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Solid State Resins Market size is anticipated to expand with a substantial rate of CAGR during the expected timeframe. Increasing use of packaged food and beverages owing to the busy lifestyle of the people globally is projected to boost the solid state resins market growth. Moreover, rapidly budding package food demand coupled with increasing packaging regulations worldwide are propelling strong R&D expenditures, that has led to the advancement of innovative materials for packaging.Solid state resins or polyethylene terephthalate (PET) solid-state resins are high-quality and high-purity plastic for its application in the packaging industry for the production of bottles, boxes, trays and sheet. It is beneficial for the consumers to carry their food or drinks due to the products high strength and low weight properties. Furthermore, solid state resins are totally recyclable and extremely sustainable. It can be recycled repeatedly to be used as containers for beverages, foods and personal care products.
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Based on the product type, solid state resins market is classified into amorphous PET, crystallizable PET and few others. Amorphous PET materials are clear in color and can be easily molded into different shapes and dimensions. They have a tendency to get soften and agglomerate at normal drying scenarios, that can form clumps which adhere to the walls of a drying hopper.
Crystallizable PET possesses high mechanical, high transparency and excellent gas barrier features. Moreover, growing packaging industry will have a positive impact on the product market size. For instance, the total flexible packaging market size in the U.S. was over USD 30 billion in 2018. Such inclination in the packaging industry shall consequently swell the overall solid state resins market growth, as maximum application base is occupied by food & non-food packaging applications.
On the basis of its application, the solid state resins market is categorized into beverage containers, food containers, non-food containers and some other applications such as in personal care products. The beverage container application is again further divided into carbonated drinks, bottled water, alcoholic beverage, dairy products and few others.
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They are extensively used in food packaging industry, majorly owing to its low density nature. Additionally, the product possess extraordinary features such as strength, flexibility and exceptional chemical resistance to protect food items from spoilage and contamination, that makes it highly desirable around overall food packaging industry.
The Asia Pacific solid state resins market is projected to propel at a considerable rate of CAGR in the forecast timespan. It is projected to the led the overall market. Growth in Asia Pacific is attributed to the rapidly escalating food & beverage industry share in the region, which positively drives the packaging industry. In addition, improved per capita spending, socio-economic dynamics and purchasing parity is anticipated to propel the packaged food demand directly fueling the market size in the forecast timespan.
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Solid state resins market size is mainly contributed with the key manufacturers holding adequate market share. Some of the key players in the product market are Teijin Ltd., Dow Chemical, Lyondell Basell, Exxon Mobil, INEOS, BASF, Chevron Phillips, Lanxess, ENI, LG Chem, SABIC, Polyplex, Polyquest, Neo Group, Dhunseri Petrochem Ltd. etc.
Contact Info:
Name: Arun Hedge
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Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/industry-analysis/solid-state-resins-market
Release ID: 88910936
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