ID: MRFR/CnM/2216-CR | August 2020 | Region: Global | 150 pages
Global Plastic Films Market, according to MRFR, is projected to record significant growth during the review period, exhibiting a CAGR of 5.96% and reach a value of USD 89.38 Billion by the end of the forecast period. The increased demand for packaged food due to the increasing working population is one main factor that drives the global plastic films industry.
Outlook for plastic films demand is expected to boost over the next five years considering the short-term, one-year effect of COVID 19. For plastic film products, there has been a rise in the perception of the need for the preservation of these products. Despite these sudden shifts, the patterns suggested in the analysis tend to be incremental over the projected era. The plastic film industry is supposed to face many possibilities and hurdles in the short term period. The downturn in construction activity would substantially reduce demand for specialty plastics used in building and construction activities.
Plastic films are now being used for the packaging for global e-commerce orders, which are witnessing significant demand in light of intense global security efforts. The global plastic films market is expected to decline in the near future, and the demand for multilayer films will increase. 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.
Growing Adoption of Packaged Food To Drive Market Growth
Factors for plastic film development include the need for food and drug packaging, as well as for packaging in general. Other factors of the world economy include consumer products that use plastic films and agricultural applications that use plastic films. The rise of packaged food demand on account of the growing working population across the globe is the main driving force. The most plentiful use of plastic films in items such as cosmetics wrapping, sunscreen, personal care products, dish and laundry detergents, and household cleaners are drivers of this industry.
Growing Adoption of Biodegradable Plastics to Create Avenues to Key Players
In reaction to the pandemic of COVID-19, the landscape for the healthcare sector has been modified due to the increased use of plastic films. The study on recycled technology and the deterioration of plastics would establish new growth avenues for the market players. Rise in demand for energy-efficient technology from plastic film producers and increasing demand from packaging firms for biodegradable packaging materials are some of the factors that are expected to generate new opportunities for players in the global plastic films industry.
The tight controls on packaging related to the pandemic, as well as dropping raw material costs, would possibly impede the development of the food market.
the above-average growth rate of the blown film technology, which is projected to rise at a CAGR of over 7.5 percent.
By Material Type
The LLDPE form leads the global market with over USD 20,000 million in sales in 2019 and is anticipated to grow to USD 23,000 million by 2022. The characteristics of LDPE include low barrier, high clarity, and a low cost. This accounts for the rise in demand in the global market.
The packaging category accounted for more than 40% of the market share in 2019, with sales increasing at the fastest rate. Packaging uses are varied from agricultural products, household goods, and medical. Because of big market appetite for frozen food and consumer products, plastic films and sheets carries expanded appeal. The rising demand for flexible packaging would help medical packaging manufacturers experience improved business in the coming years.
China to Lead APAC Market Growth
Asia Pacific is dominant in the global plastic film industry. The demand for packaged foods and beverages in developing economies of Asia Pacific will begin to rise, contributing to the rise in the global food and beverage industry. Since its economy is rising rapidly, urbanisation is on the rise and manufacturing is expanding, there is growing demand in Asia-Pacific. As a result of the acceleration of industrialization, China, India, and Japan are seeing growing demand for plastic films from different industrial verticals due to their high per capita income. The regional demand is predicted to witness a 6.5 percent yearly rise over the next five years.
US to Dominate North America Market Growth
North America is the second-largest market share in the world for the plastic film industry. The field was estimated at over USD 15 billion overall in 2019. The United States is predicted to have a higher CAGR than the area over the review period. The rise in automobile demand in these regions is projected to be led largely by a rise in automotive production in the United States.
Product Development to Remain Key Focus of Market Players
The global plastic films and laminates market is widely-fragmented with many regional and global producers. Investment is being made in newer technologies and the purchase of raw material suppliers to create new businesses. The establishment of new research and development programmes and an expansion in product lines would have a substantial effect on the competitive landscape over the projected period. Companies have modified their market models by introducing numerous new policies such as partnerships, product launches, and alliances. To retain their existing market share, influential players are engaging in mergers, acquisitions, growth, and new product releases. They are developing new industrial methods and processes. These practises have catalysed the development of companies sold through electronic transactions.
January 2021: A Finnish academic institute tested the feasibility of using cellulose and fatty acids in plastic film to enhance the processing of food. Thanks to the construction work, many aspects of the film are now available for use by the food industry, and collaboration has progressed to the testing of industrial production.
January 2021: the National Institute of Ocean Technology (NIOT) announced their launch of a bioplastic film using seaweed, polyethylene glycol and ethanol. This could be a game-changer in the plastic industry and also help reduce non-biodegradable plastics. With a high density of population, the use of dangerous plastics is rampant in India due to the need for packaging of various consumer and food goods.
By Material Type
Frequently Asked Questions (FAQ) :
The global plastic films market is expected to rise to a valuation of USD 89,384.2 Million by 2023.
The global plastic films market is expected to exhibit a solid 5.96% CAGR over the forecast period from 2019 to 2025.
Leading end users of plastic films include the packaging industry, consumer goods, construction industry, and electrical and electronics industry.
LLDPE and LDPE are the dominant product types in the global plastic films market.
Asia Pacific is the dominant regional market for plastic films.