Plastic Films Market

Plastic Films Market Size-(2023-2028)

The plastic film market is predicted to register with a Compound annual growth rate of 5.3% between 2023-2028

Plastic film is explained as a constant form of thin plastic material and is usually wrapped on a core or cut into sheets. In general, plastic film is .00025 "(.06mm) to .010" (.25mm) thick or thicker than defined as sheeting. Plastic films are employed to separate areas, contain objects, create barriers, or be employed as printable surfaces. The plastic film market is predicted to grow at a decent rate during the next decade due to its growing application in food and pharmaceutical packaging. Plastic films and sheets are made primarily of polyethylene and polypropylene. The rise of disposable consumer products along with the growing call for packaged food is driving the global plastic film market.

Plastic Films Market Trends:

The individualization of products is not only done at the level of the real consumer good but also to a large extent in the packaging segment (for example, Coca-Cola or Nutella campaigns). As digital printing systems, these days do not need complex printing plates and become more and more efficient, new possibilities for packaging design are presented. The conditions for optimal use of digital printing, however, are films that can be easily, quickly, and optically printed in high quality. Increasingly complex packaging has a particular call for pharmaceuticals and fresh foods.

Recent Developments in the Plastic Films Market:

Covestro recently launched its new polycarbonate film production line in the Map Ta Phut industrial zone in Thailand. With this new capacity, the company would aim to meet the rapidly growing call in the Asia-Pacific region, in addition to strengthening its market leadership position in the product segment.

KM Packaging launches single-material polypropylene wrap films. KM Packaging has launched a new range of mono polymeric material covering films, made of polypropylene (PP), designed to be recyclable.

Plastic Films Market Drivers:

The main drivers of the worldwide plastic film market include the huge call for packaging applications such as food packaging and medical and pharmaceutical packaging. The growing call for packaged food due to the growing workforce is a key driver for the worldwide plastic film market. Other worldwide market drivers include the use of plastic films in consumer goods and agricultural applications. The world market for plastic films is predicted to experience significant expansion during the period considered. The growing call for packaged foods in the context of the growing workforce around the world is a key driver of the market. Another major market driver is the widespread use of plastic films in consumer goods such as cosmetic packaging, shampoos, personal hygiene products, dish and laundry detergents, and household cleaners. The growing call for food due to population expansion is driving the call for agricultural plastic films. The call for these films is experiencing massive expansion in various packaging and non-packaging applications. They are highly versatile and come in a variety of shapes, including printed, unprinted, smooth, multi-layered, and in combination with other materials. They are rapidly gaining popularity in the worldwide plastic film market. Advantageous cost performance coupled with durability and versatility would continue to be a key call driver in various application segments.

Plastic Films Market Restraints:

Regulatory restrictions, as well as fluctuations in the prices of raw materials, act as barriers to plastic film market expansion.

Opportunities in the Plastic Films Market:

Amid the COVID-19 outbreak, the use of plastic films in the healthcare sector has become the main driver of the market. The escalating call from application industries along with the escalating prominence of water-soluble and environmentally friendly films is predicted to contribute to the expansion of the plastic films market during the outlook period.

PLASTIC FILMS MARKET REPORT COVERAGE:

Plastic Films Market Segmentation:

Plastic Films Market By Technology:

• Blown Film Technology
• Cast Film Technology
• Double & Multi-Bubble Technology
• Barrier Film
• Others

Among these, blown film technology has emerged as the leading and fastest-growing segment, which is supposed to grow at a CAGR of more than 6% during the foreseen period.

By Material Type:

• LLDPE
• LDPE
• HDPE
• Polypropylene
• PET
• Others

The LLDPE material type dominated the worldwide market with a value of more than USD 20 billion in 2021 and is likely to register a significant CAGR during the outlook period.

Plastic Films Market By Application:

• Packaging Consumer Goods
• Agriculture
• Construction
• Others

The packaging consumer goods segment is further segmented into food packaging, pharmaceutical and medical packaging, industrial packaging and others. This segment accounted for more than 40% of the market share in 2019 in the context of the growing call for packaged food.

Plastic Films Market Regional Analysis:

The Plastic Films Market Report includes the segmentation of Regions:

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

Asia-Pacific has a significant market share in the plastic films market. China leads the Asian market in terms of call for plastic films and sheets. Therefore, Asia-Pacific should maintain its dominance in the world market thanks to the sustained expansion of China and India. The market is growing slowly in Europe and North America due to the maturation of these economies. The decline in call for food packaging in Italy has led to a decline in the call for plastic film and foil in the country. The growing domestic call for packaged food and beverages in emerging Asia-Pacific economies is likely to have a positive impact on the worldwide food and beverage industry.

Furthermore, population expansion, rising disposable income, and escalating urbanization in Middle Eastern countries, especially Saudi Arabia, are predicted to promote the food and beverage industry during the foreseen period. This, in turn, is likely to have a positive impact on the global plastic film market for years to come. Asia-Pacific was the dominant region in 2021, with 37.7% of total revenue sharing. Escalating populations and improving living standards, mainly in India, China, Taiwan, and South Korea have driven calls in the Asia-Pacific region. Growing consumer purchasing power, growing call for consumer and medical goods, and massive agricultural production are driving the market for plastic films in China. South-central and east-central China were the main income-generating regions of the country.

The Northwest China market is also estimated to grow in the coming years due to Great Western's development strategy. Central and South America are also predicted to see promising expansion in the coming years. Brazil, Argentina, Colombia, Peru, and others are markets with high expansion potential, characterized by a booming industrial sector and per capita GDP expansion. Increasing automobile production in these countries as a mitigation measure by the United States is predicted to play a leading role in the region's economic expansion going forward.

Impact of COVID-19 on the Plastic Films Market:

The nearly one million employees in the plastics industry work tirelessly to provide the necessary equipment to the front lines. From medical supplies to food packaging, plastics are essential to stop the spread of this virus. Plastics will be vital to help keep families healthy, our food fresh and protected, and our healthcare workers safe. The MAPP, in response to data controllers' request for data to better understand the effect of the coronavirus pandemic, began generating biweekly 'pulse' reports in early April 2020. These pulse reports cover a wide variety of business information, including plant operating levels, supply chain disruptions, customer closures, current and future expectations, personnel, revenue performance, and more. It is clear that the COVID-19 pandemic has crushed the economy, affecting sales and production in various industries, including plastic films.

Plastic Films Market Key Players:

Some of the Key Players operating in the Global Plastic Films Market are

• Toray Industries, Inc. (US)
• DuPont (US)
• Amcor plc (Switzerland)
• Novolex (US)
• Vibac Group Spa (Italy)
• Chrystal Plastic S.A.S. (US)
• Carmel Olefins Ltd (Israel)
• Honeywell International Inc. (US)
• Inteplast Group (US)
• Saudi Basic Industries Corporation (Saudi Arabia)
• Polyone Corporation (US)
• Sealed Air (US)