Plastic Films: Europe Expected to Gain Significant Market Share During 2016 - 2024

Plastic films are thin continuous polymeric material made up of different resins, with each having a unique combination of properties, thereby making it suitable for a unique application. Plastic films are widely used for packaging, labeling, decoration, building construction, electrical fabrication, plastic bags, and industrial purposes. The global plastic films market was valued at US$ 65.65 Bn in 2015 and is estimated to reach a value of US$ 68.79 Bn by the end of 2016, reflecting a Y-o-Y growth rate of 4.8%.

Key market dynamics

Increasing demand for degradable plastic films is expected to drive the overall demand for the global plastic films market. Factors such as employing advanced technologies for decorative laminates, usage of plastic as a substitute for glass and metal, increasing demand for hygienic and flexible food packaging materials, increasing demand for PET, PVC, and PP decorative laminates, and shifting consumer preferences towards eco-friendly products are expected to drive growth of the global plastic films market. Manufacturers in developing countries are focused on product differentiation as they offer varieties of plastic films for packaging, decoration, and various industrial applications. Increasing use of energy-efficient technologies by plastic films manufacturers and rising demand from packaging companies for sustainable and biodegradable plastic films are some of the factors likely to create new opportunities for players in the global plastic films market.

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Segment analysis

The global plastic films market is segmented on the basis of Product Type into PET, PVC, PP, PE, and Others (PS, PA, EVA, etc.); and on the basis of Application into Packaging (Food Container, Blister Packs, Electric & Electronic purposes, Others); Decoration (Solid colors, Others); and Industrial (Construction materials, Safety materials, Advertisement lighting). The PET product type segment is estimated to gain significant market share during the forecast period (2016 – 2024) and is expected to dominate the global plastic films market in terms of value and volume between 2016 and 2024. The PET segment is expected to register a CAGR of 7.0% during the forecast period. The Decoration application segment is expected to gain significant market share over the forecast period and is expected to dominate the global plastic films market in terms of value and volume between 2016 and 2024. The Decoration segment is expected to register a CAGR of 6.6% during the forecast period.

Regional analysis

The global plastic films market is segmented into the five key regions of North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Europe is expected to gain significant market share during the forecast period. The market in Europe is estimated to account for the highest value share of 31.1% by the end of 2016 and is estimated to register a significantly high CAGR during the forecast period. In terms of volume consumption, Europe is expected to account for the highest share in the overall global plastic films market. The APAC market is the fastest growing market for plastic films and is expected to register a CAGR of 6.3% in terms of revenue over the forecast period. The plastic films market in the APAC region is estimated to represent absolute $ opportunity of US$ 716.2 Mn in 2016 over 2015.

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Key market players

The Dow Chemical Company, DuPont, Eastman Chemical Company, Evonik Industries AG, Amcor Limited, Berry Plastics Corporation, Griffon Corporation Inc., Mitsubishi Chemical Holdings Corporation, Saudi Basic Industries Corporation (SABIC), and Honeywell International Inc. are some of the leading players operating in the global plastic films market. Top companies dominating the global plastic films market are focusing on offering innovative, customer-centric products and are looking to expand their presence in different regional markets through strategic mergers and acquisitions. Some of these companies are investing in R&D initiatives for the development of new technologies to cater to the rising demand for high quality plastic films.

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