Plastic Films MarketSize and Trends

Global Plastic Films Market was valued at US$ 98.29 Bn in 2022, and is expected to exhibit a CAGR of 7.2%, in terms of revenue, over the forecast period (2023-2030) to reach US$ 171.67 Bn by 2030. Rising restrictions on plastic recycling are expected to suppress future market growth. 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 - Impact of Coronavirus (COVID-19) Pandemic

The manufacturing and industrial sectors have entered a new operating environment that is uncharted globally thanks to COVID-19. Government restrictions on the number of people who can congregate in one place have had a significant negative impact on the sectors. One industry that is severely impacted by the virus' effects is manufacturing. During the lockdown, the manufacturing and factory operations in the oil & gas, electronics, aerospace, metal processing, automotive, and lockdown industries were temporarily suspended. China provides majority of the raw materials needed by the industries. As a result, the output of the industrial sector has been significantly impacted by supply chain disruptions. Because of the pandemic, the global economy had shrunk. As long as the pandemic persists, COVID-19's effects on all industries will endure. The development of the industrial sector is being hampered by elements such as investment loss, a lack of liquidity, a labor shortage, supply chain restrictions, and general global economic uncertainty. Many nations, including the U.S., China, and India, have opened their economies in recent months. As a result, industrial activity has resumed, albeit with a reduced workforce and material supply. As the majority of economies have opened, the industrial output is anticipated to increase. The COVID-19 had an impact on sales volume that was both positive and negative for the producers of plastic films. Due to increased food consumption, businesses that rely heavily on packaging, particularly food packaging, saw an increase in revenues, whereas businesses that rely heavily on the industrial sector saw a decline in sales volume.

Figure 1. Global Plastic Films Market, By Application, in 2022