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Albany, New York, Jan. 29, 2019 (GLOBE NEWSWIRE) -- The presence of a large number of regional and international players has increased the competition in the global barrier resins market. Key players in the market are focusing on advanced business development strategies to strengthen their position in the market. They are also focusing on innovation, merger, partnership, and expansion to keep up with the changing market dynamics. Players are engaged in producing advanced and better quality product due to the growing demand for packaged products. In a recent report published by Transparency Market Research, there are few prominent players analyzed that are operating in the global barrier resins market. Mitsubishi Gas Chemical Inc., Asahi Kasei Corporation, Invista, E.I.DU PONT DE Nemours and Company, Honeywell International Inc., Kuraray Co. Ltd., Solvay S.A, and The Dow Chemicals Company are some of the key players operating in the market.
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Growing demand for packaged products across nations and changing lifestyle are expected to boost demand in the global barrier resins market. With the growing demand for these products, the global barrier resins market is anticipated to reach a valuation of US$3.9 bn by the end of 2025. In 2016, the market earned US$2.7 bn. During the forecast period between 2017 and 2025, the market is anticipated to progress at 4.4% CAGR.
Based on material, the EVOH segment is projected to lead the market in the coming years. EVOH possess some outstanding properties such as resistance to organic solvents and water, gas barrier, and easy processing. However, the nylon segment is also expected to gain huge traction in the coming years, as it is cheaper than other materials such as EVOH. In terms of geography, North America held a dominant position in 2016 and likely to maintain that in the forthcoming years. On the other hand, Asia Pacific is anticipated to hold a significant share in the market and contribute substantially in revenue share in this market.
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Growing Application in Food and Pharmaceutical Industries to Benefit Market Performance
Globally, the demand for packaged food products has increased at a significant rate due to changing lifestyle and increasing busy schedules. In addition, rising demand barrier resins in the pharmaceuticals and food industry for packaging have boosted demand in this market. It helps in improving the shelf life of the food products, prevents a change in its flavor, and retains its freshness until it has reached its final consumers.
Adding further to the driving factors in the global barrier resins market is rapid growth in urbanization and growing preference for packaged and ready to use goods. Moreover, resins are also largely used in synthetic material to make varnishes, adhesives, food glazing, perfumes, and nail paints. Considering the aforementioned factors, the global barrier resins market is projected to rise at a high rate.
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Strict Regulatory Standards to Deter Demand in Barrier Resins Market
Even though the demand in the global barrier resins is significantly high, but few discrepancies that might deter the growth in this market. Strict regulatory standards and political and environmental norms might restrict the market to grow at its full potential. In addition, increasing cost of barrier resins is also expected to hamper the market’s growth. However, growing demand for packaged goods across the globe and rising use of advanced techniques to retain product freshness and prevent flavor loss is expected to drive the market’s demand.
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The information presented in this review is based on a TMR report, titled “Barrier Resins Market (Material Type - Nylon, EVOH, and PVDC; Application - Food & Beverage, Medical, Cosmetics & Personal Care, Chemical Industry & Agriculture) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025.”
The Global Barrier Resins Market has been segmented as presented below:
Global Barrier Resins Market Segmentation: By Material Type:
Global Barrier Resins Market Segmentation: By Application Type:
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