The global packaging resins market revenue was around US$ 310.2 billion in 2023 and is estimated to reach US$ 587.3 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.4% during the forecast period from 2024 to 2032.

Packaging resin serves as a key position in different industries, acting as a fundamental factor in the introduction of multiple packaging materials. Packaging resin contains a broad range of polymers that contribute to the manufacturing of packaging alternatives utilized globally. These resins are picked for their durability, versatility, and potential to meet the different desires of different industries.

Factors Influencing Market Growth

- The packaging resins market is anticipated to notice a high growth possibility in the future due to its extensive usage in consumer goods, beverages, food, healthcare, and others.

- The increase in demand for packaged goods across different sectors increases the packaging resins market growth during the forecast period.

- The unstable raw material prices of packaging resin are anticipated to hamper the development of the packaging resin market.

- The growth in eco-friendly packaging materials is anticipated to offer generous growth opportunities for the packaging resins market.

Impact of COVID-19

The impact of the COVID-19 pandemic had a severe influence on the primary producers, as well as recyclers, which pushed the overall slump in the supply and production of these types of plastics, resins, and other petrochemicals. This further resulted in a negative economic drop in the sector. The market encountered a decline in industrial demand attributed to limitations charged by the government to halt production activities.

Regional Analysis

In 2023, Asia Pacific dominated the global packaging resins market and is anticipated to dominate the market during the forecast period. The segment is propelled by factors like packaging resins in the Asia-Pacific region is boosted by factors like transforming consumer lifestyles, economic growth, and augmented e-commerce activities.

Leading Companies

The leading prominent companies profiled in the global packaging resins market are:

- BASF SE
- Borealis AG
- Braskem
- China Petrochemical Corporation
- Dow
- Exxon Mobil Corporation
- INEOS
- LyondellBasell Industries Holdings B.V.
- Reliance Industries Limited
- SABIC
- Other prominent key players

Segmentation Outline

The global packaging resins market segmentation focuses on Application, Type, and Region.

Segmentation based on Application

- Food and Beverage
- Consumer Goods
- Healthcare
- Others

Segmentation based on Type

- Low-Density Polyethylene (LDPE)
- Polypropylene (PP)
- High-Density Polyethylene (HDPE)
- Polystyrene (PS)
- Others

Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa