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Packaging Resins Market Size (2024 - 2029)

The packaging resins market is poised for growth, driven by factors such as the expanding e-commerce sector, the demand for sustainable packaging solutions, and advancements in packaging technologies. Despite setbacks due to the COVID-19 pandemic, which impacted manufacturing and consumer goods sectors, the market is recovering as restrictions ease. The food and beverage segment is anticipated to lead the market, with the Asia Pacific region expected to experience the most rapid growth due to rising consumption in countries like China, India, and Japan.

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Market Size of Packaging Resins Industry

Packaging Resins Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
CAGR > 5.00 %
Fastest Growing Market Asia Pacific
Largest Market Asia Pacific
Market Concentration Low

Major Players

Packaging Resins Market Major Players

*Disclaimer: Major Players sorted in no particular order

Packaging Resins Market Analysis

The packaging resins market is expected to witness a CAGR of more than 5% during the forecast period (2021-2026).

Due to COVID-19 restrictions, the safety of the employees, and reducing the spread of the virus, in the first half of 2020, manufacturing plants were closed in most parts of the world. The lockdown and the decision of most governments, worldwide, to shut down non-essential businesses have halted the consumer goods segment for most of the year 2020. This has negatively affected the consumer goods industry, in turn, the packaging resins market. Around 34.7 million fewer electronic goods were shipped in February 2020, compared to that of the previous year February, marking the largest drop in the electronic goods industry. The relaxation of the lockdown and the manufacturing plants opening is an encouraging sign for the packaging resins market. Furthermore, the cosmetics and personal care industry suffered in 2020 due to the COVID-19 pandemic. However, there is an increase in e-commerce sales, almost twice as high as their pre-COVID-19 levels, which is a positive factor for the market studied.

  • Over the long term, the growing e-commerce industry, cost-effectiveness, and increased shelf-life of products have been driving the market growth.
  • The growing demand for sustainable packaging solutions and innovation of modern packaging technologies are likely to provide ample opportunities for the growth of the packaging resins market over the forecast period.
  • The food and beverage segment is expected to dominate the packaging resins market over the forecast period.
  • The Asia Pacific region dominated the packaging resins market, and it is also expected to be the fastest-growing regional market over the forecast period, owing to the increasing consumption from countries, such as China, India, and Japan.

Packaging Resins Industry Segmentation

The packaging resins market is segmented by resin type, application, and geography. By resin type, the market is segmented into high-density polyethylene, low-density polyethylene, polyethylene terephthalate, polypropylene, polystyrene, polyvinyl chloride, and other resin types. By application, the market is segmented into food and beverage, consumer goods, cosmetics and personal care, healthcare, industrial, and other applications. The report also covers the market size and forecasts for the packaging resins market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done based on volume (million metric tons).

By Resin Type
High-density Polyethylene
Low-density Polyethylene
Polyethylene Terephthalate
Polypropylene
Polystyrene
Polyvinyl Chloride
Other Resin Types
By Application
Food and Beverage
Consumer Goods
Cosmetics and Personal Care
Healthcare
Industrial
Other Applications
By Geography
Asia Pacific
China
India
Japan
South Korea
Rest of Asia Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Packaging Resins Market Size Summary

The packaging resins market is poised for significant growth, driven by the expanding e-commerce industry and the increasing demand for sustainable packaging solutions. The market experienced a temporary setback due to COVID-19, which led to the closure of manufacturing plants and a decline in the consumer goods sector. However, the reopening of facilities and the surge in e-commerce sales have provided a positive outlook. The food and beverage segment is anticipated to dominate the market, with packaging requirements focused on extending product shelf life and ensuring safety and attractiveness. The Asia Pacific region, led by countries like China, India, and Japan, is the largest and fastest-growing market, fueled by rising disposable incomes and consumer spending.

The market is characterized by a partial fragmentation, with key players such as Borealis AG, INEOS, LyondellBasell Industries Holdings BV, SABIC, and China Petrochemical Corporation actively participating. Strategic partnerships and joint ventures, like those between LyondellBasell and Sasol, as well as INEOS and Saica Natur, are aimed at enhancing production capabilities and meeting the demand for recycled products. The growth in the beauty and personal care sectors in Asia Pacific further drives packaging demand, despite the temporary decline in personal care and cosmetics markets due to the pandemic. Overall, these trends and developments are expected to propel the packaging resins market forward during the forecast period.

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Packaging Resins Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Cost Effectiveness and Increased Shelf-life of Products

      2. 1.1.2 Growing E-commerce Industry

    2. 1.2 Restraints

      1. 1.2.1 Rising Environment Concerns Related to Plastic Disposal

      2. 1.2.2 Unfavorable Conditions Arising Due to the COVID-19 Outbreak

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Industry Attractiveness - Porters Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Resin Type

      1. 2.1.1 High-density Polyethylene

      2. 2.1.2 Low-density Polyethylene

      3. 2.1.3 Polyethylene Terephthalate

      4. 2.1.4 Polypropylene

      5. 2.1.5 Polystyrene

      6. 2.1.6 Polyvinyl Chloride

      7. 2.1.7 Other Resin Types

    2. 2.2 By Application

      1. 2.2.1 Food and Beverage

      2. 2.2.2 Consumer Goods

      3. 2.2.3 Cosmetics and Personal Care

      4. 2.2.4 Healthcare

      5. 2.2.5 Industrial

      6. 2.2.6 Other Applications

    3. 2.3 By Geography

      1. 2.3.1 Asia Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Packaging Resins Market Size FAQs

The Packaging Resins Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

SABIC, China Petrochemical Corporation, Borealis AG, INEOS and LyondellBasell Industries Holdings BV are the major companies operating in the Packaging Resins Market.

Packaging Resins Report Snapshots

Packaging Resins Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)