The packaging resins market is poised to reach $277.13 billion by 2022, according to market research firm MarketsandMarkets. This is a 7.6 percent compound annual growth rate between 2017 and 2022.

“Plastic packaging is replacing traditional packaging types, such as metal cans,” says MarketsandMarkets. “Factors, such as increasing consumer preference for convenient packaging, increasing demand from the food and healthcare sectors, ease of use, and lightweight nature drive the demand for plastic packaging, which are thereby expected to drive the packaging resins market.”

Low-density polyethylene is projected to be the largest segment of the packaging resins market, owing to its flexibility, moisture barrier, toughness, chemical resistance, light weight, low cost, and heat sealing. Increasing demand for applications, like squeezable tubes and bottles, bags, and wrappers for food packaging is expected to drive the market during the forecast period.

The food and beverage sector is the largest application segment for the market because it reduces the possibility of product contamination and protect products from environmental factors like moisture, gas, light, and temperature.

Moving to regions, Asia Pacific is the largest and fastest-growing market for packaging resins due to rising demand from the food and beverage industry in that region.

Key players in the market are ExxonMobil Corp., Sinopec Corp., LyondellBasell Industries Holdings B.V., SABIC, PetroChina Co. Ltd., and DowDupont Inc.