The global packaging films market is expected to witness significant growth on account of rising application in pharmaceutical, food & beverage, and other diverse industries. The rising population and increasing disposable income of middle-class consumers are expected to drive packaged food and personal care products (packing of shampoo, soap, and other cosmetic products) industry. Growing demand in these industries is expected to lead to a subsequent increase in packaged goods and packaging films over the forecast period. Developing economies are exploring the diverse advantages of packaged products in several industrial sectors, which are expected to augment packaging films demand. Plastics possess non-corrosive, light, and relatively cheap characteristics that are expected to enhance the global market growth.
Polyethylene and polypropylene are generally preferred as basic packaging materials in most applications. However, specialty films and high-barrier polymers that are water-resistant are increasingly gaining relevance in various industrial applications. Greater importance regarding the safety and protection of packaged contents has also contributed to the development of the market. Plastic barrier technologies help preserve and protect contents as well as optimize the shelf life of perishable goods reducing the need for preservatives. Packaging films also provide transparency and gloss to the products, serving as a base for labeling and printing on the product. Such factors are expected to complement global packaging films market growth. Packaging films also hinder microbial growth and slowdown deterioration process of perishable goods, further contributing to market growth.
Packaging films can be categorized on the basis of packaging materials into polyethylene (LDPE, LLDPE, & HDPE), polypropylene (BOPP & CPP), and polyester (BOPET) among others (polyamide, EVOH, PVC, PVDC, PVOH & cellulosic). The current market leader is polyethylene; however, polypropylene films market demand is increasing at a faster rate. BOPP is a majorly preferred raw material for the flexible packaging films market in various industries. Biodegradable packaging films are expected to register the highest growth over the forecast period on account of rising environmental concerns and federal regulations on non-biodegradable packaging. Packaging films are also classified on the basis of application into industrial goods, consumer products packaging, medical & pharmaceutical, food & beverage, and automotive parts. Currently, the food & beverage industry has the highest application share for the packaging films market in terms of processed food. The highest growth is expected in the medical and pharmaceutical industries over the forecast period.
Certain restrictions such as recycling issues, high costs, and susceptibility to degradation over time are expected to hamper the development of the global packaging films market. Various environmental groups have also pressurized the industry and created obstacles on account of concerns regarding increased food packaging and subsequent recyclability issues. Competition from other packaging materials is also expected to pose a challenge to the plastic packaging films market.
Geographically, the highest market growth has been observed in Asia Pacific markets such as India, Australia, and China on account of rising middle-class disposable income as well as demand for packaged food and improving healthcare infrastructure. Mature markets such as North America and Europe offer growth potential in the specialty films segment, mainly in the U.S, Canada, and the U.K. respectively. Markets in Central & Latin America such as Brazil and Mexico also offer untapped potential for packaging film market growth.
Major packaging films market players are actively participating in expansion and consolidation activities as strategies to increase their global market reach. M&A and capacity expansions are generic strategies employed by these companies to strengthen their market position. Key market participants in global packaging film market include Sealed Air Corporation, Amcor, Jindal Poly Films, AEP Industries, Bemis Company, DuPont Teijin Films, AEP Industries, ALPLA-Werke, Ampac, APPE, Berry Plastics, Britton Group, Charter Nex Films, Daibochi Plastics, D.S. Smith, Exopack, Reynolds Group, Wipak, and Uflex.
This report has a service guarantee. We stand by our report quality.
We are in compliance with GDPR & CCPR norms. All interactions are confidential.
Design an exclusive study to serve your research needs.
Get your queries resolved from an industry expert.
"The quality of research they have done for us has been excellent..."
The global COVID-19 pandemic has led to a sudden pause to manufacturing activities across the globe, affecting the demand for plastics and also production & processing of them. The most critically impacted end-use segments of the plastics industry include automotive & transportation, consumer goods, industrial equipment, construction, and electronics. The report will account for Covid19 as a key market contributor.