Newark, June 20, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global cast films market is expected to grow from USD 7987.7 million in 2021 to USD 10605.8 million by 2030, at a CAGR of 3.20% during the forecast period 2022-2030.
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As the packaging industry developed, the manufacturers started incorporating these cast film elements in flexible packaging forms. Due to various advantages such as weightless, flexibility, and long-lasting, the food and pharmaceutical industry rapidly moved to flexible packaging designs. Rigid packaging designs are vulnerable to breakage and decay. Therefore, flexible packaging designs give extended shelf life and a convenient user experience. Cast films as a flexible packaging solution notice a significant application in the pharmaceutical and food sector as it supplies a long-lasting shelf-life, beautiful packaging, and label visibility. Additionally, the changing eating habits of the youth population, like consuming packaged food and drinks, are anticipated to drive the need for wraps, bags, and pouches, thereby propelling the growth of the cast films market.
Competitive Strategy
To enhance their market position in the global cast films market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• DIC believed in including a Partnership with Jindal Poly Films Limited, the most prominent biaxial oriented polypropylene (BOPP) film manufacturer in India, promoting the growth of a market for functional cast polypropylene film in India; both companies have signed a contract to collaborate in the area In January 2021.
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Market Growth & Trends
Polypropylene is the most preferred material for cast films among the manufacturers as it provides improved product shelf-life, increased barrier properties, and product protection. The cast films are created from different grades of polypropylene polymers via the casting process. The features of polypropylene cast films, such as low cost, highly transparent, high impact strength, heat sustainability, and printability, give them an advantage over other cast films. Owing to the various benefits proposed by polypropylene, polypropylene cast films find wide applications in many enterprises. Therefore, the polypropylene cast films are assessed to describe an incremental opportunity. Also, the growth of customer packaging goods has indicated a remarkable potential for CPP film development. They offer excellent advantages such as superior tear and wear resistance, CPP films are also broadly utilized in the pharma industry for packing to prevent contamination and damage at transportation. CPP films are also used in deep freeze packaging, floral wraps, and lamination due to their ability to form an excellent moisture barrier and high seal strength at extreme temperatures.
• In 2021, the polyethylene segment accounted for the largest share of the market, with 27% and market revenue of 2156.6 million.
The material type segment is divided into polypeptide, polyethylene, polyamide, & others. In 2021, the polyethylene segment accounted for the largest share of the market, with 27% and market revenue of 2156.6 million. Polyethylene gives value-added features like significant gloss amount, high bearing strength, and transparency. Also, it stops heat transfer, has better dimensional stability, and outstanding flexibility.
• In 2021, the food & beverages segment accounted for the largest share of the market, with 20% and market revenue of 1597.5 million.
The application segment is divided into agriculture, architecture, textile, medical & pharmaceutical, food & beverages, stationery, and others. In 2021, the food & beverages segment accounted for the largest share of the market, with 20% and market revenue of 1597.5 million. The COVID-19 pandemic has resulted in expanded demand for cast film packaging films around the globe, creating orders from the food & beverages industry.
• In 2021, the wrap segment accounted for the largest share of the market, with 33% and market revenue of 2635.9 million.
The packaging format segment is divided into laminates, wraps, labels & pouches, and bags. In 2021, the wrap segment accounted for the largest share of the market, with 33% and market revenue of 2635.9 million. The changed eating habits of most of the population, such as the usage of packaged food and drinks, are foreseen to form the demand for wraps, which ultimately pushes the segment growth.
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Regional Segment Analysis of the Cast Films Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, the Asia-Pacific region emerged as the largest market for the global cast films market, with a market share of around 34.5% and 2755.7 million of the market revenue in 2021. Asia-Pacific is likely to retain its dominance and is the developing market region during the projection time. The region's dominance in different end-use enterprises, such as textile, pharmaceuticals, food & beverages, agriculture, and the key market for all the other end-use industries is the primary element behind the region's growth in the market.
Key players operating in the global cast films market are:
• Alpha Marathon Film Extrusion Technologies Inc
• Bemis Manufacturing Company
• Berry Global Inc
• Bischof + Klein SE & Co. KG
• CLONDALKIN GROUP
• Copol International Ltd.
• FLAIR Flexible Packaging Corporation
• Inteplast Group
• Intertape Polymer Group
• Jindal Poly Films
• Manupackaging UK Ltd
• ObenGroup
• Panverta Cakrakencana
• Paragon Films
• POLIFILM GROUP
• Polyplex
• Profol GmbH
• Scientex Berhad
• TAGHLEEF INDUSTRIES GROUP
• UFlex Limited
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global cast films market based on the below-mentioned segments:
Global Cast Films Market by Material Type:
• Polypeptide
• Polyethylene
• Polyamide
• Others
Global Cast Films Market by Application:
• Agriculture
• Architecture
• Textile
• Medical & Pharmaceutical
• Food & Beverages
• Stationary
• Others
Global Cast Films Market by Packaging Format:
• Laminates
• Wraps
• Labels And Pouches
• Bags
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About the report:
The global cast films market is analyzed based on value (USD Million). 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 offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
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