The global barrier resins market is choc-o-bloc
with companies making it a fragmented one, says Transparency Market
Research (TMR) in a new report. A prominent characteristic of the
global barrier resins market is that several players are available
for same product offerings, which makes the market competitive. This,
however, is gainful for buyers as it allows them to switch suppliers
at low costs.
Some of the key players operating in the global
barrier resins market are Kuraray Co. Ltd., The Dow Chemicals
Company, E.l.DU PONT DE Nemours and Company, Asahi Kasei Corporation,
Solvay S.A., Honeywell International Inc., Mitsubishi Gas Chemical
Inc., INEO Group Ltd., and Invista among others.
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Considering the rising preference for packaged
food over non-packed food due to health and hygiene reasons along
with several other factors, the global barrier resins market is
likely to touch a valuation of US$3.9 bn by 2025 from US$2.7 bn in
2016 at a CAGR of 4.4% between 2017 and 2025.
The EVOH segment, among the key material type
segments, is likely to lead the global barrier resins market over the
forecast period. The high growth rate of EVOH segment is mainly
because it offers excellent properties of gas barrier, resistance to
organic solvents and water, and easy processing. On the basis of
application, food and beverage led the market in 2016 holding 54.8%
market share. Geography-wise, North America led among other key
regional markets in 2016 due to a high consumption of packaged food.
Increasing Consumption of Packaged Food Stokes
Demand
Over the past few years, consumers are
increasingly preferring packaged food over non-packed food for health
reasons. However, packaged food that is packed and transported over
long distances for later use need to retain freshness and quality as
desired by consumers. To address this, food manufacturers are
consistently making efforts to use food grade packaging and sealing
materials that help to keep the content intact along with maintaining
quality. Barrier resins are used to prevent loss of flavor and to
prevent permeation of oxygen in eatables. This is a key factor
fuelling the growth of the global barrier resins market.
The flourishing packaged food and beverage
industry that accounts for a significant demand for barrier resins is
indirectly benefitting the barrier resins market. Barrier resins are
used in packaging of food and beverages such as meat, fish, tins,
beer, wine, and soft drinks as they inhibit penetration of gas,
vapor, and liquid. Further, the growth of pharmaceuticals industry is
also a key factor behind the rising attractiveness of barrier resins
over the past few years.
In addition, in agricultural settings, barrier
resin is also used as an adjuvant that helps facilitate soil
strengthening applications. Barrier resins are also used as an
adjuvant in personal care and healthcare settings.
Apart from this, the emergence of newer materials
such as barrier grade LDPE, HDPE, LLDPE, and many more for packaging
applications is likely to spur the growth of barrier resins market.
These newer materials are not only low in cost but also provide
barrier properties that are at par with traditionally used materials
such as EVOH.
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Health Hazards Key Constraint Slowing Growth
On the contrary, the use of traditionally used
PVDC-based barrier resins are likely to plummet owing to health
hazards associated with the release of chlorine. Environmental
concerns and high polar nature of PVDC has also been a factor leading
to its declined uptake.
The review presented here is based on the findings of a TMR report, titled “Barrier Resins Market (Material Type – Nylon, EVOH, and PVDC; Application - Food & Beverage, Medical, Cosmetics & Personal Care, Chemical Industry, and Agriculture) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017–2025.”
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