Barrier Resins Market size is forecast to reach $3.3 billion by 2025, after growing at a CAGR of 5.2% during 2020-2025. The global demand for barrier resins is expected to experience growth with the rising preference for packaged food over unpacked food. The increasing concern of health and hygiene is leading consumers to opt for packaged food which is healthier and less likely to cause adverse effects. Also, the rise in the pharmaceutical packaging industry in developed economies, improved shelf-life of packaged food products, increased urbanization, and evolving lifestyle patterns continue to drive the Food packaging market which is expected to boost the barrier resins industry over the forecast period.
Barrier Resins Market Segment Analysis – By Type
Synthetic Based Barrier Resins is widely used in the barrier resins market in 2019. Synthetic resins comprise broad groups of synthetic products with physical features identical to natural resins but with distinct chemical characteristics. PVDC is the most widely used synthetic-based barrier resin. PVDC films are optically transparent, have a high degree of gloss, and a low permeability to gas, and are resistant to many chemicals. The exceptional barrier properties of PVDC make it suitable for use in food packaging and it is especially useful for items with high-fat content and strong aromas and flavors. Also, it is widely used in the packaging of pastries, dehydrated foods, dairy products, sausages, patés, beef, smoked fish, and dried products such as herbs, spices, tea, and coffee. PVDC barrier resins even offer long-lasting security for innovative packaging and medical film solutions and improve consumer satisfaction with minimal risk. Hence due to such properties, the increasing demand for synthetic barrier resins will further drive the market for barrier resins.
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Barrier Resins Market Segment Analysis – By Application
Food & Beverage held the largest share in the barrier resins market in 2019 and is projected to grow at a CAGR of 4.7% during the forecast period 2020-2025. Barrier resin is majorly used in the food and beverage industry. Barrier resins, such as the manufacture of food glazing agents, are appreciated for their chemical properties and associated uses. Barrier resin helps to prevent the entry of gases (oxygen, carbon dioxide, nitrogen), vapor (water or solvent), or liquid into the food chest. The food and beverage sector is the largest in which barrier resin is used mostly for food and drink packages, such as meat, fish, beer, wine, soft carbonated drinks, and canned milk. Barrier resins used for the food & beverage packaging provide enhanced shelf life, consistency of product, prevent odor and UV rays from entering the container and thus protect the vitamin content. Also, the rising preference for packed foods with the preservation and stability of products over time and the protection increased among the users have increased the demand for barrier resins in the food and beverage industry.
Barrier Resins Market Segment Analysis – Geography
Asia Pacific held the largest share with 37% in the barrier resins market in 2019, due to higher demand for the barrier resins materials from the food & beverage industry in the region. Asia-Pacific is expected, to remain the most rapidly expanding regional barrier resin segment, due to the increased demand for barrier resins, particularly in China and India, and is expected to fuel the barrier resin market growth in the Asia Pacific region. According to the China Chain Store & Franchise Association, the food and beverage (F&B) market in China reached approximately $595 billion in 2019, an increase of 7.8 percent over 2018. Growth in consumer-packaged goods (CPG) and fast-moving consumer goods (FMCG) are due to the items which are sold quickly and reasonably at low cost and which is anticipated to support the growth of the demand for barrier resins.
Barrier Resins Market Drivers
Increasing demand for EVOH (Ethylene Vinyl Alcohol)
EVOH (Ethylene Vinyl Alcohol) is a copolymer manufactured from vinyl alcohol and ethylene and is the most commonly used barrier resin on the market. EVOH is easily co-extruded using normal extrusion equipment from all types of polyamides, polyolefins, and other polymers. EVOH is a hydrophilic material, and must therefore be thoroughly dried before processing extrusion. EVOH is a highly versatile thermoplastic barrier resin with significant applications in food & beverage and pharmaceutical packaging, as it is highly transparent, resistant to temperature, oil & solvent, moldable, and recyclable. In certain conditions, the EVOH barrier resin has superior barrier properties compared to other high barrier products, such as Polyvinylidene Chloride (PVDC), and can satisfy other challenging specifications, such as oxygen barrier in medical packaging, flavor preservation in coffee, and the barrier to fragrances and solvents in cosmetic packaging. In bottle and sheet applications, scrap provided after the co-extrusion process is typically recycled as layers. After post-consumer use, it can also be recycled. The demand for Barrier Resins is expected to rise, as these items can be recycled even after extensive use by consumers and industries.
High Growth of Barrier Resins for Pharmaceutical & Medical Packaging
Barrier resin materials act as an essential part of the modern healthcare system. The development of the pharmaceutical& medical packaging division in developing countries has enhanced the use of barrier resins. The primary use of barrier resins is the protection of pharmaceutical products from light, moisture, oxygen, biological contamination, and mechanical damage. The strict criteria for efficient packaging of pharmaceuticals and medical devices have led to a wide variety of barrier resins being produced and improved. These barrier resins prohibit a product from migrating or leaving the concentrated packaging and accessing the atmosphere as well as protection from external stimuli that may penetrate the packaging and destroy the product. According to the India Brand Equity Foundation, the Indian market for medical tourism is rising at an annual rate of 18 % and is projected to cross US$ 9 billion by 2020.
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Barrier Resins Market Challenges
Stringent Packaging Laws and Regulations
Packaging increases the amount of garbage because we tend to carelessly dump the packing materials on roads and elsewhere. Furthermore, because these packaging materials (mainly plastic covers) are not recyclable, they remain to lie on the roads and cannot be disposed of properly. The relation between food packaging and consumer safety is of great importance. A package is a safety tool and achieves the goal of supplying the customer with healthy, wholesome, nutritious food. To protect the rights of consumers and society as a whole, the Government has implemented packaging laws and regulations. New regulations concerning packaging of foods were released on 3 January 2019 by the Food Safety and Standards Authority of India (FSSAI). According to the Food Safety and Standards Authority of India (FSSAI), India’s new packaging regulations banned both the use of recycled plastics in food packaging, as well as the use of newspapers and certain other materials to cover or package food products. These also refer to different Indian standards for printing inks for use in packaging foods. Thus, increasing strict rules for food and pharmaceutical product packaging will create hurdles for the barrier resins market over the forecast period.
Market Landscape
Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the barrier resins market. In2019, the market of barrier resins has been consolidated by the top five players accounting for xx% of the share. Major players in the barrier resins market are The Dow Chemical Company, Honeywell International, Inc., Mitsui Chemicals, Inc., EVAL Europe N.V, NOVA Chemicals Corporation, INVISTA, Kuraray Co., Ltd, Asahi Kasei Corporation, DuPont, and INEOS among others.
Key Takeaways
APAC dominates the barrier resins market owing to the rapid urbanization and increased life of processed food products with the use of barrier resins in driving the food packaging market.
Increasing demand for barrier resins to prevent loss of flavor and to prevent permeation of oxygen in eatables will drive the market for barrier resins in the projected period.
Consumers’ rising understanding of safe buying and increasing demand for well-packaged foods is the key driver for the resin barrier industry.
Since, the researchers and scientists are coming up with modern, more effective, and economical polymers, the barrier resins market has a lot of room in the research &development division.
COVID-19 epidemic 2020-2021 has the potential to affect the supply chain of medical goods according to the Food and Drug Administration (FDA), with potential supply disturbances or shortages of key medical products posing barriers for the demand of barrier resins.
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