Ionomer Resins Market Analysis by Resin Type (Ethyl Acrylic Acid, Polyvinyl Acetal, Perfluorinated Sulfonic Acid, and Others); by Application (Food Packaging, Cosmetic Packaging, Medical Device Packaging, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
Buy Now Report ID: 4649 | Published Date: Mar 17, 2023
The global ionomer resins market is estimated to garner a revenue of ~USD 2 Billion by the end of 2035 by growing at a CAGR of ~6% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 1 Billion in the year 2022. The growth of the market can be attributed to the increasing application of ionomer resins in a variety of end-use industries, mainly, in various kinds of packaging. Moreover, the rising packaging industry, supported by increasing packaging consumption is estimated to drive market growth. For instance, in the last ten years, packaging consumption in India has increased by 200%, from 4.3 kilograms per person per year (pppa) to 8.6 kg pppa as of FY20.
Owing to their exceptional barrier qualities, ionomer resins are often thermoplastic resins utilized in packaging applications. High clarity, adaptability, hardness, simplicity of fabrication, and cost efficiency are all qualities of these resins. Ionomer resins have low sealing temperatures and great resistance to oil penetration. Hence, useful in food packaging too. Moreover, increasing demand for food packaging is predicted to drive market growth. The Environmental Protection Agency (EPA) of the United States reports that 14.5 million tons of packaging and plastic containers were produced in 2019.
|
Base Year |
2022 |
|
Forecast Year |
2023 - 2035 |
|
CAGR |
~6% |
|
Base Year Market Size (2022) |
~USD 1 billion |
|
Forecast Year Market Size (2035) |
~USD 2 billion |
|
Regional Scope |
|
High Usage of Cosmetic Products – As per one of the cosmetic surveys, around 80% of American women are considered to use cosmetics daily, which translates to 161 million people spending USD 15,000 on them throughout a lifetime. During the projected period, the market is expected to benefit from new packaging designs and rising demand for cosmetics, backed by the increasing inclination of youth towards innovative packaging and increasing spending on cosmetics.
Growing Online Food Ordering System – The global revenue of the online food delivery market is predicted to increase by over USD 324 billion in 2022.
Boom in Ready-to-Eat Meals – According to estimates in 2022, the ready-to-eat meals market in Asia earned approximately ~USD 300 billion in total revenue.
Rising Urbanization – According to the Population Reference Bureau, Asia will have a 53% overall urbanization rate and more than 2.6 billion people will be living in urban areas in 2030.
Growing Chemical Import-Export– For instance, the Netherlands was the European Union (EU)'s top chemical importer in 2021. With a value of USD 27.73 billion, it accounted for 17.1% of all imports into the EU from non-EU nations.
Challenges
The ionomer resins market is segmented and analyzed for demand and supply by application into food packaging, cosmetic packaging, medical device packaging, and others. Out of these, the cosmetic packaging segment is estimated to hold the largest market share by the end of 2035. The market is expected to be benefited from new packaging designs and rising demand for cosmetics, supported by the increasing cosmetic production across the globe. It was noticed that the cosmetics market in India is expanding twice as quickly as those in the United States and Europe. The growth rate, which was estimated at around 9 percent before the pandemic, is estimated to increase by +3 percent starting in 2022.
The global ionomer resins market is segmented and analyzed for demand and supply by resins type into Ethyl Acrylic Acid, Polyvinyl Acetal, Perfluorinated Sulfonic Acid, and others. The Ethyl Acrylic Acid segment held the greatest market share in 2019 and is predicted to expand rapidly over the next few years. Since EAA resins are more resistant to oil and grease, the food and beverage industry has adopted them more frequently. Nowadays people are referring more to ready-to-eat, instant food, and packaged foods which have given rise to this segment. Additionally, it serves as an agent for iron and steel, aluminum and metalized films, and other materials, helping the sector to account for a sizeable portion of market revenue.
Our in-depth analysis of the global ionomer resins market includes the following segments:
|
By Resins Type |
|
|
By Application |
|
The Ionomers Resins market in the North American region is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed to the increasing ready-to-eat food and fast food. It was observed that over one-third of American adults, or 36.6 percent of all adults, or roughly 85 million people, eat fast food each day, including pizza. People aged 40 to 59 (44.9%) and those aged 20 to 39 (44.9%) had greater percentages. Further, the rising usage of cosmetic products in the region is predicted to positively influence the market growth over the forecast period.
The Asia Pacific region is expected to hold a significant position in the market seeing rapid growth in the food & beverage industry. Rising disposable income and growing demand for food are working as major drivers that are driving the growth of ionomer resins in this region. Additionally, the growth of extrusion technologies owing to the investment by the market players in the Research and Development activities is also driving the growth of ionomers resins in the Asia Pacific region. Besides market players, the government of this region also provides funds for research and development.
LyondellBasell Industries N.V. - By creating new reopen/reclose features, LyondellBasell and Henkel have taken re-closable packaging one step further and made it even more practical for consumers. This is a ground-breaking development in food packaging.
General Electric Company- A new product and packaging tag program for GE Plastics' renowned LEXAN(R) brand of polycarbonate resin, which is utilized in tens of thousands of consumer product applications worldwide, was unveiled
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: The increasing usage of ionomer resins in the end-use industry, mainly in food packaging and cosmetic packaging is the main factor driving the growth of the ionomer resins market.
Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2023 – 2035.
Ans: Easy availability of the substitute and high moisture-absorbing properties are the two main restraining factors for market growth.
Ans: The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are LyondellBasell Industries N.V., Entec Polymers, TER HELL & Co. GmbH, KPL International Limited, General Electric Company, Solvay, Dongyue Group, Asahi Kasei Corporation, Honeywell International Inc, DuPont de Nemours, Inc
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by resin type, application, and by region.
Ans: The cosmetic packaging segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
Submit Your Request For Proposal (RFP)
