The plastic film refers to a thin polymeric material, which finds use in a wide array of applications. They are used in landscaping, film stock for movies, photographic film, packaging, building construction, plastic bags, videotape, labels, and electrical fabrication. Of these, the use of plastic films is rapidly increasing in the food packaging sector and has become a popular choice for this industry.
The global plastic films market has been split based on five important parameters. These parameters are the application, product type, decoration, industrial, and region.
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Global Plastic Films Market: Notable Developments
One of the recent market developments that characterize the course of the global plastic films market is as mentioned below:
- In June 2019, Melbourne-based leading packaging company, Amcor Limited, completed its acquisition of the U.S. based flexible packaging manufacturer, Bemis Company Inc. Following this strategic move, Amcor Limited is anticipated to bring on the additional footprint, capabilities, and scale of the acquired company. This move is likely to strengthen the position of Amcor Limited in the global plastic packaging market and generate substantial value for its customers.
Some well-known organizations in the global plastic films market comprise the below-mentioned:
- The Dow Chemical Company
- British Polythene Industries
- Mitsubishi Chemical Holdings Corporation
- Berry Plastics Corporation
- Bemis Company, Inc
- Amcor Limited
Global Plastic Films Market: Key Trends
The following drivers, opportunities, and restraints characterize global plastic films market over the review period, from 2019 to 2027.
Huge Demand for Eco-friendly Packaging Solutions Boosts Market Growth
The plastic films market is likely to be driven by the growing demand from various end use sectors, mainly from the food and beverage segment. There has been a rise in the demand for eco-friendly and bioplastics owing to rising concern over environmental pollution. This adds fillip to the expansion of the global plastic films market. In addition, growing demand for flexible packaging could be observed in the market, thanks to its eco-friendly nature. Augmented demand for decorative laminates is likely to emerge as another growth factor for the market over the assessment tenure.
Growing demand for increased barrier film is likely to generate substantial revenue for the global plastic films market. Plastic films find abundant use in the barrier packaging segment, thanks to its unique properties. Plastic films safeguard the product from permeation of aroma, moisture, water, flavor, light, and oil. With the increased use of plastic films in barrier packaging, the product is able to retain its formulation and quality. Besides, it does away with the possibility of leakage to prevent damage to the product. Barrier films are gaining traction amongst various end use segments, such as automotive, textile, pharmaceuticals, and food. The final products from these industries need additional care for prolonged shelf life and the maintenance of their integrity. Such a factor is likely to influence the growth of the global plastic films market in forthcoming years.
On the other hand, stringent government rule and regulations together with the high cost of raw materials are estimated to obstruct the growth of the market over the assessment tenure. However, speciality and biodegradable films are likely to offer copious growth opportunities for the market in times to come
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Global Plastic Films Market: Geographical Analysis
The global plastic films market has been divided into the significant regions of North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe. Such region-based segments provide a detailed view of the regional markets to help better understanding of the overall market.
Over the tenure of review, Asia Pacific is likely to emerge as a prominent region for the global plastic films market, thanks to the rapidly expanding consumer goods and packaging industry in the region. China is estimated to spearhead the growth of the regional market with India and Japan following closely. Augmented use of plastic films has emerged as the latest trend in the packaging industry of the region, which is estimated to favor the expansion of the market in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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