ALBANY, New York, November 15, 2017 /PRNewswire/ --
Transparency Market Research has released a new market report titled "Barrier Resins Market for Chemicals, Cosmetics & Personal care, Agriculture, Food & beverages, Medical, Others (Nylon, EVOH, PVDC, others, etc.) Applications - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2025." According to the report, the global barrier resins market was valued at US$ 2.7 Bn in 2016 and is projected to reach US$ 3.9 Bn by 2025 at a CAGR of 4.4% from 2017 to 2025.
The polymers and plastics have several useful properties such as low cost, light weight, transparency, durability, clarity, ease of transportation, and good shelf appeal. Because of these attributes, polymers are the obvious choice of material for packaging applications and have been extensively used worldwide. The foremost application for food & beverage industry is supplying goods, which are safe, edible, free from any odor or colorization and fresh to consumers.
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Barrier resins are majorly used as a barriers to prevent the passage of flavor, odor and permeation of oxygen into eatable or food packages in food & beverage industry. PVDC has long been largely used polymer in packaging industry since it's easy to process and has high barrier properties, however, usage of PVDC has declined significantly due to environmental concerns about the lifecycle and high polar nature of PVDC. The plummeted demand of PVDC had created lucrative opportunities for barrier resins in packaging industry and is anticipated to continue in the near couple of years. Ethylene Vinyl Alcohol (EVOH) is also widely used for shutting out oxygen to prevent decomposition and the growth of mold, while maintaining transparency in food packaging in food & beverage industry. Despite the high production cost of EVOH, this material segment is owing to growth of food & beverage industry, on account of continuous changing lifestyles has led to a paradigm shift in the food consumption patterns over the past few years.
This has also brought about a significant change in the North America's and Europe's food industry. The growing importance of health and hygiene people are shifting from consumption of non-packed foods to packaged foods, this is expected to provide lucrative opportunities for the use of barrier materials in food packaging, which can increase the shelf life of food and improve its safety and quality. Furthermore medical industry, is one of the key application industry, which has been expanding rapidly, is likely to boost the high performance barrier resins market. Barrier resins are highly suitable for packaging of oral dose, nutraceuticals, nutrition supplements, and injections by providing long-lasting protection for advanced packaging and medical film solutions, thus maximizing customer satisfaction with minimum risk.
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They also possess some unique properties such as good esthetics, high transparency, and easy to process that makes barrier resins suitable for cosmetics & personal care applications. Thus, growth in the personal care and cosmetics industry is expected to provide the noteworthy growth, further fueling the packaging industry, which in turn is expected to bolster the barrier resin market in next few years. However, factors such as difficulty in manufacturing, high cost of production and requirement of sophisticated machinery are likely to hinder the market growth of the barrier resins during the forecast period.
Asia Pacific dominates the barrier resin market, followed by Europe and North America. Developing regions (including Latin America and Middle East & Africa) are expected to be the key potential markets for barrier resin during the forecast period. Significant advancements in the medical and cosmetics & pharmaceutical application segments in developing regions is anticipated to be a key factor providing key opportunities thereby driving the barrier resin market in these regions.
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The global barrier resins market is a fragmented market, with the major players dominating the global barrier resins market. Key players include Kuraray Co., Ltd., The Dow Chemicals Company, E. I. DU PONT De Nemours And Company, Asahi Kasei Corporation, Solvay S.A., Honeywell International Inc., Mitsubishi Gas Chemical, Inc., INEOS Group Ltd. and Invista, amongst other manufacturers.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research