COVID-19 Impact on Plastic Films Market
Outlook for plastic films market is projected to remain positive despite short term impact of COVID -19. Plastic film products are getting lot of notice, as awareness grows of the need for the safety in packaging. Despite these short-term disruptions, the trends outlined in the market study seem to be moderate over the forecast period. The global plastic films market is projected to witness several opportunities and challenges in the short-term period caused by pandemic.
According to Market Research Future, the global market for plastic films market before COVID-19 pandemic was projected to grow 5.2% from 2019 to 2025. However, after the global pandemic, the demand for plastic films is projected to increase to over 6% over the forecast period.
More than three fifth of the plastic films are consumed for storage, bundling, and transport of goods seeing rapidly increasing demand, including hygiene products, drugs, and medical devices. Plastic films are also widely used for the packaging for e-commerce orders, which are experiencing significant demand on account of global lockdown efforts. It also includes grocery items, dairy products, meats, frozen meals, and vegetables. However, the reduction in the construction activity will limit the consumption of specialized plastic films which are used in building & construction activities.
The global plastic films market is projected to witness down gauging by film producers, which is projected to experience in the propelling demand for multilayer films. Multilayer films are increasing gaining attention, as they require less material to gain required strength.
In addition, reduction in the manufacturing activity due to stay-at-home directives globally, which is closing the production of various application products such as motor vehicles that are not considered to be essential and related drop in shipping activity of goods will reduce the demand for plastic films market.
In global market, China is projected to witness high demand for plastic films in packaging application. However, stringent regulations pertaining to packaging regulations on account of health and safety during the pandemic, the demand for plastic films is projected to witness hinderance in the market growth.