The global packaging resins market is forecast to reach USD 410.77 Billion by 2028, according to a new report by Reports and Data. A surge in demand for bioplastics is a significant trend in the global packaging resins market. They are biodegradable products that are derived from renewable and natural sources such as vegetable oil, potatoes, tapioca, pea starch, rice, sugar cane, cornstarch, grains, wheat, and cellulose from wood. Bioplastics are preferred over conventional plastics due to their eco-friendly nature.
Global research report called Packaging Resins market was recently published by Reports and Data to provide guidance for business. The report also focuses on global major leading industry players of Packaging Resins market providing information such as company profiles, product picture and specification, price, capacity, cost, production, revenue and contact information. Global Packaging Resins market is expected to develop at a substantial CAGR in the coming years. The most significant factor driving the growth of this market is rising investments in market.
The food and beverage sector is fueling the demand for packaging resins market along with consumer goods. The lucrative opportunity provided by the healthcare industry is also boosting market demand. Increasing application of the healthcare industry are also fueling the packaging resins market. Furthermore, various properties of packaging resins, such as its resistance to continuously changing weather conditions is another factor that will propel the market.
Factors affecting the growth of the market are the change in consumer behavior patterns and growth in the processed food industry. The demand for light-weight packaging, owing to a busy lifestyle, fast and convenient food, has increased over the past years.
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The robust growth of several end-use industries are boosting the market demand for packaging resins in the Asia Pacific region. Rapid economic growth and the increase in the standard of living of the middle-class population in India and China have increased the consumerism of FMCG products and food and beverage. Asia Pacific is forecasted to grow with a CAGR of 8.2% during the forecast period.
Key participants include:
Sinopec Corporation, SABIC, Petrochina Ltd., Borealis AG, Dowdupont Inc., M&G Chemicals, Indorama Ventures Public Company Ltd., Braskem S.A., Far Eastern New Century Corporation, and Jiangsu Sanfangxiang Group Co., Ltd, among others.
Further key findings from the report suggest
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For the purpose of this report, Reports and Data have segmented into the global Packaging Resins market on the basis of type, product, application, and region:
Type Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2018-2028)
Product Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2018-2028)
Application Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2018-2028)
Regional Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2018-2028)
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