Northbrook, IL -- (SBWIRE) -- 10/05/2021 -- According to a research report "Barrier Resins Market by Type (PVDC, EVOH, PEN), Application (Food & Beverage, Pharmaceutical & Medical, Cosmetics, Agriculture, Industrial), and Region (Asia-Pacific, North America, Europe, South America, Middle East & Africa) - Global Forecast to 2026" published by MarketsandMarkets, The barrier resins market exhibits high growth potential and is projected to reach a market size of USD 16.6 billion by 2026 from USD 12.4 billion in 2021, at a CAGR of 5.9 %. The market growth is being lead by the ease of use and customization of barrier resins products. APAC region is the largest market for barrier resins.

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"The largest segment in the market is PVDC"
PVDC has been a staple part of food packaging for a long time but in recent years alternatives for PVDC has been developed which are more sustainable and less harmful. PVDC disintegrates at a comparatively lower temperature which creates an issue in recycling. EU recently banned or restricted the use of PVDC in various regions. The latest G7 summit focused on reducing carbon footprint and sustainable practices, even with the concerns PVDC markets shows growth driven by high barrier properties and the reduced waste in supply chain. The increase in flexible food packaging increases the demand of PVDC resins.

Pharmaceutical & medical industry will emerge as the fastest-growing segment by 2026.
Advancement in manufacturing techniques and continuous development in the barrier resins have resulted in increasing demand of barrier resins in the pharmaceutical industry. This growth is expected to be the highest in the emerging economies such as Brazil, India, and China, as it is supported by increase in wealth and growing consciousness about improved healthcare facilities and healthier lifestyles. The COVID-19 outbreak increased the demand of single use and packaged medical products which resulted in increased demand of barrier resins as well.

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APAC is the largest market in all end-use industries due to the presence of major developing economies and large population.
The key players in the barrier resins market include LyondellBasell Industries (US), Kuraray Co Ltd. (Japan), Exxon Mobil Corporation (US), and The Dow Chemical Company (US).

COVID-19 Impact on the Global Barrier resins Market
The outbreak of the novel coronavirus or COVID-19 was declared a pandemic by the World Health Organization (WHO) in 2020. The virus outbreak wreaked havoc on the global economy, with the lockdown of international borders and the shutdown of economic activities across countries to prevent the spread of COVID-19 resulting in a severe impact on industries across the world.

The global economy has become substantially more interconnected. The adverse consequences of various steps related to the containment of COVID-19 are evident from global supply chain disruptions, weaker demand for imported products and services, and the increase in unemployment rate. Risk aversion has increased in the financial market, with all-time low interest rates and sharp declines in equity and commodity prices. Consumer and business confidence have also reduced significantly. The latest forecasts by multiple sources predict a 2%–4% decrease in the global GDP in 2020. Based on these forecasts, the global economy is expected to recover from 2021, but for some countries, including the US, Germany, and Italy, recovery is predicted to take longer. However, in this fast-changing environment, the full impact of the pandemic on the global economy may not be entirely known.
MarketsandMarkets uses three scenario-based approaches (epidemiology, health response, and economic response) to assess the economic impact and recovery period at the global level. Countries are likely to have different impacts and recovery periods.

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