Polyfilm Market

Polyfilm Market Size & Trends (2023-2028)

Polyfilm Market is expected to reach $ 198.83 billion by 2028, at a current CAGR compound annual rate of 6.4% between the years 2023-2028

Polyfilm, also called polyethylene film, is a fine plastic material made out of a polymer. It is employed in several applications like packaging, plastic bags, construction, landscaping, labels, and electrical making. Poly films and poly sheets are usually employed to avoid dust, dirt, and moisture. It replaces expensive protective fabrics and provides surface protection for interior painting projects. The raw material for the polyethylene film is obtained from resins based on petroleum, like polyethylene and polypropylene, among others, or from bio-based materials, including cellophane and cellulosic. These raw materials are extruded according to the customer's requirements or application. Finished products are shipped to various retail and OEM stores.

Polyfilm Market Drivers and Restraints

The increase in market value can be attributed to the increasing demand for polyfilms in pharmaceutical and medical applications and the increased need for greenhouse films. There is an increasing demand for polyethylene foams for medical products, consumer goods, construction and building, agriculture and packaging, which is expected to be one of the main market drivers during the forecast period. There are some reasons that are driving the expansion of the polyethylene film industry. They involve technological advancements in agriculture, the escalating call for BoPET films, and the escalated employment of bio-based polymers.

The increasing demand for polyfilms for various applications, particularly for food packaging, is an important factor that is expected to stimulate growth in the global polyfilm market during the forecast period. In addition, the expansion of the field of application in the pharmaceutical and medical industry is another factor that should drive the growth of the target market in terms of turnover in the coming years. Also, the surge in the adoption of BoPET films, owing to their unique features like high tensile strength, chemical and dimensional stability, reflectivity, barrier properties, and electrical insulation, is a dynamic factor that is expected to drive growth in the target market during the forecast period.

Challenges in the Polyfilm Market

However, strict environmental rules and regulations are a key factor that can hinder demand for polyfilms and slow growth in the target market during the forecast period. Also, difficulties in recycling polymeric materials are another factor restricting growth in the target market during the forecast period. Strict environmental and government regulations will also hinder the market growth.

Opportunities in the Polyfilm Market

Technological advancements to enhance the longevity of BoPP and BoPET films and the escalating call for bio-based films are dynamic factors that are predicted to create a high opportunity for expansion in the worldwide film industry during the foreseen period. The increasing applications of polyfilms in the medical and pharmaceutical industries will also stimulate the market. The growing demand for polyfilms from the Asia-Pacific region will also boost the market in the near future. The fall in the demand for photographic and magnetic films is likely to limit the expansion of this market over the anticipated period.

POLYFILM MARKET REPORT COVERAGE

POLYFILM MARKET SEGMENTATION

Polyfilm Market - By Resin Type

• LDPE

• LLDPE

• HDPE

• BoPP

• CPP

• PVC

• BoPET

• BoPA

• others

The largest market, by type of resin, is LLDPE. This is due to its properties such as high mechanical strength, transparency, glossy appearance, improved sealing properties, and low production cost. LLDPE also works well when mixed with other resins.

Polyfilm Market - By End-se 

• Packaging

• Agriculture

• Consumer goods

• Medical, and others

• Including tapes & labels

• Automotive

In terms of end use, the packaging and agriculture segment is expected to experience significant growth. The demand for polyfilms is increasing in packaging, due to the increase in the use in food packaging and the improvement of the retail market. Furthermore, there has been an increasing use of greenhouse films to increase crop yields, which has led to the growth of the agricultural segment of the market.

Polyfilm Market - By Region

• North America

• Latin America

• Europe

• Asia Pacific

• Middle East & Africa

The Asia Pacific is the leading region in the global market due to the presence of renowned polyfilm makers in India. Factors like the rising call of the food industry, technological advancements in agriculture, the rise of BoPET and BoPP film making units to satisfy the different end-use businesses have resulted in the expansion of polyfilms in Asia-Pacific. China is one of the main markets for plastic films, as several companies have made significant investments to establish manufacturing units in the country. Changes in lifestyle increased health awareness and long film life have led to increased demand for films in China. There is a great demand for bio-based polyfilms as they are eco-friendly. The only downside to these films is their high cost.

Stringent environmental regulations, weak demand in Europe, and declining demand for magnetic and photographic films can slow market growth. The growing demand from various end-use industries, such as food and beverages and textiles, is also expected to support growth in the target market in the countries of the region. The polyethylene film market in Europe should register a significant growth rate in terms of income in the world polyethylene film market, followed by North America.

Recent Developments 

Packaging film manufacturer Jindal Poly Films Ltd has had an agreement to attain Dutch firm Apeldoorn Flexible Packaging Holding BV for a business worth of € 82.4 million ($ 93.7 million) in cash. The transaction will require antitrust approvals in the Netherlands and Germany and is expected to close in late September, Jindal Poly said in a stock market report. It will continue with the acquisition through the JPF Netherlands BV unit.

Impact of COVID-19 on the Global Polyfilm Market:

The global polyfilm market, similar to many other sectors, has witnessed a great decline due to the lockdown situation caused by the Covid-19 pandemic across the globe. The manufacturing units have been shut, resulting in fewer units for supply and sales. It is predicted that the industry will witness a decline in revenue in the next few years until the condition becomes normal.