Barrier resins are defined as plastics that are primarily used for packaging applications. These resins inhibit penetration of gas, vapor, and liquid. As a result, barrier resin has several applications in many end-user industries. It is primarily used in the chemical industry for manufacturing different chemicals. Moreover, it has cosmetic & personal care, agriculture, food & beverage, medical and other applications too.
Demand for barrier resins is considerably high in food & beverage segment. The chemical industry segment is anticipated to witness substantial growth rate during the forecast period superseded by the food & beverage segment. In food & beverage, barrier resin is used in packaging of food products such as fish, beer, meat, milk tins, wine and soft drinks. Food packaging & pharmaceuticals, the developments in this industry is anticipated to be the key factor responsible for the rising attractiveness of barrier resins during the forecast period. Additionally, barrier resin is also used as an adjuvant, used to facilitate soil strengthening applications in agricultural settings and as an adjuvant in personal care and health systems. Furthermore, PVC has long been largely used polymer in packaging industry since it’s easy to process and high barrier properties, however, usage of PVC has declined significantly due to environmental concerns about the lifecycle and high polar nature of PVC. There has been many complaints raised from environmental perspective due to Chlorine release of PVC in many developed countries such as China and U.S. Stringent environmental regulations had created lucrative opportunities for new barrier resins in packaging industry and is anticipated to continue to the near future.
The Global Barrier Resins Market was valued at US$ 2.7 Bn in 2016 and is projected to reach US$ 3.9 Bn by 2025 at a CAGR of 4.4% from 2017 to 2025.
In terms of revenue as well as volume, the barrier resins market in North America is anticipated to expand in the near future, due to continuous demand from the packaged food & beverages industry. Food & beverages was the leading application segment of the market in North America region in 2016. The barrier resins market in North America is also driven by the growing medical industry in the region. The chemical segment in North America is, however, anticipated to lose a notable market share, owing to presence of low-cost substitutes that offer high barrier properties and resistance to several chemicals. On the other hand the agriculture segment in North America is likely to provide lucrative opportunities due to advancements in agricultural practices and increased use of high performance products.
Europe is considered to be the second prominent market for food & beverage applications in the barrier resins market. The market in this region is likely to driven by high adoption of advanced materials in the packaging sector. And owing to increase in usage of barrier resins for medical packaging and strict rules and regulations being laid down by the European government for restricting the use of materials like PVDC for medical packaging owing to the release of chlorine. Rapid urbanization, increase in disposable income, and changing lifestyle in emerging economies are factors likely to boost the cosmetics & personal care segment of the global barrier resins market in the near future within Europe.
In terms of volume, Asia Pacific held the largest share of more than 55% of the global barrier resin market in 2016. The barrier resin market in the region is anticipated to expand notably in the next few years and is expected to dominate the market during the forecast period. The increasing trend for the consumption of packaged food is one of the major contributors to the growth of this segment in the region. Food & beverages was the leading application segment of the market in the region in 2016. This is attributable to the increase in demand for barrier resins from the ready-to-eat food industry. The barrier resins market in Asia Pacific is also driven by the growing cosmetics and personal care industry in the region. Japan is likely to remain a key market for barrier resins during the forecast period. Barrier resins market is expected to witness significant growth in food and beverage segment. On the other hand, ASEAN is expected to offer adequate growth potential for the medical application segment of the market in the region from 2017 to 2025. The barrier resins market in China is anticipated to expand slightly from 2017 to 2025, thereby offering lucrative opportunities for existing manufacturers as well as new entrants. India is expected to witness a fall in the barrier resins market share during forecast period.
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The barrier resin market in Middle East & Africa is estimated to remain nearly consistent during the forecast period. However the barrier resin market in Latin America is estimated to witness high growth at sluggish rate during the forecast period. Food & beverages was the leading application segment of the market in Middle East & Africa as well as in Latin America region in and occupied a significant market share of more than 50% in each region in 2017.The barrier resins market is also driven by the growing cosmetics and personal care industry in Middle East & Africa Whereas also driven by the growing medical industry in Latin America. The agriculture and chemical segments are, however, anticipated to lose a notable market share in both of the regions, by the end of the forecast period, owing to presence of low-cost substitutes in different end use industries. GCC is a leading manufacturer and consumer of barrier resins across Middle East and Africa. The growth of barrier resins market in South Africa is ascribed to the growing requirements of people for the consumption of packaged food and increasing awareness about health and hygiene.
The global barrier resins market is a fragmented market, with the major players dominating the global barrier resins market. Key players include Kuraray Co., Ltd., The Dow Chemicals Company, E. I. DU PONT De Nemours And Company, Asahi Kasei Corporation, Solvay S.A., Honeywell International Inc., Mitsubishi Gas Chemical, Inc., INEOS Group Ltd. and Invista, amongst other manufacturers.