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Calendering Resins Market Segmented By PVC, PET, PETG Product for Furniture and Furniture Trim, Automotive, Electronics and Electrical, Food and Beverages, Healthcare and Medical
Rapid growth in the residential sector in urban as well as semi-urban areas across the world is expected to contribute significantly to the revenue growth of the global calendering resins market. Substantial growth in the services and manufacturing sector has led to strong growth in the global GDP in the past. This, in turn, has had a positive impact on the calendering resins (PET, PETG, and PVC) market. Economic growth of several regions is likely to increase the disposable income with people, which in turn improves their standard of living.
Many such people are now preferring shifting towards new packaging. They demand safer and flexible packaging films for products from various industries such as food & beverage, pharmaceutical and agriculture. The use of packaging with films made of calendering resins is widely demanded due to the increase in demand for flexible packaging for the containers used in shipping products.
Flexible packaging is increasingly being used in major consumer brands. There is also some new introduction of products in the flexible packaging market such as vacuum pouches, high temperature retort pouches, and stand-up pouches, which has led to a change in global packaging trends. Addition of layers into the flexible packaging structure can lead to improvements in its functionality and economic viability. Flexible packaging products use over 70% less plastic than rigid packaging options and also acquire a small space on shelves during packaging.
Lightweight characteristics of flexible packaging makes its recycling easier. Flexible packaging provides a wide range of presentation possibilities that enable the product manufacturer to increase the aesthetic appeal of the product and also enhance the product branding. This increases the inclination of product manufacturers towards the adoption of flexible packaging solutions over rigid packaging solutions.
Significant growth of the food & beverage industry will help drive the calendering resins (PET, PETG, and PVC) market over the forecast period. Consumers are more inclined towards the use of packaging films for food products. PVC, PET and PETG films are considered the most economic means for the packaging, protection and distribution of food products. Other properties of these packaging films include an improved shelf life, flexible packaging that is easy to store the products, reseal ability, no contamination, UV resistance, recyclable nature, shock resistance and low shrinkage tendency.
These packaging films are also becoming the first choice of many food industries as these are considered more economical than any other packaging material. Other than food and beverages, the healthcare and medical segment is also expected to dominate the global calendering resins market with the increase in demand for flexible packaging plastic.
Among the different application segments in the global calendering resins market, the food & beverage segment is estimated to hold high value share of about 30% throughout the forecast period. The food & beverage segment is projected to gain 150 BPS by 2025 as compared to
2017, while expanding at a healthy CAGR of 5.5% over the forecast period. Healthcare and medical is the second largest application segment in the global calendering resins market. Consumption of calendering resins (PET, PETG, and PVC) in the healthcare & medical segment was pegged at 1,167,763 tons in 2017 and is expected to reach nearly 1,614,937 tons by 2025 end.
Asia Pacific is expected to dominate the global calendering resins market during the forecast period in terms of demand for PET, PETG and PVC packaging films. The forecast for the year 2017 to 2025 indicates that the food and beverages application segment in the Asia Pacific calendering resins market is expected to lead the market with its market share growing at a CAGR of 5.9%. This is followed by the healthcare and medical segment, which is expected to reach a market value of just under US$ 790 Mn in 2025 with a CAGR of 4.4% during the forecast period.
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