international competitors.
Global Packaging Resins Market is valued at approximately $ in 2021 and is anticipated to grow with a healthy growth rate of more than $ over the forecast period 2022-2028. Packaging resins are materials created by combining tiny particles to form molecular structures known as polymers. As a result, these resins are turned into packaging materials, supplies, and solutions. Packaging resins are utilised in a variety of industrial verticals because they improve the safety and shelf life of stored products.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Growth in packaging resins, particularly in developing economies such as India and China, increased application of packaging resins for a wide range of applications such as consumer goods, healthcare, and others, increased government investment in research and development activities, and a surge in industrialization, particularly in developing countries, are the major factors driving the packaging resins market.
One of the most important factors taken into account by businesses in the food and beverage industry is packaging, which helps to ensure that food and packaging materials are compatible and that food is durable, safe for human consumption, and appealing. China has achieved around USD 595 billion in the food and beverage sector in 2019, claims the China Chain Store and Franchise Association. Similarly, the US packaging sector produced 180 billion USD in total revenue in 2019. More than 46% of Americans in the United States are ready to pay more for food and beverage goods stored in flexible packaging than for food products stored in non-flexible packaging, according to the Flexible Packaging Association.
Furthermore, for a product they are considering buying, 71 percent of Americans might choose flexible packaging over non-flexible packaging. However, a significant obstacle to the market’s expansion will be the deficiency in raw material demand and supply caused by the lockdown and price volatility. Furthermore, the market growth rate would be hampered by the government’s strict rules and regulations about environmental pollutants and the usage of plastic. The market’s abundance of alternatives will further limit the growth potential.
The key regions considered for the global Packaging Resins market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Due to rising demand from nations like China, India, and Japan, the Asia Pacific region currently holds a monopoly on the packaging resins market and is predicted to develop at the quickest rate over the projected period. A sizeable share is anticipated to belong to North America. Natural gas prices and the supply of Natural-gas Liquids (NGLs), including ethane, have decreased as a result of the discovery of shale gas in the United States. This is changing the competitiveness of the nation’s petrochemical industry and, ultimately, the competitiveness of packaging resins.
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Major market players included in this report are:
Borealis AG
Braskem
Dow
Exxon Mobil Corporation
Far Eastern New Century Corporation
Indorama Ventures Public Company Limited
INEOS
Lyondellbasell Industries Holdings BV
PetroChina Company Limited
Reliance Industries Limited
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Resin Type:
High-density Polyethylene
Low-density Polyethylene
Polyethylene Terephthalate
Polypropylene
Polystyrene
Polyvinyl Chloride
Other Resin Types
By Application:
Food and Beverage
Consumer Goods
Cosmetics and Personal Care
Healthcare
Industrial
Other Applications
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By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Russia-Ukraine War on Market
The market is anticipated to suffer because of the Russia-Ukraine War. The demand for the market has decreased as a result of the political unrest and economic unrest in the area. The war had a detrimental impact on global economic activity, adding to inflationary pressures globally and hindering the post-pandemic recovery, even if it was not the primary cause of the slower-than-anticipated economic growth in 2022 and revised estimates for 2023.
The Five Forces analysis examines the following factors:
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
The PESTLE analysis takes into account the following dimensions:
- Political factors: This includes political policies, stability, and factors related to trade, fiscal policies, and taxation policies.
- Economic factors: This involves analyzing interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates.
- Social factors: These encompass changing family demographics, education levels, cultural trends, shifts in attitudes, and changes in lifestyles.
- Technological factors: This examines changes in digital or mobile technology, automation, and research and development in the relevant industry.
- Legal factors: This entails analyzing employment legislation, consumer law, health and safety regulations, as well as international trade regulations and restrictions.
- Environmental factors: This dimension considers aspects such as climate change, recycling procedures, carbon footprint, waste disposal, and sustainability practices.
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