Solid state resins market size will showcase significant growth in the period 2021 to 2027 owing to factors such as improving living standards, booming population, and rising GDP worldwide. The change in lifestyles has made way for increased intake of packaged food and beverages.
The spiraling R&D expenditures along with growing number of packaging regulations have resulted in several enhancements in innovative materials for packaging. The surging need for replacing heavy-walled glass containers specifically in the beverage market will add a positive impetus to the overall market growth.
Solid state resins are primarily high-quality and high-purity plastics used in the packaging sector for producing bottles, boxes, trays, and sheets. They can be repeatedly recycled for usage in containers for foods and beverages, as well as personal care products.
In terms of product type, the solid state resins market is segmented into amorphous PET, crystallizable PET, and others. Out of these, the demand for amorphous PET will rise with growing penetration in the packaging of food items & beverages. This can be attributed to their robust abilities to provide low creep characteristics, optimum strength and stiffness, and clear visibility. Rising product penetration to offer easy molding in a diverse range of shapes and dimensions will favor the market expansion.
The solid state resins market revenue from the beverage container application, which further comprises carbonated drinks, alcoholic beverages, bottled water, dairy products, and a few others, will expand with higher penetration in the food packaging sector. Given their prolific strength, flexibility, and effective chemical resistance, the resins are largely preferred to protect food items from contamination and spoilage.
Regionally, Asia Pacific is anticipated to record significant consumption of solid state epoxy resins on account of the socio-economic dynamics and improving per capita spending in the region. The rapidly expanding food & beverage sector has further contributed to advancements across the packaging industry. The China Chain Store & Franchise Association had estimated that the food and beverage (F&B) sector in the country was valued at more than $595 billion in 2019, whilst showing a 7.8% increase from the year 2018.
Teijin Ltd., INEOS (INEOS Limited), Exxon Mobil, Dhunseri Petrochem Ltd. (Dhunseri Investments), Lyondell Basell, Dow Chemical (Dow Inc.), LG Chem (LG Corp), Lanxess, Polyplex, SABIC (Saudi Aramco), Chevron Phillips (Chevron U.S.A. Inc., Phillips 66 Company), Polyquest, ENI, Neo Group, and BASF are some renowned global solid state resins market participants.
These firms are actively adopting strategic measures, including acquisitions, investments, mergers, and partnerships, to reinforce their footprint and are also constantly turning to new product launches and capacity expansions, to cater to the growing consumer and industrial requirements.
For instance, PolyQuest (PQ), a well-known crystallized and solid state RPET resins provider, in September 2020, announced its plans of investing in its PET recycling operation in Darlington, SC, to cater to the escalating need for post-consumer recycled content.
The COVID-19 pandemic gave rise to significant turmoil in the global economy as it led to the influx of varying degrees of nationwide lockdowns. The demand for solid state resins witnessed a considerable surge on account of the rising need for packaged food during the outbreak.
The increase in multiple growth opportunities for various Solid State Resins Market players with respect to product innovations also added to the market growth. For instance, in April 2020, U.K.-based polyethylene terephthalate (PET) resin producer, Alpek Polyester (APUK) worked on supplying personal protective equipment (PPE) for the NHS.