Albany, NY -- (SBWIRE) -- 08/30/2018 -- The world barrier resins market is forecasted to experience growth owing to the soaring inclination for packaged food products over non-packed ones. The rising hygiene and health considerations is making consumers to choose for packaged food which is considered safe and is not likely to result in adverse effects on human health. However, packaged food products that are transported over quite a long distance and are meant for use later on need to retain freshness and be prevented from spoilage at the same time. Barrier resins are utilized so as to prevent permeation of oxygen and avoid loss of flavor in eatables.
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Fierce market competition defines the competitive landscape of the world market for barrier resins. Such competition is owing to the powerful presence of several small markets players and those small companies are putting forward considerable challenges to the already established eminent market players. Some of the eminent companies that are active in this market are Honeywell International Inc., Invista, E.l.DU PONT DE Nemours and Company, Kuraray Co. Ltd., Mitsubishi Gas Chemical Inc., INEO Group Ltd., Asahi Kasei Corporation, The Dow Chemicals Company, and Solvay S.A..
In accordance with this market intelligence study by Transparency Market Research, world market for barrier resins is expected to expand at a steady CAGR of 4.4% in between the year 2017 and 2025.
The major geographies into which the world market for barrier resins has been categorized are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America, amongst all of the regions, accounted for a leading share of the world market for barrier resins in the year 2016. Augmented consumption of packaged food coupled with progress of the medical industry are a few of the important elements that lie behind the progress of the said market in North America. North America has been forecasted to be trailed by Europe owing to high demand for barrier resins arising out of the segment of food and beverage application.
Wide Range of Applications to Fuel Market Growth
Over the last few years, consumers are increasingly opting for packaged food as opposed to non-packed ones for various health reasons. To address the challenge of retaining flavor and freshness of food items that are being transported over a long distance, food manufacturers are constantly giving efforts to make use of sealing materials and food grade packaging so as to assist in keeping the content intact. Barrier resins are utilized for the purpose of preventing permeation of oxygen and loss of flavor in various eatables. This is the major factor that has been fuelling the progress of the world market for barrier resins.
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The thriving segment of packaged food and beverage industry trigger substantial demand for barrier resins and as such is benefitting the market for barrier resins. Furthermore, barrier resins are utilized in packaging of various food and beverages like soft drinks, fish, meat, beer, tins, and wine as such products cannot allow permeation of liquid, vapour, and gas.