The increase in demand for LDPE (Low-Density Polyethylene) in film applications is likely to boost the growth of the packaging resins market during the forecast period of 2021-2031. The rising trend of sustainable packaging material coupled with modern technology may augment the growth of the packaging resins market.

Expanding urbanization levels, extensive economic growth in developing countries and increasing purchasing power are some vital factors that are likely to boost the growth prospects of the packaging resins market Furthermore, the growing demand for packaging materials in food and beverage industries are likely to fuel the growth of the packaging resins market.

Transparency Market Research (TMR) has conducted detailed research on various growth factors associated with the packaging resins market. The parameters such as latest trends, opportunities, development, competitive scenario, regional perspective, and the growth trajectory of the packaging resins market are taken into consideration. Furthermore, the impact of COVID-19 on the packaging resins market is also mentioned in this exhaustive report.

The packaging resins market can be segmented into HDPE, LDPE, polypropylene, PVC, polystyrene, and others based on type. By application, it can be classified into consumer goods, healthcare, food and beverages, and others. The LDPE segment and food and beverage sector are likely to experience promising growth.

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Large-scale investments across the food and beverage sector may invite considerable growth opportunities. In addition, the rise in demand for packaged food products levels across densely populated and developing countries across the globe may have a profound impact on strengthening the growth structure. Furthermore, the emergence of advanced packaging technologies will serve as growth multipliers for the packaging resins market.

The healthcare industry is expected to offer profitable opportunities to the packaging resins market. Barring the lockdown period enforced due to the COVID-19 pandemic, the healthcare industry is expected to observe rapid growth. Packaging resins are used extensively in pharmaceutical packaging. The ongoing pandemic has increased the demand for medicines which may ultimately create growth opportunities for the packaging resins market. These aspects will present an array of opportunities for the packaging resins market.

The rising awareness about environmental conservations has compelled manufacturers and end-use industries to adopt sustainable materials for use. Manufacturers in the packaging resins market are also developing eco-friendly packaging to promote sustainability. In the context of packaging, strict regulations have been imposed on emissions by government bodies of various countries, to avoid carbon footprints. All these aspects are likely to create multiple avenues for the growth of the packaging resins market.

Implementation of stringent rules regarding harmful emissions by government bodies of numerous countries will assure promising growth of the packaging resins market. The rise in the adoption of the latest packaging technologies in various end-use industries will have a profound impact on the growth trajectory of the market.

The key players operating in the packaging resins market are indulging in extensive R&D activities to innovate new advancements in packaging technologies. The food and beverages sector in developing countries requires approval from regulatory authorities regarding the packaging materials so that it is safe for the packaging of food products and beverages to safeguard the health quotient of the masses. The manufacturers are focusing on producing safe and reliable packaging material. The strategic planning and marketing activities by key players are influencing the growth of the packaging resins market.

Some well-entrenched players in the packaging resins market are, BASF SE, S.A, SABIC, INEOS, and LyondellBasellIndustriesHoldingsBV.

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Asia Pacific is expected to show substantial growth in the packaging resins market due to the rise in demand for FMGC goods. Furthermore, the increase in disposable income of the population in developing countries such as China and India may propel the growth of the packaging resins market in this region. The availability of a large number of manufacturers in this region may provide multiple growth avenues to the packaging resins market.