PLASTIC FILMS MARKET ANALYSIS

Market Challenges And Opportunities

Substitutes available on the market can suppass market development. Numerous governmental and non-governmental organizations in the U.K. and the U.S. are working to support a ban on the use of plastic in the packaging and non-packaging industries. Several governmental and non-governmental organizations in the U.S. are also working to reduce the use of plastic sheets and films in the packaging of organic produce.

Global Plastic Films Market: Market Restraints

High cost of raw materials and availability of substitute

The high cost of raw materials as the manufacturing of biodegradable plastic films is relatively high as compared to conventional film is expected to restrict the market growth of the plastic film. Manufacturing of biodegradable film requires additives, which further adds to the cost of the manufacturing. Hence, the high cost of raw materials is expected to negatively impact market growth to some extent.

Availability of substitute such as paper packaging products that are eco-friendly and cheap is expected to limit the adoption of plastic film. Metals such as aluminum are also used as a packaging product, for example, aluminum can, which is widely used to store the carbonated drink and aluminum can also easily recycle is further expected to raise the adoption of such substitute product over plastic, and in turn expected to hinder the market growth during period (2023-2030).

Global Plastic Films Market: Growth Drivers

Increased demand for Bi-axially oriented films

Films that are Bi-axially oriented have special characteristics that allow them to stretch in two different directions. The film's properties can change depending on how it is oriented, including its high stiffness, low elongation, and lustrousness. Electrical and electronics, packaging, imaging, graphics, and industrial specialty applications all use BOPP films. As the demand for bi-axially oriented films increased, several plastic film producers decided to focus their manufacturing efforts on this type of film instead. The main use for these films is food packaging. Thus, the need for bi-axially oriented films has grown along with the development of the food packaging industry in developing nations. As it is non-toxic and serves as an aroma barrier, it is the material of choice for food packaging. Bi-axial films are stretched in both the machine and transverse directions to improve mechanical, optical, and barrier properties. For instance, in December 2021, Amcor has announced the opening of a cutting-edge healthcare packaging facility in Singapore. This dedicated healthcare packaging facility will assist the company in meeting the region's rapidly increasing healthcare packaging demand.