The packaging resins market is estimated at USD 192.17 billion in 2017 and is projected to reach USD 277.13 billion by 2022, at a CAGR of 7.6% from 2017 to 2022.
Increase in the demand for packaged food products that require protection against moisture and other environmental hazards is the major driver fueling the growth of the packaging resins market.
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Polypropylene (PP) is projected to be the fastest-growing type segment of the packaging resins market
Polypropylene (PP) is projected to be the fastest-growing type segment of the packaging resins market between 2017 and 2022 due to the provision of an excellent barrier against gas and vapors.
PP possesses similar features to those of polyethylene, and does not crack under stress, with the exception when hot aromatic or halogenated solvent products are packaged, which soften it. It has high resistance to almost all types of chemicals, including strong acids, alkalis, and most organic materials.
The Asia Pacific is projected to be the fastest-growing market for packaging resins
The Asia Pacific is projected to be the fastest-growing market for packaging resins. Changing lifestyles towards the preference for packed food & beverage products and increasing demand for fast-moving consumer goods are expected to drive the packaging resins market.
Countries, such as India and China are expected to post high growth in the plastic packaging market due to the growing demand for plastic packaging due to easy availability at cheaper rates and increasing population.
In addition to this, growing populations in these countries present a significant customer base for FMCG products and food & beverages, which in turn is expected to lead to the growth of the packaging resins market.
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The report analyzes the key growth strategies adopted by the leading market players between 2015 and 2017. ExxonMobil Corporation (US), Sinopec Corporation (China), LyondellBasell Industries Holdings B.V (Netherlands), SABIC (Saudi Arabia), PetroChina Company Ltd.(China), and DowDupont Inc. (US) are the key players operating in the packaging resins market.
These companies adopted new product launches, agreements & partnerships, mergers & acquisitions, and investments & expansions strategies to strengthen their presence in the packaging resins market.
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