Newark, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 88.39 billion in 2020 global plastic films market will reach USD 224.88 billion in 2030. A thin, continuous kind of plastic material that is sliced into sheets is known as plastic film. The plastic films are constructed from various raw materials, including polypropylene, polyethene, polyvinyl chloride, and others. Plastic film can be transparent, clear, rough, smooth, opaque, embossed, coloured, printed, multilayered, single-layered, or semi-transparent, depending on the raw material used in its production. Plastic film usage is widespread throughout several end-user sector verticals, including agriculture, construction, consumer goods, and food packaging. The plastic films are specifically utilized for packaging and non-packaging purposes.
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Key Insight of the Global Plastic Films Market
Asia Pacific will dominate the market during the forecast period.
The improvement in global living standards is primarily responsible for the regional growth. The current environment will encourage market expansion and development due to people's changing lifestyles and increased disposable income. The packaging of food and pharmaceutical items will benefit from the region's increasing health consciousness.
The biodegradable plastic film segment is expected to register the highest growth of 6.27% over the forecast period.
The type segment is divided into biodegradable films, nanocomposite films, barrier polymer films and water-soluble films. The biodegradable plastic film segment is expected to register the highest growth of 6.27% over the forecast period.
The LLDPE (Linear Low-Density Polyethylene) segment dominated the market with a market share of around 43% in 2020.
The material segment includes HDPE (high-density polyethylene), LDPE (low-density polyethylene), LLDPE (linear low-density polyethylene), PET (polyethylene terephthalate), PVC (polyvinyl chloride), PP (polypropylene) and others. The LLDPE (Linear Low-Density Polyethylene) segment dominated the market with a market share of around 43% in 2020.
The food packaging industry is expected to rise with the fastest CAGR of 8% during the forecast period.
The end-user segment is divided into food packaging, pharmaceutical and medical packaging, consumer goods, industrial packaging, agriculture, construction and others. The food packaging industry is expected to rise with the fastest CAGR of 8% during the forecast period.
Advancement in market
The completion of a seed round totalling £3 million in grants and equity was announced by FlexSea. With the financing, the business can commercialize several sustainable packaging solutions it has created using polymers made from seaweed. The goal is to address the disastrous effects that conventional plastics have on the ecosystem, especially the single-use plastic items that linger in the ocean for hundreds of years after being thrown away. The FlexSea biodegradable polymers, on the other hand, decompose in a matter of weeks in the soil or the water. The pattern of plastic consumption by humans and the trajectory of our planet's sustainability could both be altered through FlexSea.
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Market Dynamics
Driver: Demand for Bi-Axially Oriented Polypropylene Films is Growing.
The market growth of plastic films will accelerate due to the rising demand for BOPP (Bi-Axially Oriented Polypropylene) films for insulation and food packaging applications. Due to their superior thermal insulating qualities compared to wax sheets and cellophane, BOPP films have been increasingly used for packaging in recent years. Electronics, food packaging, cosmetics, insulation, and other industries use BOPP films extensively. Since BOPP films have excellent tensile strength and lending characteristics like rigidity, they may be stretched in two directions. Because of these qualities, BOPP films have a promising future in all packaging applications. Additionally, the BOPP's ability to be recycled is increasing market demand.
Restraints: Availability of alternatives.
The primary market alternatives to plastic film are made of aluminium. The use of as a packaging material is expanding in the food packaging sector. The demand for packaged food products to have longer shelf lives and the growing acceptance of aluminium as flexible packaging are the driving forces behind the expansion of aluminium packaging. To develop the ability to recycle and reuse aluminium packaging, businesses are heavily investing in R&D. Therefore, for the time being, this issue will constrain market growth and development.
Opportunities: Growing Adoption of Plastic Films for Medical Use.
The future growth of the market may be facilitated by the use of plastic films in the manufacture of medical bags. Plastic films provide several advantages over glass bottles, including increased shelf life, reduced bacterial contamination, breakage resistance, and shipping of plastic bags. In addition, medical bags are frequently used in the pharmaceutical and healthcare sectors, typically when cheap packaging options are needed and readily available in large quantities.
Challenges: Fluctuations in the price of raw materials.
The price volatility for plastic raw materials like polypropylene (PP), polyvinyl chloride (PVC), and others is a result of the continual fluctuations in the price of oil. Because they are oil derivatives, these materials are subject to price changes. Oil prices have been extremely unstable for the previous three to four years because of the rising global demand, foreign involvement, and war strife in the Middle East. Therefore, the raw material price volatility may limit market expansion in the near term.
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Some of the major players operating in the global plastic films market are:
• Amcor Limited
• Bemis Company, Inc.
• Jindal Poly Films Ltd.
• Sealed Air Corporation
• Toyobo Co., Ltd.
• AEP Industries Inc.
• Berry Plastics Group, Inc.
• RKW SE
• Saudi Basic Industries Corporation
• Toray Industries, Inc.
• Uflex Ltd.
• Inteplast Group Limited
• KlöcknerPentaplast Group
• Novolex
• Polyone Corporation
• Printpack Incorporated
• Sigma Plastics Group
•
Key Segments covered in the market:
By Type
• Biodegradable Films
• Nano Composite Films
• Barrier Polymer Films
• Water-Soluble Films
By Material
• HDPE (High-Density Polyethylene)
• LDPE (Low-Density Polyethylene)
• LLDPE (Linear Low-Density Polyethylene)
• PET (Polyethylene Terephthalate)
• PVC (Polyvinyl Chloride)
• PP (Polypropylene)
• Others
By End-User
• Food Packaging
• Pharmaceutical & Medical Packaging
• Consumer Goods
• Industrial Packaging
• Agriculture
• Construction
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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