Pune, India, Jan. 19, 2021 (GLOBE NEWSWIRE) -- The global flexible film market size is expected to showcase exponential growth by reaching USD 141,785.7 million by 2027 while exhibiting a CAGR of 6.0% between 2020 and 2027. The growth is attributable to the increasing demand for eco-friendly flexible film and the growing demand from the electronics industry globally. This information is published by Fortune Business Insights, in its latest report, titled, “Flexible Film Market Size, Share & COVID-19 Impact Analysis, By Raw Material (Polypropylene {BOPP and CPP}, Polyester / BOPET {Thin Film and Thick Film}, and Others), Application (Packaging, Industrial, and Others), and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 88,702.8 million in 2019.
Market to Thrive amid COVID-19 Backed by Surge in Pharmaceutical & Packaged Food Sales
The global pandemic, COVID-19, is expected to have a positive impact on the market. The growing awareness regarding hygiene and the rising consciousness amongst people to stay healthy is likely to favor the demand for packed food products. This is expected to positively affect the demand for flexible packaging films across the globe.
Flexible films are primarily manufactured using raw materials such as polypropylene, polyethylene, and polyester. These films are available in the market in several sizes that vary as per the requirement. Additionally, they provide beneficial properties such as high resistance to heat, water, moisture, and chemicals that make them favorable across several end-user industries.
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What does the Report Include?
The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2020 and 2027. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
COMPETITIVE LANDSCAPE
Environmental Concerns Propel Market Players to Introduce Eco-Friendly Products
The global market is fragmented by the presence of major companies that are striving to maintain a stronghold and gain a competitive edge over their rivals. These companies are focusing on introducing eco-friendly flexible films to tackle environmental issues and to further reduce carbon footprint. Furthermore, other key players are adopting organic and inorganic strategies to gain a major chunk of share in the global marketplace.
List of Top Companies Profiled in the Global Flexible Film Market:
- Mondi Group (Austria)
- Innovia Films (UK)
- Amcor Ltd (Australia)
- Bemis Company, Inc. (US)
- The Wipak Group (Finland)
- LINPAC Group (UK)
- Jindal Poly Films Ltd. (India)
- Berry Plastics Corporation (US)
- AEP Industries Inc. (US)
- Max Speciality Films Limited (India)
- Polyplex (India)
- CHIRIPAL POLY FILM (India)
- Cosmo Films Ltd. (India)
- Uflex Limited (India)
- Novus Holdings (South Africa)
- Flex Films (India)
- CTP Flexibles (South Africa)
- AMPAFLEX (South Africa)
- Others
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KEY DRIVING FACTORS
Increasing Demand for Electronics to Augment Growth
According to the latest official data, electronics import in India touched an astounding record of around USD 55.6 billion in 2019. The growing demand for electronics is expected to boost the adoption of advanced flexible film to protect the components from external damage. Moreover, the rising concerns over the adverse environmental effects of high plastic use is driving the demand for eco-friendly alternatives. This is anticipated to surge the demand for polyester-based films that are biodegradable in nature. These factors are expected to contribute to the global flexible film market growth in the forthcoming years.
SEGMENTATION
Packaging Segment Held Largest Market Share in 2019
The packaging segment, based on application, held the largest market share in terms of revenue in 2019 and is expected to showcase considerable growth during the forecast period. This is ascribable to factors such as the increasing adoption of innovative flexible films for packaging solutions across several industrial applications such as food & beverage, automotive, and electronics.
REGIONAL INSIGHTS
Asia-Pacific to Remain Dominant; Increasing Government Initiative to Reduce Plastic Waste to Favor Growth
Among all the regions, Asia-Pacific is expected to remain dominant and hold the highest position in the global flexible film market. This dominance is attributable to the increasing government initiatives to reduce plastic waste that propels the demand for advanced sustainable flexible film in the region between 2020 and 2027. Asia Pacific stood at USD 46,540.4 million in 2019.
On the other hand, Europe is expected to hold the second position in the market owing to the higher adoption of these films in the automotive sector to prevent parts from damage due to high temperature and stretches.
Key Industry Development:
June 2020 - Innovia Films unveiled a new series of functional recyclable BOPP-based films, Encore. These films are manufactured by adopting renewable non-food raw materials. This is expected to lead to reduced adoption of fossil-based virgin raw materials.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Capacity Expansions, Acquisitions, Partnerships, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Flexible Film Market
- Supply Chain Analysis & Challenges due to Covid-19
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
- Global Flexible Film Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Raw Material (Value and Volume)
- Polypropylene
- BOPP
- CPP
- Polyester/BoPET
- Thin Film
- Thick Film
- Others
- Polypropylene
- By Application (Value and Volume)
- Packaging
- Industrial
- Others
- By Region (Value and Volume)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- By Raw Material (Value and Volume)
TOC Continued…!
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