Packaging Resin Companies Market Position Advancements, Value Creation, Cross-border Expansion, Patent Expansions, Financial Performance Evaluation, Risk Mitigation, Licensing and Monetization, Efficiency Metrics

Date : 30 November 2024

Packaging Resin Manufacturers and Market Growth

The global packaging resin market size reached US$ 238.15 billion in 2023 and is projected to hit around US$ 509.05 billion by 2034, expanding at a CAGR of 7.15% during the forecast period from 2024 to 2034.

New Advancements in Packaging Resin Industry

  • In October 2024, Accredo Packaging, Inc., packaging company, in collaboration with the Reynolds Consumer Products Inc., packaging company, uneviled the introduction of the 100% Bio-Based Resin Pouch.
  • In May 2024, EcoCortec, subsidiary of Cortec Corporation, uneviled opening of its cutting-edge bio-resin compounding activities. The plant's polymer processing facility now produces premium concentrated masterbatch using state-of-the-art compounding lines. Customers of the plant will be guaranteed the best film quality thanks to EcoCortec's compounding line.

Global Packaging Resin Market Key Players

Packaging Resin Market Companies

  • BASF SA
  • SABIC
  • China Petroleum & Chemical Corporation
  • Lyondellbasell
  • Dow Chemical Company
  • Indorama Ventures Public Company Limited
  • Reliance Industries
  • Exxon Mobil Corporation (Texas, US)
  • PetroChina Companies Ltd.

Latest Announcement by the Leaders

  • In October 2024, According to Sebastian Besems, vice president of commercial EMEA at Lamb Weston stated that consumers, retailers, and distributors are becoming more environmentally conscious and are favoring more sustainable packaging. The company uses pre-fried frozen potato products which come in an industry-leading bio-circular retail packaging solution that offers a very responsible value proposition because we foresaw this trend. The brand's new European retail pack is ISCC PLUS certified and has 60% bio-circular plastic created from recycled cooking oil from Lamb Weston as part of our aggressive sustainability ambitions and innovations for the frozen potato industry. The company’s retail bags' carbon footprint is reduced by 30% due to this innovation, which uses SABIC's bio-renewable polymer and better and less packaging, meeting customer expectations that FMCG businesses are eco-friendly.
  • Lamb Weston, a significant global brand and manufacturer of frozen potato products, has partnered with SABIC, a pioneer in the chemical industry, in a closed-loop method aimed at producing low-weight, sustainable packaging bags with a thin coextrusion film structure. Utilizing bio-feedstock derived from used cooking oil (UCO), polymers make up at least 60% of the packaging. UCO is first collected from Lamb Weston's production and transformed into bio-feedstock to create certified bio-renewable SUPEER mLLDPE (metallocene linear low-density polyethylene) and SABIC HDPE (high-density polyethylene) polymers. At least 60% of the final packaging is made of bio-renewable polymers based on UCO, which is a component of SABIC's TRUCIRCLE portfolio. These polymers are transformed into a multilayer PE film for Lamb Weston's pre-fried frozen potato products by Oerlemans Plastics, a division of OPACKGROUP, a specialized manufacturer of flexible films and packaging.