Plastic Films Market Overview:
Market Research Future (MRFR) forecasts that the global Plastic Films Market is projected to experience a notable growth of USD 118.03 Billion at a CAGR of 5.0% during forecast period (2023-2030). Growing demand for hygienic flexible packaging materials from food industry is driving the market growth across the globe. Moreover, the increased usage of the eco-friendly bioplastic films coupled with growing usage of plastic films in agriculture paves the way for plastic films market in emerging economies. Apart from this, it’s been observed that a significant number of consumers are leading time-constrained lifestyles, plus there has been a rise in the number of single person households, increasing working mothers and a growing out-of-hours working culture, which has led to considerable demand for conveniently packaged time-saving products and packaged for on-the-move consumption. Other drivers include increased public awareness about environmental hazards due to disposal and recycling of plastic packaging wastes and also government initiatives to minimize greenhouse gas emissions has led to plastic films market growth all over the globe.
However, easy availability of substitutes such as glass and metal could potentially act as a deterrent to the growth in the market. But despite the potential threats posed, maximum growth in demand is anticipated resulting from pre-fillable syringes and inhalers, vials, medication tubes, labels, and accessories, which will propel the market growth in the coming years. Worth noting are some trends in the plastic films market such as lightweighing. Lightweighting is a trend which involves reducing thickness of the plastic film used instead of reducing the overall size of the package. Furthermore, manufacturers have capitalized on this trend by developing portable and re-sealable plastic packaging for snacking or specific consumption occasions.
Market Segmentation
The global plastic films market can be segmented on the basis of technology, type, and end-users.
By technology, the market is segmented by biodegradable films, nanocomposites, barrier polymer films, and water-soluble films. Biodegradable films do not contain chemicals, hence are incredibly convenient in food industries. They are less harmful to the environment, conserve energy and are renewable, which makes them appealing for manufacturers to use for their products. On the other hand, a majority of consumer products that use nanocomposite packaging are in the beverage industry.
The types of plastic films are linear low-density polyethylene film (LLDPE), low-density polyethylene film (LDPE), high-density polyethylene (HDPE), polypropylene films, polyethylene terephthalate (PET) films, polyvinyl chloride (PVC) films, and others (polystyrene, polyamide, polyvinyl butyral, polyester). LLDPE films are used in applications such as pipes and conduits, sheets, wires and cables, rotomolding, injection molding, and films. The global linear low-density polyethylene (LLDPE) market is growing steadily to increasing applications in household products, packaging, automotive, and agriculture segments.
Lastly, the end-users of plastic films are packaging, consumer goods, construction, pharmaceutical, electrical, and others (agriculture, household). Massive demand in packaging industry is likely to drive the plastic films market growth. The packaging industry makes extensive use of plastic films due to their easier availability and low prices. Also, plastic films used in pharmaceutical industry increase the shelf life of medicines and drugs and protect them from external environment for a long time.
Key Players
Some of the key players in the global plastic film manufacturers are Bemis Company, Inc. (U.S.), Amcor Limited (Australia), Garware Polyester Company (India), Vibac Group S.p.a. (US), and Toray Industries Inc. (Japan).
Regional Analysis
The regions covered by global plastic films market are North America, Europe, Asia-Pacific, Latin America, Middle East and Africa, and the Rest of the World (RoW).
The Asia-Pacific market is the fastest growing region due to growing industry such as packaging, consumer goods, and electrical. The massiveflexible packaging industry in the developing economies such as China and India leads to the proliferation of the plastic films market in this region. Also, increasing population and improving standards of living in countries like India, China, Taiwan, and South Korea, have spurred the demand for plastic films. The increasing purchasing power of consumers, heavy demand for medical goods, and the vast agricultural production fuels the plastic films market in this region.
North America is the second fastest growing market globally. An increase in time constraints on consumers has led to the rise in demand for plastic films packaged items in North America. Also, growth of large retail chains in this region is giving way to plastic films market in a big way. Lifestyle changes and rising disposable incomes also attribute to the market growth in this region. The well-established manufacturing base in North America contributes significantly to the market growth in the area.
The Europe plastic films market has exhibited steady growth owing to rise in the consumption of sustainable textiles, growing demand from application industries and prevalence of eco-friendly plastic films. Government initiatives to increase the use of recycled plastics propels the manufacturers to produce biodegradable films in this region. Increasing use of energy-efficient technologies by plastic films manufacturers and growing demand from packaging industry for sustainable and biodegradable plastic films are likely to create new opportunities for players in the global plastic films market in Europe.
The Middle East and Africa regions are witnessing moderate growth due to growing population, increasing urbanization, rising consumers and demand for diverse products. While majority of products are imported from other regions, there is now massive investment taking place in plastics processing operations driving the market growth in these regions.
Suntrust Banks Inc. has increased its stake and has bought 7,877 shares of Bemis Company Inc. in July 2018. Bemis offers multilayer polymer, blown, and cast film structures; and injection molded plastic, thermoformed plastic, and folding carton packaging products and has made a substantial name for itself in the plastic film market globally. Bemis Company Inc. manufactures and sells plastic films packaging products in the United States, Brazil, other Americas, Europe, and the Asia-Pacific.
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