Barrier Resin Market Poised to Expand at a Robust Pace Over 2017 - 2025
Global Barrier Resins Market: Advent of Newer Materials to Open up Exciting Avenues
United States, 15 November 2017 -- Considering the rising preference for packaged food over non-packed food due to health and hygiene reasons along with several other factors, the global barrier resins market is likely to touch a valuation of US$3.9 bn by 2025 from US$2.7 bn in 2016 at a CAGR of 4.4% between 2017 and 2025.
The global barrier resins market is choc-o-bloc with companies making it a fragmented one, says Transparency Market Research (TMR) in a new report. A prominent characteristic of the global barrier resins market is that several players are available for same product offerings, which makes the market competitive. This, however, is gainful for buyers as it allows them to switch suppliers at low costs.
Some of the key players operating in the global barrier resins market are Kuraray Co. Ltd., The Dow Chemicals Company, E.l.DU PONT DE Nemours and Company, Asahi Kasei Corporation, Solvay S.A., Honeywell International Inc., Mitsubishi Gas Chemical Inc., INEO Group Ltd., and Invista among others.
The EVOH segment, among the key material type segments, is likely to lead the global barrier resins market over the forecast period. The high growth rate of EVOH segment is mainly because it offers excellent properties of gas barrier, resistance to organic solvents and water, and easy processing. On the basis of application, food and beverage led the market in 2016 holding 54.8% market share. Geography-wise, North America led among other key regional markets in 2016 due to a high consumption of packaged food.
Over the past few years, consumers are increasingly preferring packaged food over non-packed food for health reasons. However, packaged food that is packed and transported over long distances for later use need to retain freshness and quality as desired by consumers. To address this, food manufacturers are consistently making efforts to use food grade packaging and sealing materials that help to keep the content intact along with maintaining quality. Barrier resins are used to prevent loss of flavor and to prevent permeation of oxygen in eatables. This is a key factor fuelling the growth of the global barrier resins market.
The flourishing packaged food and beverage industry that accounts for a significant demand for barrier resins is indirectly benefitting the barrier resins market. Barrier resins are used in packaging of food and beverages such as meat, fish, tins, beer, wine, and soft drinks as they inhibit penetration of gas, vapor, and liquid. Further, the growth of pharmaceuticals industry is also a key factor behind the rising attractiveness of barrier resins over the past few years.
Apart from this, the emergence of newer materials such as barrier grade LDPE, HDPE, LLDPE, and many more for packaging applications is likely to spur the growth of barrier resins market. These newer materials are not only low in cost but also provide barrier properties that are at par with traditionally used materials such as EVOH.
Health Hazards Key Constraint Slowing Growth
On the contrary, the use of traditionally used PVDC-based barrier resins are likely to plummet owing to health hazards associated with the release of chlorine. Environmental concerns and high polar nature of PVDC has also been a factor leading to its declined uptake.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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