The barrier resins market exhibits high growth potential and is projected to reach a market size of USD 16.6 billion by 2026 from USD 12.4 billion in 2021, at a CAGR of 5.9 %. The barrier resin market growth is being led by the ease of use and customization of barrier resin products. They provide great protection against moisture, UV rays, heat and many more external factors. They do not react with the chemicals being stored in them and protect their integrity. The growing demand in the packaging industry especially in food & beverage. APAC region is the largest market for barrier resins. Barrier resins are preferred over traditional packaging for being lightweight, customizable, moisture and leak-proof qualities, and ease of use. The only major concern was the environmental impact of non-biodegradable films which is getting slowly settled by the introduction of bio-based barrier resins.
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The major drivers for the market are increased demand for barrier resins in various packaging industry namely food & beverage, cosmetics, pharmaceutical & medical and many more. Environmental regulations have restricted use of some resins in Europe and it may become an issue in other regions as well. Organic barrier resins are getting popular in the packaging industry and among consumers. There are various bio-based barrier resins available in the market, for instance, green materials such as sugarcane and bioplastics whose acceptance by a manufacturer as well as consumer may be a challenge.
APAC is projected to be the fastest-growing market, in terms of value during the forecast period. A huge and increasing population base and a shift towards urbanization is the leading cause.
The pharmaceutical & medical industry uses barrier resins for their wide range of uses including as pouches, overwrap to bottles, and formed push-through packs. PVDC and EVOH are the mainly used barrier materials in pharmaceutical packaging, as they are eco-friendly, of high quality, tamper resistant, have design flexibility to meet regulatory compliance, and provide efficient and safe drug delivery for oral solids. The COVID-19 outbreak increased the demand of single use and packaged medical products which resulted in increased demand of barrier resins as well.
The outbreak of the novel coronavirus or COVID-19 was declared a pandemic by the World Health Organization (WHO) in 2020. The virus outbreak wreaked havoc on the global economy, with the lockdown of international borders and the shutdown of economic activities across countries to prevent the spread of COVID-19 resulting in a severe impact on industries across the world.
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Recovery from the COVID-19 crisis largely depends on various known and unknown factors, which most countries will have to deal with and respond to. The economic recovery will depend on the health and economic responses, as well as the agility and speed of implementing various measures. The recovery of the barrier resin market is interconnected with te recovering economy. The pandemic affected different sectors in various manners, sectors such as pharmaceutical & medical saw a reise in demand whereas the manufacturing and procurement of raw material became difficult.
These players have adopted various strategies, such as merger & acquisition, investment & expansion, new product launch, and partnership & agreement, to grow in the market. Investment & expansion and merger & acquisition were the key strategies adopted by the major players between 2018 and 2021. This strategy helped companies increasing their global presence, product portfolio, and market shares.
Kuraray Co Ltd. is second in leading the barrier resins market. The company started with a purpose of commercializing synthetic rayon. The company has business in fibers & textiles and chemical segments. It produces barrier resins for agriculture, food & beverage, automotive, electronics, and other end-use industries. The company has business in APAC region and slowly developing in Europe.
Asahi Kasei Corporation is the leading company in the production, processing, and selling of chemical products. It sells barrier resins through their subsidiary Asahi Kasei Chemical Corporation (Japan) as the leading producer of PVDC resins. It operates in various business segments including chemicals & fibers, homes & construction materials, electronics, health care, and others. The company serves customers in Japan & China mainly. The company is focused on developing global customer reach as an initiative they are building new plants including one in Changshu, Jiangsu, China. It has a wide range of barrier resins for applications, such as food, pharmaceuticals, and industrial. The company’s growth is driven by the flexible packaging market, which, in turn, drives the demand for barrier resins.
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