Global Plastic Films Market was valued at US$ 98.29 Bn in 2022 and is estimated to reach US$ 171.67 Bn by 2030, exhibiting a CAGR of 7.2% during the forecast period (2023-2030). According to Global Plastic Films Market Report, By Nature (Organic, Conventional), By Ingredient Type (Fruits (Apples, Citrus fruits, Mixed fruits, Berries, Tropical fruits, Others), Vegetables (Spinach, Carrot & Cucumber, Mixed vegetables, Beetroot), Mixed Fruits & Vegetables), By Distribution Channel (Retail/Grocery Stores, Convenience Stores, Online, Hypermarkets & Supermarkets), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) as highlighted in a new report published by Coherent Market Insights.
Plastic film is a thin continuous form of polymer material and is a popular choice of packaging material. This material is less susceptible to contamination and pilferage. Plastic film is lightweight and any information can be printed easily on it and it also has superior barrier properties. It can be easily reused and recycle and find a range of applications across bottles for packaging of water, bags for retails, cereal box liners, and so on. Plastic film is mostly transparent but can be colored and also available in single as well as multi-layered versions. Moreover, they also used in the packaging of food products and carbonated drinks as it is resistant to heat and moisture which makes it an ideal choice of packaging material.
Drivers
Rising demand for the plastic film as a substitute for metal and glass is projected to propel the market growth of the plastic film. Plastic films are widely used for packaging, decorative, and other industrial application due to its cost-effectiveness. Furthermore, manufacturers of plastic film are adopting new technologies such as polymer blend for developing high-definition picture and acoustic effects in decorative laminates. All these factors are predominantly fueling the market growth of the plastic film.
Market Opportunities
The growing online food delivery market in India is expected to fuel the demand for plastic film, in turn propelling market growth. Due to the strong presence of online food delivery players such as Zomato, FoodPanda, TinyOwl, and Swiggy, the Indian market is expected to witness a promising future in the years to come.
Market Restraints
Strict government regulations for the reduction of carbon footprint and proper coding for traceability on the use of recyclable plastic films in the plastic industry are projected to hinder the growth of the global plastic film market. For instance, the European Parliament and Council Directive 94/62/EC require member states to comply with regulations regarding reusable or recoverable packaging in order to minimize packaging weight and volume and reduce the release of hazardous substances and materials into the environment or ecosystem.
Competitive Section
Key players operating in global plastic films market are The Dow Chemical Company, DuPont, Eastman Chemical Company, Evonik Industries AG, Amcor Limited, Berry Plastics Corporation, Griffon Corporation Inc., Mitsubishi Chemical Holdings Corporation, Saudi Basic Industries Corporation (SABIC), and Honeywell International Inc.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/plastic-films-market-3560
Key Takeaways:
- On the basis of product type, the polyethylene terephthalate (PET) segment has dominated the global plastic films market in 2022 with a 29.7% of market share in terms of value, followed by polypropylene (PP) and polyvinyl chloride (PVC) respectively.
- Changing food habits, such as a growing preference for processed foods, will almost certainly supplement demand for plastic films and sheets. Furthermore, market participants are involved in the production of various types of plastics based on user requirements and the perishability of food. Several countries have imposed strict regulations on the use of plastic films and sheets.
- The Asia Pacific pharmaceutical industry is expanding, primarily due to rising healthcare awareness among the current population and access to modernized treatment regimens without border restrictions. The expanding pharmaceutical industry will likely support the plastic films market.
Global Plastic Films Market- Impact of Coronavirus (Covid-19) Pandemic
The COVID-19 outbreak had a negative effect on related industries like transportation, construction, and electronics, among others, which in turn had an impact on the global market for plastic films and sheets. Disrupted supply chains, operational issues, and a decreased workforce had an impact on demand and supply of and sheets globally. The market's expansion was also constrained by manufacturing activities, travel restrictions, and limited import and export activities.
Nevertheless, during the pandemic, the market saw an increase in demand from the packaging and healthcare sectors. During the pandemic, the market grew as a result of increased demand for barriers and face shields as well as packaging solutions for food and beverages.
