The global barrier resins market is expected to grow at a double-digit CAGR for the forecast period. Rise in the pharmaceutical packaging industry in developing economies, improved shelf life of packaged food products, growing urbanization, and changing patterns of lifestyle continue to drive the food packaging market. However, increasing costs, strict regulatory standards, environmental and political norms are the major obstacles in the barrier resins market.
Resin is a natural element found in many plants, especially in coniferous trees. In polymer chemistry, resin is a viscous material that is typically convertible into polymers. Such viscous substances can be plant-derived or synthetic by nature. More often, resins are mixtures of organic compounds. Plants mainly produce resin in response to injury. The resin thus acts as a protective bandage that protects the plant from parasites and other pathogens. In commercial business, resin is used as a synthetic material to make varnishes, food glazing, adhesives, nail paints, and perfumes, etc.
Application-wise, the barrier resin global market is segmented into Food & Beverage. It is the largest segment where the resin is primarily used in the packaging of food & beverage products such as meat, fish, beer, wine, carbonated soft drinks, and canned milk. Barrier resins used for food & beverage packaging provide enhanced shelf life, food quality, prevents odor and UV rays from penetrating the package, and thus protects vitamin content.
The global barrier resins market is segmented on the basis of type which includes Ethylene vinyl alcohol (EVOH) and Polyvinylidene chloride (PVDC). PVDC is a highly effective polymer and is the only reason it is preferred as an excellent material against fat, vapor, and gases.
On the basis of geography, the global barrier resins market is segmented into North America, Europe, Asia-Pacific, Middle-East and Africa. The APAC regions witness a rapid transformation and growth mainly driven by developed infrastructure and sustainable economic growth. Therefore, Asia-Pacific is a global hub for major companies owing to the growth in demand for barrier resins. Thus, barrier resins continue to drive the APAC regions due to consumer preferences, disposable incomes in the middle-class population, favorable economic growth, enhanced standards of living and increased investment in infrastructure have propelled the market growth.
The key players in the barrier resins market include Asahi Kasei Corporation, E.I. du Pont de Nemours and company, Chang Chun petrochemical co. ltd, INVISTA, Kuraray Co. Solvay S.A, INVISTA, Teijin Limited, the Nippon synthetic chemical industry co Ltd, Zheijang Juhua Co, Ltd, Honeywell International Inc., and Ineos Group Limited.
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The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.