Barrier Resins Market Demand, Growth Overview and Global Industry Forecast to 2024
Sellbyville, DE -- (SBWIRE) -- 02/14/2019 -- Asia Pacific barrier resins market hold notable share in overall industry size. High product demand across the region can be attributed to stable economic growth along with expansion in food and agriculture industry. Changing demographic and income trends along with changing food habits are key factors driving regional demand.
North America is expected to witness notable gains in forecast period due to growth in packaging industry. Shifting retailer perception towards packaging as promoting tool rather than product protection will provide positive outlook for product demand. Expansion in cosmetics industry due to rising consumer demand will drive barrier resins market size.
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Barrier Resins Market size will witness significant growth rate from 2017 to 2024. Growth in pharmaceutical packaging industry along with increasing penetration of bio-based material will drive the industry growth. Effective protection against moisture, light, oxygen, physical damage, counterfeit and contamination are key properties fueling product scope.
Strong outlook in food & beverages, cosmetics, industrial and agriculture industry will propel barrier resins market growth. Improved shelf life of packaged food coupled with rising demand for convenience food products are among major factors driving industry demand. Increasing consumer awareness regarding health & safety coupled with hectic life schedules have enhanced packaged food demand.
Shifting trend towards small households due to changing lifestyles and rapid urbanization will support barrier resins market growth. Increasing product usage in packaging food & beverages including bakery & confectionery, dairy products, fruits & vegetables, meat products, sauces and condiments will drive business growth.
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Expansion in overall pharmaceuticals industry owing to increasing disease incidences and growing medical expenditure are among key factors fueling product demand. Technological advancement in blister packaging and drug delivery devices will support the barrier resins market. Emergence of nano-technology has enhanced pharmaceutical packaging industry.
Rapid globalization and strengthening economic conditions have enhanced the living standards globally. Increasing consumer spending on cosmetic products including skin care, hair care and makeup products will drive barrier resins market. Easy to store, carry and apply properties offered by cosmetic packaging solutions will support product penetration. Increasing cosmetic consumption in smaller packaging sizes has further enhanced the industry growth.
Potential gap between demand and supply of raw materials may pose a challenge for industry participants. Stringent regulations regarding usage of several raw materials coupled with high probability of counterfeiting of pharmaceuticals and food products may further weaken the product penetration. Increasing overall packaging costs and fluctuating polymer prices are key factors influencing barrier resins price trend.
Barrier resins market is segmented based on product as bio-based and synthetic products. Bio-based material will witness notable gains in forecast period due to increasing consumer preference for ecofriendly substitutes. These resins derive their carbon molecules from the renewable feed stocks and offer minimal carbon footprint impact. Enhanced physical performance and shelf life are other factors supporting product demand.
Synthetic barrier resins market share is further segregated as polyvinylidene chloride (PVDC), ethylene vinyl alcohol (EVOH) and polyethylene naphthalate (PEN). PVDC is expected to remain dominating share of overall industry share. Rising demand as high-performance product in various industries including healthcare, cosmetics, and food & beverages will drive barrier resins market. Low permeability for nitrogen, oxygen, water, and carbon dioxide along with highly effective properties has enhanced the product demand.
EVOH is anticipated to witness substantial growth over the coming years owing to high usage for packaging in pharmaceutical and food & beverage industry. High flexibility, efficient recyclability, easily moldable, highly resistant to weather, solvent & oil, and high transparency are key properties fueling product penetration. Shifting manufacturer focus in product and material innovations will further support barrier resins market growth.
Barrier resins market is segmented based on end-use into pharmaceuticals, food & beverages, agriculture, cosmetics, and industrial. Food & beverage is anticipated to remain largest revenue share over the forecast timeframe primarily owing to high product usage in packaging food products including meat, fish, beer, canned milk & vegetables. Extended shelf life, long-lasting flavor, food quality, and prevention of odors are among major properties fueling product penetration.
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Global industry share is highly fragmented and competitive due to presence of numerous international and regional manufacturers. Dow Chemicals Company, Kuraray, INEO Group, Honeywell International, Asahi Kasei Corporation, Invista, Solvay, du Pont de Nemours, Zhejiang Juhua, Teijin, Kureha Corporation, and Nippon Synthetic Chemical are among prominent players in barrier resins market. Mergers & acquisitions, supply agreements and product portfolio expansion are among major strategies adopted by manufacturers to strength their foothold. For instance, in April 2015, Kuraray announced acquisition of Plantic Technologies for expansion into bio-based barrier materials for industrial and food packaging applications.