The Global Market for Plastic Films is Projected to Reach 68.4 Million Tons Translating to US$143.8 Billion by 2024

Expanding Applications and Technological Developments Drive Growth in the Plastic Films Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Plastic Films market. The global market for Plastic Films is projected to reach 68.4 million tons translating to US$143.8 billion by 2024, driven by expanding applications, technological developments, and growing demand for flexible packaging in food and non-food industries.

Plastic film is commonly defined as a thin continuous polymeric material used to wrap or cover items, act as barriers to separate volumes or as printable surfaces. These films find widespread applications in packaging of both food and non-food products. Several attributes such as lower density, transparency, microwave heating, sqeezability, crush tear and drop resistance, recyclability, along with ease of use are further intensifying the uptake of plastic films in various end use sectors. Over the long term, expanding applications, technological developments, and competitive advantages over paper and foil are expected to drive demand for plastic films. The industry is also witnessing a clear rise in inter-plastic competition, particularly among high-density polyethylene, low-density polyethylene, and linear low-density polyethylene categories. Increased use of recycled resins and new catalysts also continue to impact market trends. Demand is also on rise for bio-plastic films and high barrier films and films that are easily recyclable.

Lightweight and sustainability are the key aspects gaining importance in the plastic films market, owing to growing environmental awareness, governmental focus on lowering greenhouse gas emissions, and the issues associated with disposal and recycling of plastic packaging. Led by functional attributes to provide greater protection to packaged contents, demand for novel barrier films is gaining demand in food, beverage, and pharmaceutical applications. Advantages of source reduction and cost-performance along with continuing developments in high barrier resins, and value-added features is expected to favor greater usage of flexible packaging products in comparison to its rigid counterparts. There is also a growing demand for high barrier transparent films in the food industry. Segments including Oriented Polypropylene (OPP) films continue to benefit from new developments in both the clear and metallized sectors. Rise in online shopping and adoption of e-commerce platform for daily consumables is further steering the demand for packaging that safeguards the product inside. The trend towards natural and organic foods featuring oxygen-sensitive unsaturated fats is further fueling the demand for active and barrier packaging in flexible and rigid formats.

As stated by the new market research report on Plastic Films, Asia-Pacific represents the largest market worldwide. The region is also forecast to emerge as the fastest growing market with a projected CAGR of 7.0% over the analysis period led by factors such as surging demand for packaged products, rise in large-scale retail chains, improving standards of living, increasing urbanization, rapid growth of food processing and consumer durables sectors, and burgeoning foreign investment in local production facilities.

Major players in the market include Bemis Company Inc., Berry Plastics Corporation, British Polythene Industries PLC, DuPont Teijin Films, Inteplast, Jindal Poly Films Ltd., Paragon Films Inc., SABIC Innovative Plastics, Sumitomo Bakelite Company Limited, Taghleef Industries, Toyobo Company Ltd., Trioplast Industrier AB, Uflex Ltd., and The Vibac Group, among others.

The research report titled “Plastic Films: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, company profiles, mergers, acquisitions and other strategic industry activities. The report provides market estimates and projections volume and value wise for all major geographic markets including the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe), Asia-Pacific (China, India, and Rest of Latin America), Latin America (Brazil, Mexico, and Rest of Latin America), and Rest of World. Product segments analyzed include Polyethylene Films (HDPE Films, LDPE Films, LLDPE Films), Polypropylene Films (BOPP Films and CPP Films), PVC Films and High Performance Films (Nylon Films, Polyester/PET Films and Other High Performance Films).

To connect with us, visit our LinkedIn page.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.