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Barrier Materials Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2028
By: axiom market research & consulting
A surge in the demand for packaged food products increases the demand for barrier materials for food packaging applications. Food is an integral part of daily life. Sustainability, counterfeit protection, efficiency, convenience, traceability, and flexibility are some of the main parameters associated with packaging solutions. For consumers, sustainable and easy-to-use packaging is becoming a priority now than ever before. Thus, factors such as growing demand of the consumer for packaged food owing to changing eating habits and improving lifestyle, high disposable income of the consumers, increasing population, demand for high quality and natural food with increased shelf life are propelling the growth of the market. Moreover, factors such as a surge in the demand for blister packaging and drug delivery systems, growing technological advancements, adoption of new regulatory standards and increased health awareness, and increasing demand for primary pharmaceutical packaging are again impelling the growth of the market.
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COVID 19 IMPACT ON BARRIER MATERIALS MARKET
Covid19, drastically affects the world supply chain and industrial sector growth. At the initial stages of the pandemic, the world experienced, 'supply shocks'. China who plays a major role in the world's supply chain was severely affected. There were disruptions to the availability of goods supplied from China. Supply of both finished and unfinished goods reduced. Day by day as the situation worsened, quarantines, social distance practices were imposed and nations begun instituting lockdowns. Following this the supply chains experienced demand shocks. The shutdown of economic activities affected all the sectors. Manufacturing and mining industry's sluggish growth in turn affected the barrier materials market.
MARKET DRIVERS AND TRENDS
The global barrier materials market is expected to grow at a CAGR during the forecast period. The rising demand for sustainable packaging solutions and the increasing focus on reducing food waste are major drivers of market growth. Additionally, the growth of e-commerce and the need for safe and secure packaging solutions for online purchases are expected to drive the demand for barrier materials.
New innovations in barrier material technology are also driving market growth. For example, the development of high-barrier bio-based materials and the use of nanotechnology to improve barrier performance are creating new opportunities for manufacturers. The use of barrier coatings and films made from recycled materials is also gaining popularity as a sustainable packaging solution.