Resin is a natural element found in various plants in coniferous trees. In polymer chemistry resin is a thick and sticky material which can be converted into polymers. Such thick and sticky substances can be plant-derived or synthetic by nature. More frequently reasons are combination of organic compounds. Plants generally produce resins in order to save themselves from injury. The use of barrier resin also increased in pharmaceutical industries across the globe in order to protect medicines and other pharmaceutical products and increase their shelf life. It is a form of plastic which is used for packaging to prevent gas, vapor, or liquid penetration in the package. Because of these factors the barrier resins find its applications in agricultural industries, chemical industries, food and beverage industries, personal care and cosmetics, and pharmaceutical and medical industries. However, factors such as rising costs, regulatory standards, and political & environmental norms are likely to act as market restraints.
Covid-19 Impact Analysis
- The coronavirus's unfavorable global effects are already evident, and they will have a big impact on the barrier resins in 2020.
- The World Health Organization has declared a public health emergency after the COVID-19 virus outbreak in December 2019. The disease has spread to over 100 nations and resulted in massive deaths all across the world. Exports & Imports, global manufacturing, tourism, and financial sectors have all been heavily damaged.
- The downward pressure on the global economy, which had previously shown signs of improvement, has escalated once more. The outbreak of the virus has added danger factors to the international economy's already sluggish development. Many international groups have stated that the global economy is experiencing its most difficult moment since the financial crisis.
- The lockdown has resulted in hampering the imports and exports of various goods. Also, the uncertainty created in the market in the consumers’ buying pattern has resulted in hampering of the barrier resins market.
Top Impacting Factors
The growth in the pharmaceutical packaging industry in developing economy and changing patterns of lifestyles, are expected to drive the barrier resins market in the upcoming years. Also, the improved shelf life of packaged food products and increasing urbanization expects a boost to the market in the upcoming years. In addition, rising consumer awareness about healthy purchasing and growing preference for fresh food products with proper packaging, is predicted to fuel the market during the forecasted years. Also, expansion of pharmaceutical industries is a major reason for the growth of the market.
- Change in lifestyle of people and urbanization are driving the market.
- Shifting trend towards small household during the changing lifestyles and rapid urbanization supports the barrier resins market growth. Increasing product usage in packaging food and beverages including bakery and dairy products, along with fruits, vegetables, meat products, sauces, and condiments will drive the business growth.
- Expansion of the pharmaceutical industry has resulted in the demand.
- Expansion in overall pharmaceutical industries owing to the increasing disease incidence and growing medical expenditure are among the key factors fuelling product demand. Technological advancements in blister packaging and drug delivery devices will support the barrier resins market. Emergence of nanotechnology has also enhanced the market growth in the pharmaceutical packaging industry.
- Developing economies with growing demands, along with globalization process has expanded the market.
- Rapid globalization and strengthening economic conditions have enhanced the living standards globally. Increasing consumer spending on cosmetic products including skin care, hair care and makeup products is driving the barrier resins market. Due to its properties like easy to store and carry and applying properties in cosmetic packaging solution is supporting the product penetration in the market.
Key Benefits of the Report
- This study presents the analytical depiction of the barrier resins industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the barrier resins market share.
- The current market is quantitatively analyzed to highlight barrier resins market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed barrier resins market analysis based on competitive intensity and how the competition will take shape in coming years.
Barrier Resins Market Report Highlights
Key Market Players
INVISTA, DuPont, Mitsui Chemicals, Inc., Valspar Corporation, Honeywell International, Inc., EVAL Europe N.V, NOVA Chemicals Corporation, The Dow Chemical Company, Kuraray Co., Ltd, INEOS
Other Key Market Players
Asahi Kasei Corporation