The market study covers the present scenario and growth prospects of the global barrier resins market for 2017-2021. Barrier resins are a class of polymers that maintain the quality, and flavor of food, enhance the shelf life to food products, and restrict entry of gases such as carbon dioxide, oxygen, volatile flavor nitrogen compounds, water vapor, and aromatic compounds. The food and beverage and pharmaceuticals industries currently dominate the global barrier resins market in terms of consumption.
According to Hitesh Bhatia, a lead analyst at Technavio for chemicals and materials research, “Growing consumer use of ready-to-eat packages, boil-in-the-bag, and stand-up-pouches is expected to aid the rise in demand for barrier resins in the food and beverage sector. This trend is particularly evident in APAC, which is projected to be the largest market for barrier resins during the forecast period.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global barrier resins market:
- Need for extended shelf life in packaging sector
- Growing economies: A boon for barrier resins
- Growing demand for barrier resins in pharmaceutical packaging
Need for extended shelf life in packaging sector
The packaging industry has grown at a rapid pace with the growing innovations in the food processing industry. Packaging has become an indispensable part of food processing over the last four decades. The main objective of any packing material is to contain the product, preserve it, increase its shelf life without compromising on the quality of the product, and provide ample sturdiness for hassle-free transportation and distribution.
Barrier resins increase the shelf life of packaged foods by preventing the passage of atmospheric air. The airtight seals provided by these materials prevent dry foods from absorbing moisture and wet foods from losing moisture. This prevents oxidative spoilage of foods and eliminates the use of additives that prevent oxidation. They also maintain the flavor and quality of the packaged content.
Growing economies: A boon for barrier resins
The demand for packaged food products in the developing countries is strong, making these growing economies the chief contributors to the global barrier resins market. Consumers are increasingly moving toward packed, ready-to-eat, and microwaveable products that help to conserve time. An increase in the demand for packaged food will lead to the growth of the global barrier resins market.
Key vendors of barrier resins are establishing production facilities in the emerging markets due to low costs and availability of skilled labor which is also anticipated to help the growth of global barrier resins market.
Growing demand for barrier resins in pharmaceutical packaging
Advanced manufacturing processes, technological innovations, and strategic alliances of companies have resulted in the rapid growth of the pharmaceutical packaging industry. Barrier materials, particularly PVDC and EVOH are primarily used for protecting pharmaceutical products against light, moisture, oxygen, biological contamination, mechanical damage, and counterfeiting.
“The pharmaceutical packaging industry is expected to post the highest growth in the emerging economies, such as the BRICS nations during the forecast period. The growth in these countries is fostered by the increased disposable incomes and growth in healthcare facilities,” says Hitesh.
Large population base, favorable demographics, growing population, and high life expectancy are the key drivers for the growth of barrier resins in India and China. Hence, pharmaceutical companies are aligning their growth strategies on the rapidly expanding emerging markets, particularly the BRICS nations.
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