Tie Layer Resin Market: Global Market Estimation, Dynamics, Regional Share, Trends, Competitor Analysis 2017-2021 and Forecast 2022-2028

Description

Tie Layer Resin Market size was valued at USD 6,723.1 billion in 2021 and is expected to grow at a CAGR of 5.4% from 2022-2028. Tie layer resin (TLR) is mainly utilized in multi-layer packaging. It is also utilized as a barrier resin that can rise the shelf life of the product. Multi-layer packaging is progressively used in the food, meat, and pharmaceutical businesses, thus driving product demand. Packaging is an important range of application of tie resins and its demand is controlled to surge over the coming years with the growing consumption of packaged food products across the globe. The growing demand for tie resin for multi-layered packaging can lead to the tie layer resin market growth. Moreover, the usage of bio-based tie layer resin and the rising consumption of multilayer composite pipes are some primary factors that can boost the global tie layer resin market growth. Apart from these, the growing usage of tie resin in the automobile and marine segment can also accelerate the market in the future. However, some factors such as the inability of multi-layered plastics to recycle can restrain the growth of the market. The growing adoption of bio-based tie layer resin can create an opportunity for the growth of the global tie layer resin market share. The bio-based TLRs are composed using renewable feedstocks in place of non-renewable petroleum predecessors. This packaging is lighter, eco-friendly, renewable, and more maintainable than conventional TLR packaging. For instance, Yparex, a tie-layer resin supplier for numerous applications, has revealed a bio-based adhesive coatings TLR. Innovative and consistent business strategies started by companies will generate enormous growth potential for the tie layer resin market demand.