Market Trends of Oxygen Barrier Materials Industry
This section covers the major market trends shaping the Oxygen Barrier Materials Market according to our research experts:
The Growing Packaging Industry is Expected to Drive the Market
- A stable oxygen barrier film is important to keep the oxygen gas out of the flexible packaging in elevated temperatures and humid environments.
- According to World Trade Statistics 2018, goods packaged worth USD 6.445 trillion were exported from Europe, USD 1450 trillion from the United States, USD 1990 trillion from China, in turn, increasing the world trade by 13% for 2018 compared to 2017. This implies a rapid growth in the packaging industry, giving it a relative scope of higher growth rate during the coming years.
- Packaging industries mostly use aluminum oxygen barriers among all other metals because of its superior properties, like corrosion resistance, lightweight, and it acts as a barrier to chemical, moisture, temperature, and air.
- Moreover, the additional benefits of the aluminum barrier film make it an ideal packaging material for shipment or storage of goods that need to be protected from moisture. Owing to the aforementioned factors, the market studied is expected to register rapid growth during the forecast period (2020-2025).
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The Asia-Pacific Region is Expected to Dominate the Market
- The Asia-Pacific region dominated the global market for oxygen barrier materials in 2019. With the growing food and beverage industry in countries, such as China, India, and Japan, the utilization of oxygen barrier films is increasing in the region.
- With the increase in the consumption levels of residents, consumers' demand for microwave food, snack foods, and frozen foods has increased, which is anticipated to speed up the demand for packaging products.
- China accounts for about one-fourth of the total world population and hosts one of the most rapidly developing consumer markets in the world, which provides a tremendous boost to the food and beverage industry. In recent years, China's demand for foreign food and beverage products has been developing at a brisk pace in tandem with its rapid economic development.
- Packaged food has become a favorite among Indians, especially in urban cities. The Indian food packaging industry is anticipated to become the third-largest market by 2020. Owing to the fast-paced life in urban cities, around 79% of the urban people prefer ready-to-eat food for their regular meals, which is only expected to further increase in the future. This increase in the consumption of ready-to-eat foods may drive the demand for oxygen barrier materials during the forecast period (2020-2025).
- The food processing industry in Japan is estimated to manufacture USD 216.8 billion worth of food and beverage products in 2018, up from USD 211.5 billion in 2017. The increase is expected to continue in the future, which will positively influence the demand for oxygen barrier materials in the country.
- The aforementioned factors are contributing to the increasing demand for oxygen barrier materials during the forecast period (2020-2025).
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