DUBAI, United Arab Emirates, Aug. 01, 2022 (GLOBE NEWSWIRE) -- The global packaging films market is anticipated to reach US$ 143.7 billion in 2022 and is projected to reach US$ 209.7 billion by 2032, at a CAGR of 3.9% from 2022 to 2032.
Packaging films have diverse usage in various industries like beverage, homecare products, food, healthcare products, personal care products electronics & electrical, and other industrial goods.
A steady CAGR of 2.6% was registered in the packaging films market during the historic period of 2015-2021. The period marked the entry of various market players and product innovations.
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Key Takeaways
- The packaging films are affordable lightweight, safe, convenient, and sustainable. They have remained a preferred packaging solution across several industries. Backed by such attributes, the packaging films industry is propelled to witness growth during the forecast years.
- Based on the material used for packaging film manufacturing, polyethylene (PE) accounted for a dominant market share of 35% in 2021. It is expected to remain the leading segment through the course of the forecast period.
- The polyethylene (PE) film segment was estimated to account for the maximum share in the global packaging films market with almost 36% of the market share. The food industry is expected to remain the top end user of the packaging films market through 2032.
- The food industry is witnessing growth, especially in this new post-pandemic world. The emergence of ‘direct to customer delivery eCommerce’ platforms has led to the growth of this industry. The customer delivery eCommerce platforms have resolved logistical issues faced on a large scale due to the unprecedented outbreak of COVID-19.
- Technological advancements in the food industry are playing a crucial role in its growth journey. The greater the sales of food, the greater the opportunity for the packaging film industry as the food segment contributed 43% of the global market share in 2021.
Competitive Landscape
Berry Global, Mondi Group, Ampac Holdings, LLC, Huhtamaki Oyj., Smurfit Kappa, WestRock Company, Amcor Plc, Sealed Air Corp, Winpak, Novolex, Printpack are some of the key companies profiled in the full version of the report.
Many of the key players are adopting the strategy of product innovation and making their products more eye-catchy and acceptable among consumers. Not only this, but manufacturers are also planning to expand production capabilities in the untapped markets to cater for the increasing demand for packaging films.
Key manufacturers operating in the packaging films market are focusing on producing lighter-weight, durable and sustainable products. A lot of innovations are coming up in this domain to make packaging more sustainable and functional.
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More Insights into the Packaging Films Market
China accounts for the largest share in the packaging films industry with approximately 22% of the global market share. Owing to the growing need for convenience owing to busy lifestyles and cultural factors, demand for diverse packaging solutions is considerably high in the country.
The increasing consumer preferences toward health consciousness alternatives results in helping the expansion of the packaging films market in China. The surge in demand for pocket-friendly packaging and the use of recycled materials for packaging film manufacturing will keep the packaging film demand high in China.
According to the recent report published by the Plastics Europe Association of Plastics Manufactures, Europe holds nearly 16% market share in global plastic production and resulting in 57.9 Mn Tons of plastic production in 2019.
It has been anticipated that Germany is the leading country for plastic consumption and approximately 1/4th of plastic production in Europe is consumed by the German end users. Following this, demand for plastic is consistently increasing in Italy, France, and Spain.
As per FMI analysis, the surging production of plastic in Europe is projected to cater for the increasing demand for plastic in Germany. Resulting in a significant impact on the packaging films market. Germany is estimated to hold lion’s share in the European packaging films market and is expected to reach over US$ 11.3 Mn, by the end of 2032.
India and China are anticipated to showcase massive growth in terms of the usage of packaging films. Both the countries are the fastest growing economies in the world accounting for skyrocketing growth in the future.
India & China will see a CAGR of 5.6% & 4.2%, respectively, in their market share during the period 2022-2032. India will see an increment of US$ 9 bn and will grow by 1.8x during the forecasted period to reach a market size of US$ 21 bn. On the other hand, China will see an increment of US$ 16 bn and will grow by 1.5x during the forecasted period to reach a market size of US$ 48 bn.
Packaging Films Market By Category
By Material Type, Packaging Films Market is segmented as:
- Polyethylene (PE)
- Polypropylene (PP)
- Polyethylene Terephthalate (PET)
- Polyvinyl Chloride (PVC)
- Polyamide (PA)
- Ethyl Vinyl Alcohol (EVOH)
- Polyvinyldiene Chloride (PVDC)
- Bioplastics
- Others
By Product Type, Packaging Films Market is segmented as:
- Pouches
- Bags & Sacks
- Tubes
- Liners
- Sachets & Stick Packs
- Tapes & Labels
- Wraps/Rolls
By End Use Packaging Films Market is segmented as:
- Food
- Meat, Seafood and Poultry
- Ready to Eat Meals
- Dairy Products
- Bakery and Confectionery
- Other Food Products
- Beverages
- Alcoholic Beverages
- Non-Alcoholic Beverages
- Homecare Products
- Personal Care Products
- Healthcare Products
- Electronics & Electricals
- Other Industrial Goods
By Region, Packaging Films Market is segmented as:
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
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Download complimentary copy of FMI’s white paper on ‘Intelligent Packaging for Circular Economy’ in collaboration with Graham Packaging and Avery Dennison
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