Package Film Market

Package Film Market Size & Growth (2023-2028)

The Package Film Market was worth US$ 143.37 billion in 2022. It is projected to reach a valuation of US$ 178.98.6 billion by 2028, registering a CAGR of 3.72% from 2023-2028

Packaging films are used in various industries, including food, beverages, home care, personal care, healthcare, electronics, and electrical items. Single-use packaging is predominant in the market. Various subindustries, such as meat, ready-to-eat meals, dairy products, bakery, confectionery, etc., fall under the umbrella of the food business. In the industries above, multi-layer film packaging is employed in place of rigid packaging like PET. 

Several substitutes for film packaging are gaining traction in the market. Gluten films, crab shells, tree fiber films, silk fibroin films, and edible mango waste films, among others, are alternatives for packaging films. However, this can somewhat impede the market's expansion.

In many industries, packaging films are still the go-to choice because they are inexpensive, lightweight, secure, practical, and environmentally friendly. Polyester(PE), a standard building block for packaging film, held a commanding market share of 35% in 2021. During the projected period, it is anticipated to continue to be the dominant segment.

 Package Film Market Growth: 

The Package Film Market is anticipated to grow steadily in the forecasted period. The primary factor anticipated to propel the growth of the global Package Film Market over the forecast period is the demand for packaging film across various applications, including food, cosmetics, and personal care products. This demand is due to rapid urbanization and increased disposable income.

 Package Film Market Drivers: 

The packaging industry is expanding continuously to meet evolving customer expectations. One of the major drivers fuelling the need for food packaging films across sectors, such as food and beverage, consumer goods, manufactured goods, and others, is the rise in one-use incomes and the growth of the middle class. Pharmaceutical and medical packaging are thought to use the most packaging film, followed by food and beverage packaging. Even after the projection period, the packaging industry is anticipated to present the Package Film Market with tremendous potential for growth.

Packaging films made of polyethylene are increasingly used by companies producing food and beverage products because they have unique barrier properties that aid in better protection or longer shelf life. To ensure food safety and freshness, safe distribution and storage, and protection from environmental elements, manufacturers are investing more and more in developing improved flexible packaging films.

Flexible packaging sheets help maximize the shelf life of perishable goods while masking the smells of the contents inside the packaging. Therefore, using loose packaging sheets to avoid the cost of labeling or capping is predicted to fuel market expansion throughout the projected period.

Increasing consumer demand for food packaging that is antimicrobial and antioxidant-active is expected to encourage the expansion of the Package Film Market throughout the forecast period. As a result, the manufacturers of packaging films are investing in developing novel antimicrobial and antioxidant-active food packaging to lower the oxygen concentration inside packaging and prevent microbial growth.

Moreover, it is projected that rising demand for specialty and high-barrier polymer films with water-resistant properties will drive market growth in the following years. In addition, the preference for packaging films made of bioplastic materials is also one of the factors predicted to fuel market expansion over the forecasted period due to growing environmental concerns among the masses.

 Package Film Market Restraints: 

The strict laws governing the use of plastics are one of the major factors restricting the growth of the global packaging film industry. These laws were implemented due to worries about increased food packaging and subsequent recycling problems. Moreover, problems with recycling and sensitivity to deterioration over time are further worries & hazards connected with the market. As a result, the market for plastic packaging film is expected to face a significant threat from other packaging materials. Furthermore, it is projected that the fluctuating cost of raw materials will hamper the market's expansion.

PACKAGE FILM MARKET REPORT COVERAGE:

Market Segmentation:  

Package Film Market By Application:

• Food & beverage

• Medical & Pharmaceutical

• Consumer Product

• Industrial

• Others

The food and beverage sectors will grow significantly during the projected period. This trend will occur due to environmental concerns, product modernization, and alluring economics. Moreover, the use of packaging films in the food and beverage sector is increasing as consumers' attention is shifting to fresh foods and products with a longer shelf life. These factors help to preserve the quality of food products.

Package Film Market By Material Type:

• Polyester
• Polypropylene
• Others

It is anticipated that the polyester segment will hold the most significant market share for packaging film during the projected period. Globally, polyethylene is widely utilized in the production of packaging films. Throughout the study period, increased demand for flexible packaging films will be anticipated to increase demand for polyethylene. Packaging filmmakers are increasingly using polyester films due to their flexibility and durability.

Package Film Market By Product Type:

• Bags

• Pouches

• Liners

• Wraps & rolls

• Others

During the projection year, a significant increase in bag consumption is anticipated. Bags are expected to account for a sizeable portion of the market because of the increased use of packaging films in the worldwide food and beverage sector. Moreover, there has been a growth in demand for dependable and effective packaging films in several international locations. Thus, during the anticipated period, there would be an increase in demand for packaging film.

 Package Film Market Regional Analysis: 

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• Middle East and Africa 

Regarding revenue, the Asia-Pacific Package Film Market dominates the target market and is expected to continue to do so over the forecasted period. The Asia-Pacific Package Film Market will witness revenue growth throughout the forecast period. The rising demand for packaging film will occur due to various qualities such as lightweight, sustainability, safety, and cost-effectiveness. China is anticipated to contribute significantly to expanding the regional Package Film Market in terms of volume and value. 

Additionally, the proliferation of multiple medium-to-large players in North America and Europe is also responsible for the swift increase in revenue. So, over the forecast period, demand for the Package Film Market would be favorable in these regions.

During the forecasted period, it is predicted that the packaging film markets in Latin America, the Middle East, and Africa will contribute a moderate amount of revenue to the global packaging film market. 

Package Film Market Key Players:

• Amcor Limited
• AMPAC Holdings
• Sealed Air Corporation
• Berry Plastics Corporation
• Charter Nex Films 
• Dupont Teijin Films
• Exopack Holding Corporation
• Graphic Packaging Holding Corporation
• Hilex Poly Co