According to the new market 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.
APAC is the largest market for barrier resins, accounting for a share of 42.5%, in terms of value, in 2020. The growing packaging industry and the increasing demand in the agriculture sector are the factors driving the barrier resins market in the region.
Barrier Resins Market Key Players
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).
Asahi Kasei Corporation is the leading company in the producing, processing, and selling of chemical products. It sells barrier resins through their subsidiary Asahi Kasei Chemical Corporation (Japan) as the leading producer of PVDC resins. It operates in various business segments including chemicals & fibers, homes & construction materials, electronics, health care, and others. The company serves customers in Japan & China mainly. The company is focused on developing global customer reach as an initiative they are building new plants including one in Changshu, Jiangsu, China. It has a wide range of barrier resins for applications, such as food, pharmaceuticals, and industrial. The company’s growth is driven by the flexible packaging market, which, in turn, drives the demand for barrier resins.