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Investments & Expansions is the Key Strategy Adopted by Industry Players to Boost Their Growth in the Global Barrier Resins Market
The global barrier resins market is projected to reach USD 3.52 billion by 2026, at a CAGR of 5.85% between 2016 and 2026. The market is mainly driven by the growth in the pharmaceutical packaging industries in emerging economies, the enhanced shelf life of packaged food products, and the growing urbanization and changing lifestyles that are driving the food packaging market.
Investments & expansions is the key strategy adopted by industry players to boost their growth in the global barrier resins market. This strategy accounted for a share of 45%, between 2011 and 2016, of all the growth strategies adopted by the market players. Companies are strengthening their positions in the global barrier resins market due to the rising demand, with the expansion of manufacturing facilities in emerging regions across the world. Besides investments & expansions, companies are investing in new product launches and expanding their product portfolios. The product launch strategy accounted for a share of 30% of all the developments between 2011 and 2016. Companies have also been focusing on joint ventures, contracts & agreements, and mergers & acquisitions strategies during the last five years. These strategies together accounted for 25% of all the strategic developments.
North America was the most active region from 2011 and 2016, in terms of strategic initiatives. Investments & expansions and new product launches are the preferred strategies in this region. Companies such as Kuraray Co., Ltd. (Japan), The Dow Chemical Company (U.S.), E. I. du Pont de Nemours and Company (U.S.), Teijin Limited (Japan), Solvay S.A. (Belgium), and Honeywell International, Inc. (U.S.) made several new product launches and expansions in the region to increase their production capacities of barrier resins.
Major manufacturers such as Asahi Kasei Corporation (Japan), Chang Chun Petrochemical Co., Ltd. (Taiwan), E.I. du Pont de Nemours and Company (U.S.), INVISTA (U.S.), Kuraray Co., Ltd (Japan), Kureha Corporation (Japan), Solvay S. A. (Belgium), Teijin Limited (Japan), The Dow Chemical Company (U.S.), The Nippon Synthetic Chemical Industry Co., Ltd. (Japan), Zhejiang Juhua Co., Ltd. (China), Honeywell International, Inc. (U.S.), and Ineos Group Limited (Switzerland) are profiled in this report. These companies have adopted both organic and inorganic growth strategies.
E.I. du Pont de Nemours and Company and Kuraray Co., Ltd are the most active players in the global barrier resins market. They accounted for the largest share of all the developmental activities undertaken in the barrier resins market between 2011 and 2016.
As a part of its strategy, DuPont focuses on expanding its barrier resins business by investing into research & development activities, specifically, in the Asia-Pacific region. The company has launched various barrier resins products in the last two years. In October 2014, Teijin DuPont Films Japan Limited a joint venture of Teijin Limited & E. I. du Pont de Nemours and Co., launched the Polyethylene Naphthalate (PEN) film named Teonex QF. This product provides excellent heat resistance & strength. With this development, the company targets the increase of its sales revenue to USD 2.00 billion by 2017. Also in 2014, a joint venture of Teijin Limited & E. I. du Pont de Nemours and Co. launched a high performance polyester film to provide protection from ultraviolet light. The company, through this development, met the increasing demand for polyester films in electronic materials.
Another company that has established a strong foothold in the barrier resins market is Kuraray Co., Ltd (Japan). The company is focused on both, organic and inorganic growth strategies and focuses on expanding its base through investments & expansions and mergers & acquisitions strategies. Recently, in May 2016, the company announced that they will expand the production of Ethylene vinyl alcohol (EVOH) resin by mid-2018 in Texas. This will enable the company to cater to the growing needs of consumers. Also, in April 2015, Kuraray Co., Ltd. acquired Plantic Technologies Limited (Australia), which is a manufacturer of bio-based barrier materials. This acquisition met the increasing demand for barrier materials for bio-based food packaging such as fresh case ready beef, pork, lamb and veal, smoked and processed meats, chicken, and fresh seafood and pasta applications.
Barrier Resins Market by Type (PVDC, EVOH, PEN), Application (Food & Beverage, Pharmaceutical & Medical, Cosmetics, Agriculture, Industrial), and Region (Asia-Pacific, North America, Europe, South America, Middle East & Africa) - Global Forecast to 2026
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