Plastic Films Market Insights and Industry Analysis by Technology (Blown Film Technology, Cast Film Technology, Double & Multi-bubble Technology, Barrier Film and Others), Material Type (LLDPE, LDPE, HDPE, Polypropylene, PET and others), Application (Packaging Consumer Goods, Agriculture, Construction and Others), and Region, Competitive Market Size, Share, Trends, and Forecast till 2027
New York, US, July 27, 2021 (GLOBE NEWSWIRE) -- Plastic Films Market Overview:
As per an extensive research report published by Market Research Future (MRFR), the “Plastic Films Market Information by Technology, Material Type, Application, and Region - Forecast till 2027”, the market is slated to grow significantly at a CAGR of 5.9% from 2021 to 2027.
Plastics films are used extensively in view of numerous advantages they offer including lightweight as well as barrier properties. But most importantly, these films are reusable and recyclable, which addresses the environmental concerns worldwide. The market expansion rate is fostered by the rise in economic standards as well as the surge in consumer spending, which boosts the product’s applications in manufacturing, construction, retail sales, to name a few.
Top Growth Boosters:
Advances in the global market are the result of rising use of plastic films in the packaging sector, as these offer benefits in terms of performance, source reduction and cost, compared to other packaging materials. Their versatility allows reduction in amount of material required, downgauging of packaging, and reduced manufacturing and shipping costs, while offering the desired properties.
Linear low-density polyethylene/LLDPE is one of the most sought-after plastic films in the market, representing the highest demand. Demand and use of LLDPE films are bound to witness further growth in the coming years, given their versatility and relatively low cost. As a result, this type of plastic film shall see significant gains in various markets including packaging for produce and snacks, pharmaceutical and medical products, shrink and stretch wraps, and many more.
Interestingly, the Middle East is now one of the strongest players in the global market, benefitting from lower prices of raw materials as well as feedstock prices along with the proximity to Asia. This favorable business scenario has compelled local companies to foster their production capacity and leverage attractive opportunities presented by the region. Speaking of opportunity, biodegradable plastics are experiencing rampant demand worldwide, in line with the surging awareness regarding environmental issues, which should have a remarkable impact on the global industry in the future.
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The major firms active in the worldwide plastic films industry include:
Toray Industries, Inc. (US)
Amcor plc (Switzerland)
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)
The plastic film industry is intensely competitive as a result of several players with large-scale manufacturing facilities and numerous vendors gaining entry. Partnerships, acquisition, new launches, and mergers are the prime strategies that players adopt to elevate their business rankings. For instance, in July 2021, AR Packaging introduced Ecoflex, which is a recyclable/reusable mono-polyethylene film that has thermoforming applications and can be the perfect substitute for PA-based materials. Ecoflex contains high-quality PE polymers, which helps it offer impressive tear resistance, puncture resistance, and suitability for vacuum or modified atmosphere packaging applications.
The global market can witness slower growth due to the rising demand for alternative to plastic films.
COVID 19 Analysis
The Covid-19 outbreak has posed a number of challenges to the plastic films industry, as cases continue to rise. Financial losses faced by different industries like construction, healthcare, packaging and more also acted against the global market.
However, with the steady expansion of the e-commerce industry and consistent rise in the usage of packaging for various products, the plastic films market should get some respite in the upcoming period. Moreover, the pharmaceutical and food and beverage sectors continue to generate extensive demand, which is yet another reason that the global market will remain resilient in the face of the pandemic.
Browse In-depth Market Research Report (150 Pages) on Plastic Films: https://www.marketresearchfuture.com/reports/plastic-films-market-3002
Key technologies discussed in the report are cast film technology, blown film technology, barrier film, double & multi-bubble technology, and more. The blown film technology is identified as the top segment and could project the highest growth at a rate of more than 6.0% during the evaluation timeframe.
Material types covered in the MRFR study are PET, LDPE, LLDPE, Polypropylene, HDPE, and others. LLDPE is the leading segment and in 2019, accounted for the biggest share of over 30.0%.
Application-wise, the major segments are construction, agriculture, packaging consumer goods, and others. The packaging segment can clock in the fastest CAGR of more than 6.5% between 2020 and 2027.
Plastic Films Market Regional Status
Asia Pacific is bound to remain the biggest market for plastic films throughout the appraisal period, backed primarily by densely populated nations, namely China and India. These countries are witnessing a surge in economic standards, industrialization, and urbanization rates, with highest growth noted in food and beverages, pet food, cosmetics, and pharmaceuticals. These sectors generate rampant demand for plastic films. Also, international vendors are making their foray into the Indian market via strategic collaborations and partnerships. This is bound to render the plastic film market in the county quite lucrative. Furthermore, the Ministry of Economy, Trade, and Industry reveals that in 2018, around 3.53 million tons of plastic films was manufactured in Japan, exhibiting a notable jump from roughly 3.46 million tons recorded in 2016. The escalating production of a variety of plastic films not only in Japan but various other countries along with the incredible growth of the e-commerce sector in the region should further enhance the market size in subsequent years.
With the second highest share in the global market, North America will create waves in the ensuing years. The market worth in 2019 was estimated at more than USD 15 billion with the United States identified as the highest gainer in the region. Considerable automobile demand and sales in the regions and the large-scale automotive production, especially in the US is touted to be a major growth rendering factor. Meanwhile, the robustness of the food packaging sector and the impressive rate at which it is expanding, in line with the mounting popularity of intelligent packaging, will also leave a tremendous impact on the plastic films market in the years ahead.
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