Barrier Resins Market to Expand at 4.4% CAGR during 2017-2025

Global Barrier Resins Market: Snapshot

The global barrier resins market is expected to witness growth on the back of increasing preference for packaged food over non-packed food. The increasing health and hygiene considerations is leading consumers to opt for packaged food that is safe and is less likely to cause adverse effects. However, packaged food that is transported over long distances and is meant for later use needs to be prevented from spoilage and retain freshness as well. Barrier resins are used to prevent loss of flavor and to prevent permeation of oxygen in eatables.

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Further, the emergence of newer materials for barrier resins such as LDPE, HDPE, and LLDPE that are increasingly taking over traditionally used materials such as PVDC due to health hazards associated with them is likely to provide growth opportunities to barrier resins market in the future. In addition, high production cost and long lead time are some other factors restraining this market over the past couple of years.

A report by Transparency Market Research (TMR) estimates the global barrier resins market to expand at a CAGR of 4.4% between 2017 and 2025, for the market’s valuation to become US$3.9 bn by the end of 2025 from US$2.7 bn in 2016.

Food and Beverage Application Segment Wins by Share due to High Consumption of Packaged Food

In this report, the global barrier resins market has been studied on the basis of material, application, and geography. On the basis of material type, the global barrier resins market is classified into nylon, EVOH, PVDC, and others. Of them, the EVOH segment is likely to hold dominance in the market over the forecast period. The high growth of EVOH segment is mainly because of excellent properties of EVOH of gas barrier, resistance to organic solvents and water, and easy processing. Nylon is also anticipated to emerge as a key segment over the forecast period on account of its low cost in comparison to other materials such as EVOH. On the other hand, PVDC segment is likely to display a declined market share owing to health hazards associated with the release of chlorine.

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Based on application, the market has been segmented into chemical industry, cosmetics & personal care, agriculture, food and beverage, medical, and others. Of them, food and beverage segment led the market in 2016 holding 54.8% share. Going forward, food and beverage is likely to display a CAGR of 4.6% between 2017 and 2025. On the other hand, the medical segment 16.7% of the global market in 2016; the medical segment is expected to display increased share in the upcoming years due to the need for alternative materials to be used for medical packaging applications. Cosmetic & personal care application segment is also likely to display an increased market share, predominantly due to the growth of cosmetic and personal care industry in emerging economies.

Asia Pacific to Continue to Remain Attractive

The key regions into which the global barrier resins market is divided based on geography are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America, among all, held the leading share in the global barrier resins market in 2016. The high consumption of packaged food and growth of the medical industry are key factors behind the growth of North America barrier resins market.

Europe is also a key market due to high volume demand for barrier resins from food and beverage application segment.

Vis-à-vis volume, Asia Pacific led the global barrier resins market holding more than 55% share.  Going forward too, the region is anticipated to account for significant revenue contribution.

Key players operating in the global barrier resins market include 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.

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