Packaging Resins Market Report 2024

This Packaging Resins market report covers industry characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The packaging resins market size has grown strongly in recent years. It will grow from $243.86 billion in 2023 to $263.54 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth observed during the historic period can be attributed to several factors, the expansion of the consumer goods industry, increased consumption of packaged and processed foods, globalization and international trade, urbanization, and the rise of e-commerce.

The packaging resins market size is expected to see strong growth in the next few years. It will grow to $361.18 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The anticipated growth during the forecast period can be attributed to several factors, the expansion of e-commerce, growth in the food and beverage industry, an increase in online retail, a heightened focus on sustainable and eco-friendly packaging, and the expansion of the food delivery market. Key trends expected during this period include the development of biodegradable resins, advancements in technology, creation of high-performance resins, adoption of recyclable resins, and the rise of smart packaging.

The rise in online shopping is expected to drive the growth of the packaging resin market. Online shopping, which allows consumers to buy goods and services via the internet, offers convenience and a wide selection from home. The expansion of online shopping is fueled by increased internet access, advancements in e-commerce technology, and the convenience and variety it provides to consumers. Packaging resins are vital in this growth, as they offer protective, lightweight, and versatile packaging solutions that ensure product safety during transit and improve the overall consumer experience. For example, Ecommerce Europe reported that European e-commerce surged to €718 billion in 2021, marking a 13% increase from €633 billion in 2020, with continued growth expected. Consequently, the increase in online shopping is expected to boost the demand for packaging resins.

Major companies in the packaging resin market are increasingly focusing on biodegradable options, such as compostable resins, to meet growing consumer demand for sustainable packaging and comply with environmental regulations. Compostable resins are designed to decompose into natural components like water, carbon dioxide, and organic matter under specific composting conditions, leaving no toxic residues. For instance, in July 2022, Green Dot Bioplastics, a US-based producer of biodegradable and compostable plastic solutions, introduced nine new compostable grades. This line, including five compostable starch blends, is compatible with existing film extrusion and molding equipment. Products like Terratek BD3003 and Terratek BD3300 offer durability and performance similar to LDPE and HDPE, respectively. These materials are suited for applications such as produce bags and agricultural films and are undergoing compostability certification from TüV Austria.

Additionally, in July 2021, PTTGC International BV, a Netherlands-based chemical company, acquired Allnex Holding GmbH for an undisclosed amount. This acquisition allows PTT Global Chemical (PTTGC) to strengthen its presence in the global specialty chemicals sector, particularly in resins and additives for coatings and adhesives. The acquisition aims to expand PTTGC's product portfolio, enhance its market presence, and accelerate growth in the high-value-added chemicals industry. Allnex Holding GmbH, a Germany-based company, that specializes in industrial coating resins, including those for packaging coatings and inks.

Major companies operating in the packaging resins market are Exxon Mobil Corporation, TotalEnergies SE, Reliance Industries Limited, BASF SE, The Dow Chemical Company, LyondellBasell Industries Holdings B.V., Saudi Basic Industries Corporation (SABIC), LG Chem Ltd., Mitsubishi Chemical Group Corporation, Sumitomo Chemical Co. Ltd., Toray Industries Inc., Braskem S.A., Sasol Limited, Evonik Industries AG, INEOS Group Holdings S.A., Westlake Chemical Corporation, Indorama Ventures Public Company Limited, Amcor Plc, Berry Global Group Inc., Borealis AG, DuPont de Nemours Inc., China Petroleum & Chemical Corporation (Sinopec), Formosa Plastics Corporation, Chevron Phillips Chemical Company LLC, NOVA Chemicals Corporation.

Asia-Pacific was the largest region in the packaging resins market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the packaging resins market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the packaging resins market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Packaging resins are synthetic materials used to manufacture packaging products such as films, bottles, and containers. These resins impart essential properties like durability, flexibility, and barrier protection, ensuring that products remain safe during storage and transportation.

The primary types of packaging resins are polyethylene (PE), polypropylene (PP), polystyrene (PS), polyethylene terephthalate (PET), and polyvinyl chloride (PVC), among others. Polyethylene (PE) is a versatile resin widely used in packaging for its durability, flexibility, and resistance to moisture. Applications for these resins include flexible and rigid packaging, among others. End users of packaging resins span various industries, including food and beverages, healthcare, personal care, consumer goods, and industrial packaging.

The packaging resins market research report is one of a series of new reports that provides packaging resins market statistics, including packaging resins industry global market size, regional shares, competitors with an packaging resins market share, detailed packaging resins market segments, market trends and opportunities, and any further data you may need to thrive in the packaging resins industry. This packaging resins market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The packaging resin market consists of sales of barrier films, shrink films, acrylic resins, and biodegradable resins. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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