Chicago, July 11, 2024 (GLOBE NEWSWIRE) -- The Global Tie Layer Resin Market size is projected to grow from USD 1.6 billion in 2024 to USD 1.8 billion in 2029, at a CAGR of 3.6%, as per the recent study by MarketsandMarkets™. The demand for tie layer resins in the Asia Pacific region is rising due to the region's rapid economic growth, leading to increased industrial activities. The surge in e-commerce and retail sectors has heightened the need for robust and efficient packaging solutions, driving the adoption of tie layer resins for multi-layer packaging applications. Additionally, the growing automotive industry in the region demands advanced materials for fuel tanks and other components, while the electronics sector's expansion requires high-performance protective packaging. Government initiatives promoting sustainable and recyclable materials also boost the demand for tie layer resins, aligning with global environmental goals.
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Browse in-depth TOC on “Tie Layer Resin Market”.
170 - Market Data Tables
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List of Key Players in Tie Layer Resin Market:
- LyondellBasell Industries Holdings B.V. (UK)
- Westlake Corporation (US)
- Mitsui Chemicals, Inc. (Japan)
- Mitsubishi Corporation (Japan)
- Exxon Mobil Corporation (US)
- Dow (US)
- Polyram Group (Israel)
- Zeus Company LLC (US)
- The Compound Company (Netherlands)
- Allnex GmBH (Germany)
Key Findings of the Study:
- The flexible application segment is expected to account for one of the largest shares in 2023.
- The food & beverage end-use industry segment is expected to account for one of the largest shares in 2023.
- Asia Pacific is expected to account for the largest share in 2023.
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LLDPE (Linear Low-Density Polyethylene) has a prominent demand in the tie layer resin market due to its unique combination of properties that make it ideal for multi-layer packaging. LLDPE offers excellent tensile strength, puncture resistance, and flexibility, which are essential for maintaining the integrity of multi-layer structures. Its ability to adhere well to a variety of other materials, such as polyethylene, polypropylene, and ethylene vinyl alcohol (EVOH), ensures strong bonding between layers. This characteristic is crucial for applications requiring robust, durable packaging solutions.
Furthermore, LLDPE is known for its good processability, enabling efficient production of high-quality films. It also provides effective barrier properties against moisture and gases, making it particularly valuable for food packaging applications were preserving freshness and extending shelf life are critical. The versatility of LLDPE allows it to be used across a wide range of industries, including food and beverage, agriculture, and industrial packaging, contributing to its high demand in the tie layer resin market.
The growing focus on sustainability and recyclable materials has also increased the demand for LLDPE-based tie layer resins. LLDPE can be used to create recyclable multi-layer packaging solutions, aligning with global efforts to reduce environmental impact. Its cost-effectiveness and availability further enhance its attractiveness as a preferred material in the tie layer resin market.
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Flexible packaging applications are experiencing tremendous demand in the tie layer resin market due to several key factors. Firstly, flexible packaging offers superior barrier properties, protecting contents from moisture, oxygen, and contaminants, which is essential for preserving food freshness and extending shelf life. Its lightweight and flexible nature reduces transportation costs and improves convenience for both manufacturers and consumers. Additionally, flexible packaging can be customized into various shapes and sizes, making it suitable for a wide range of products across food, beverage, pharmaceutical, and personal care industries.
Europe plays a significant role in the tie layer resin market for flexible packaging due to its stringent environmental regulations and commitment to sustainability. European regulations emphasize reducing plastic waste and promoting recycling, driving the demand for advanced tie layer resins that enable the production of recyclable and biodegradable packaging materials. The region's strong focus on sustainability encourages innovation in the development of eco-friendly packaging solutions. Moreover, Europe's robust food and beverage sector, which heavily relies on flexible packaging, further propels the demand for high-performance tie layer resins. European manufacturers also benefit from advanced R&D facilities and substantial investments in sustainable packaging technologies, positioning Europe as a key player in the global tie layer resin market.
There are various small, medium, and large players operating in the market. Some of the major market players include LyondellBasell Industries Holdings B.V. (UK), Westlake Corporation (US), Mitsui Chemicals, Inc. (Japan), Mitsubishi Corporation (Japan), Exxon Mobil Corporation (US), Dow (US), Polyram Group (Israel), Zeus Company LLC (US), The Compound Company (Netherlands), and Allnex GmBH (Germany) among others, have framed their strategies to penetrate and create bases in these emerging markets. Furthermore, numerous businesses are seeking to strengthen their research and development departments to deliver more efficient and sustainable goods. These products are manufactured in accordance with the limits imposed by organizations and governments. All of these factors are projected to help to the long-term development of tie layer resin market players over the following five years.
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