Global barrier resin market was valued at USD 12.40 billion in 2021 and is expected to reach USD 19.62 billion by 2029, registering a CAGR of 5.90% during the forecast period of 2022-2029.
The Barrier Resin Market and Size
There has been huge demand for barrier resin as it is massively used in the medical field to protect drugs and tablets. Additionally, the Indian pharmaceutical market grew at 17.7% yearly in August 2021, 4% more than it did in July 2020. Further, the demand for packaging and protective materials rises as the demand for medical devices and products does.
Barrier Resin Market Dynamics
Drivers
- Lower Costs and Production Waste
The decrease in production costs and waste is the main element boosting the market for barrier resin. Manufacturers can make more packaging with less waste by using barrier resin. For instance, aseptic filling can create plastic barrier structures, which use less energy. Additionally, because of its modest weight, it can convey more items without needing extra packaging. Additionally, practical packaging that is also reasonably priced aids in expanding the market for high-quality goods. Barrier resins are increasingly being utilized in manufacturing to reduce waste since they provide these benefits, which has fueled the expansion of the barrier resin market.
Opportunities
- Boost in New Technologies and Techniques
Furthermore, the top businesses are increasing the output of barrier resin manufacturing due to the increased demand for technologically sophisticated packaging materials from emerging economies around the world. In order to enhance the barrier resins' qualities and broaden their uses, industry companies are creating new technologies and techniques. Additionally, numerous initiatives are made to lessen these barriers' negative environmental effects, further extending profitable opportunities to the market players in the forecast period of 2022 to 2029.
Restraints/Challenges
- Negative Effects on the Environment
The majority of barrier resins on the market today are comprised of plastic. They are extremely stable and have a very long half-life in the environment after being disposed. The degradation process is slowed down even further by the makers' inclusion of antioxidants, which shield the material from acidic attacks. In addition to this, the manufacture of plastics releases numerous harmful chemicals into the environment, including trichloroethane, acetone, methylene chloride, methyl ethyl ketone, styrene, toluene, and benzene. Additionally, the resins may migrate from the containers in which they are stored into food, eventually being consumed by people or animals and leading to major health issues. Consequently, this factor will hinder the market growth.
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Barrier Resin Market Scope
The barrier resin market is segmented on the basis of type, resin and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Polyvinylidene Chloride
- Ethylene Vinyl Alcohol
- Polyethylene Naphthalate
- Polyamide
- Polyethylene Terephthalate
- Polyethylene
- Polypropylene
- Polyvinyl Alcohol
- Others
Resin
- Flexible Packaging
- Rigid Packaging
Application
- Food and Beverage
- Pharmaceutical and Medical
- Cosmetics
- Agriculture
- Industrial
- Others
Competitive Landscape and Barrier Resin Market Share Analysis
The Barrier Resin market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to Barrier Resin market.
Key Players Barrier Resin Market
- Arkema (France)
- Hexion (U.S.)
- Huntsman International LLC (U.S.)
- Cardolite Corporation (U.S.)
- BASF SE (Germany)
- Cardolite Corporation (U.S.)
- Kukdo Chemical Co., Ltd., (South Korea)
- Dupont (U.S.)
- DAIKIN (Japan)
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Barrier Resin Market Regional Analysis/Insights
The countries covered in the Barrier Resin market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Research Methodology: Global Barrier Resin Market
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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