Food & Beverage segment is expected to lead the packaging resins market till 2022

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.

Browse 73 market data Tables and 36 Figures spread through 109 Pages and in-depth TOC on "Packaging Resins Market”.

Among applications, the food & beverage segment is expected to lead the packaging resins market during the forecast period

Food & beverage is the largest application segment of the packaging resins market. Plastic packaging of food & beverage products reduces the possibility of product contamination and also protects products from environmental factors, such as moisture, gas, light, and temperature. These factors are expected to drive the demand for packaging resins in the food & beverage sector.

The packaging resins market in the Asia Pacific is projected to grow at the highest CAGR during the forecast period

Asia Pacific is the largest and the fastest-growing market for packaging resins due to the rising demand from the food & beverage industry in the region. In addition to this, the increasing population in these countries presents 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.

Key players in the packaging resins market

Key players in the packaging resins market are ExxonMobil Corporation (US), Sinopec Corporation (China), LyondellBasell Industries Holdings B.V. (Netherlands), SABIC (Saudi Arabia), PetroChina Company Ltd. (China), and DowDupont Inc. (US). These companies undertake dynamic business strategies to sustain their growth in the packaging resins market.

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Sinopec operates 14 plants each, of PE and PP which include production plants as joint ventures with companies, such as Zhongshan (Tianjin), China; Sino-Korean (Wuhan), and BASF (Germany)-YPC (China). It accelerated the development of commodity and specialty chemicals to enable effective supply for its customers. It fine-tuned its chemical feedstock to lower production costs and optimize its product portfolio by maximizing the production of high value-added products tailored to meet market demands. The company optimized operations of its manufacturing facilities to improve profit margins and is also focusing on enhancing R&D to offer high value-added new products to achieve maximum profit. The company also strives to increase sales volumes and margins, by entering new markets.

ExxonMobil Chemical has maintained a strong position in the polyolefins market through backward integration and has commissioned its PP and PE resins production facilities close to its upstream projects for easy access to raw materials. More than 90% of all its chemical production facilities are integrated with its refineries and natural gas processing plants. The company majorly follows new product launches and agreements & partnerships strategies to increase its market presence. The company launched around 4 new flexible packaging application products in the market between 2015 and 2018. This development enabled the company to strengthen its product portfolio. In addition, ExxonMobil and SABIC (Saudi Arabia) signed an agreement for the production of 1.8 MT ethylene per year, a monoethylene glycol unit, and 2 PE units at its petrochemical complex in Texas. This development is expected to strengthen the company’s production line for PE resins.

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