The global barrier resins market is projected to grow at a CAGR of 5.85% from 2016 to 2026 in terms of value. Growth in the pharmaceutical packaging industry in emerging economies, the enhanced shelf life of packaged food products using barrier resins, and the growing urbanization and changing lifestyles are driving the food packaging market, which in turn are driving the global barrier resins market.
Food & Beverage: The leading application segment in the barrier resins market
The food & beverage is the largest application segment of the global barrier resins market, where the resin is majorly used in the packaging of food & beverage products such as canned milk, meat, fish, beer, wine, canned vegetables & fruits, and carbonated soft drinks. The barrier resins used for food & beverage packaging provide properties such as extended shelf life, long lasting flavor and quality of the food, prevent oxygen and odours from penetrating the package, and protect sensitive vitamin content. In meat packaging, barrier resins work as a shield against the permeation of oxygen, moisture, and UV rays. It also protects the flavor and aroma in the product. The main reasons for the increase in the demand for barrier resin food packaging is that people are now attracted to flexible packaging due to the ease of handling, the lower cost, and the visual appeal which is ultimately driving the global barrier resins market.
EVOH: The fastest-growing type in the global barrier resins market
Ethylene vinyl alcohol (EVOH) is projected to be the fastest-growing type in the global Barrier Resins Market. EVOH is a highly flexible thermoplastic barrier resin that has major applications in the food & beverage and pharmaceutical packaging as it is highly transparent, weather, oil & solvent resistant, moldable, and recyclable. Under most conditions, the EVOH barrier resin has superior barrier properties compared to other high barrier materials such as Polyvinylidene Chloride (PVDC) and is capable of meeting other demanding requirements, such as oxygen barrier in medical packaging, flavor preservation in coffee, and barrier to fragrances and solvents in cosmetics packaging.
Asia-Pacific to register the highest growth rate in the barrier resins market
The Asia-Pacific barrier resins industry is witnessing a phase of rapid transformation and growth, mainly driven by stable economic growth and infrastructure development. The Asia-Pacific region is a global sourcing hub for the key companies owing to the rapidly increasing demand for barrier resins. Healthy economic growth, changing consumer preferences, improvement in the standards of living and increased spending on infrastructure are expected to drive the barrier resins market in the Asia-Pacific region.
Key market players in the barrier resins market
The key players in this market are Asahi Kasei Corporation (Japan), Chang Chun Petrochemical Co., Ltd. (Taiwan), E.I. du Pont de Nemours and Company (U.S.), INVISTA (U.S.), Kuraray Co., Ltd (Japan), Kureha Corporation (Japan), Solvay S. A. (Belgium), Teijin Limited (Japan), The Dow Chemical Company (U.S.), The Nippon Synthetic Chemical Industry Co., Ltd. (Japan), Zhejiang Juhua Co., Ltd. (China), Honeywell International, Inc. (U.S.), and Ineos Group Limited (Switzerland).