Resins are sticky substances obtained from plants that can be used for manufacture of various products. There are two types of resins – natural and synthetic. Barrier resins are commonly used to prevent gasses such as (oxygen, carbon dioxide, nitrogen), vapor (water or solvent), or liquid from exiting. Resins have wide applicability in chemical, food, and beverage industries. Barrier resins market are valued for their chemical properties and associated uses, such as production of varnishes, adhesives, and food glazing agents.
Growing preference for packed foods among individuals and increasing disposable income is driving demand for barrier resins which in-turn is a major factor driving growth of the global barrier resins market. In addition, rising demand for barrier resins from various end use industries, especially from the pharmaceutical, agriculture, and chemical industries is another factor boosting growth of the global market. Moreover, increasing demand from the cosmetic industry in developing economies is expected to support growth of this market.
However, increasing environmental concerns and high costs associated with packaging are major factors restraining growth of target market.
Innovations in barrier resins in recent times and increasing R&D for development of advanced barrier resins are expected to create potential revenue opportunities for prominent players operating in the target market over the forecast period.
The global barrier resins market is segmented on the basis of product type, application, and region. On the basis of region, the global barrier resin market is segmented in to North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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North America market is expected to account for highest share in the global market in terms of revenue, owing to increasing consumption of packed foods and increasing use of barrier resins in various end use industries. The market in Europe is projected to account for second-largest revenue share in the global market, followed by the markets in Asia Pacific, Latin America, and Middle East & Africa. Contribution of Asia Pacific region to the global barrier resins market is anticipated to be higher in terms of revenue as compared to markets in other regions. This can be attributed to rising demand from healthcare sector and from the food and beverage industries in emerging economies such as China and India.
Key players operating in the global barrier resins market are E. I. du Pont de Nemours and Company, INEOS Group Limited, INVISTA S.à r.l., NOVA Chemicals Corporation, The Valspar Corporation, Mitsui Chemicals, Inc., EVAL Europe N.V., Honeywell International, Inc., The Dow Chemical Company, Kuraray Co., Ltd. and Asahi Kasei Corporation.