New Product Launches, Agreements & Partnerships, Mergers & Acquisitions, and Investments & Expansions Strategies to Strengthen their Presence in the Packaging Resins Market.
The packaging resins market is estimated at USD 192.17 Billion in 2017 and is projected to reach USD 277.13 Billion by 2022, at a CAGR of 7.6% from 2017 to 2022. Increase in the demand for packaged food products that require protection against moisture and other environmental hazards is the major driver fueling the growth of the packaging resins market.
The report analyzes the key growth strategies adopted by the leading market players between 2015 and 2017. ExxonMobil Corporation (US), Sinopec Corporation (China), LyondellBasell Industries Holdings B.V (Netherlands), SABIC (Saudi Arabia), PetroChina Company Ltd.(China), and DowDupont Inc. (US) are the key players operating in the packaging resins market. These companies adopted new product launches, agreements & partnerships, mergers & acquisitions, and investments & expansions strategies to strengthen their presence in the packaging resins market.
Sinopec operates 14 plants each, of PE and PP which include production plants as joint ventures with companies, such as Zhongshan (Tianjin), China; Sino-Korean (Wuhan), and BASF (Germany)-YPC (China). It accelerated the development of commodity and specialty chemicals to enable effective supply for its customers. It fine-tuned its chemical feedstock to lower production costs and optimize its product portfolio by maximizing the production of high value-added products tailored to meet market demands. The company optimized operations of its manufacturing facilities to improve profit margins and is also focusing on enhancing R&D to offer high value-added new products to achieve maximum profit. The company also strives to increase sales volumes and margins, by entering new markets.
ExxonMobil Chemical has maintained a strong position in the polyolefins market through backward integration and has commissioned its PP and PE resins production facilities close to its upstream projects for easy access to raw materials. More than 90% of all its chemical production facilities are integrated with its refineries and natural gas processing plants. The company majorly follows new product launches and agreements & partnerships strategies to increase its market presence. The company launched around 4 new flexible packaging application products in the market between 2015 and 2018. This development enabled the company to strengthen its product portfolio. In addition, ExxonMobil and SABIC (Saudi Arabia) signed an agreement for the production of 1.8 MT ethylene per year, a monoethylene glycol unit, and 2 PE units at its petrochemical complex in Texas. This development is expected to strengthen the company’s production line for PE resins.
Related Reports:
Packaging Resins Market by Type (LDPE, PP, HDPE, PET, PS, PVC), Application (Food & Beverage, Consumer Goods, Healthcare, Industrial), and Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America) - Global Forecast to 2022
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