Packaging Resin Market to Reach USD 374.9 Billion by 2030

The expected income of the worldwide packaging resin market stands at approximately USD 229.4 billion in 2023, projected to surge to USD 374.9 billion by 2030.

This is mainly because of the growing need for packed food & beverages, itself credited to the rising trend of ready-to-eat food and online ordering, growing populace, and rapid urbanization. Therefore, the increasing food packaging industry, propelled by the growing need for ready-to-cook and on the-go food items, plays an important role in the growth of the industry.

In 2023, the polypropylene industry had the largest share, of around 30%, on the basis of revenue. Polypropylene is a kind of thermoplastic polymer that is extensively utilized for wrapping because of its flexibility, durability, and chemical resistance.

It can be utilized in supple and rigid packaging, like containers and films. Being a lightweight material, it can save money in transport. Furthermore, it is recyclable; thus, it decreases the ecological impact. It can be utilized in the packing of warm food items, like soups and ready-to-eat dishes, and vessels that can be microwaved, as it can endure high temps.

During the projection period, the HDPE category is projected to produce revenue of over USD 65 billion. This growth in the demand for HDPE from many industries, like consumer goods and personal care, is because of its toughness and strength. It is majorly needed for the making of the containers, bottles, and caps to be utilized for beverages, personal care products, and cleansing items.

Moreover, its excellent resistance to an extensive variety of chemicals, such as bases and acids, renders it appropriate for the storage of numerous substances and beverages. HDPE is also used in the fabrication of pallets, crates, and numerous kinds of rigid packaging.

The food and beverage sector dominates the market and is anticipated to expand by 7.8% in the projected timeframe. The demand for packaging resin is mainly driven by this sector due to the growing consumption of packaged food, supported by population growth.

HDPE and LDPE are commonly utilized for manufacturing bottles, plastic bags, and food containers, while PVC is preferred for shrink wraps and blister packaging. Additionally, the anticipated increase in disposable income is expected to drive the demand for processed and convenient food products.

During the projection period, the APAC packaging resin industry is projected to dominate in future as well. The rising populace in Bangladesh, India, and China is estimated to boost the need for convenience food, therefore generating enough opportunities for the manufacturers of plastics for wrapping purposes.

Hence, the packaging resin industry is growing with the booming food & beverage and pharmaceutical sectors, rising population, and increasing spending power.

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