Plastic Films Market Growth Is Driven By the Increasing Demand for the Degradable Plastic Films
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Key companies covered as a part of this study includes 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.
The growing online food delivery market in India is expected to fuel the demand for plastic film, in turn propelling market growth. Due to the strong presence of online food delivery players such as Zomato, FoodPanda, TinyOwl, and Swiggy, the Indian market is expected to witness a promising future in the years to come. India Brand Equity Foundation, the online food delivery industry grew at 150 percent year-on-year with an estimated Gross Merchandise Value (GMV) of US$ 300 million in 2016.
Compared to conventional blow PE film solutions, it offers significantly higher throughput and also has potential for down-gauging, making it attractive from a commercial and sustainability standpoint. Different types of plastic materials, such as polyamide (PA), Polypropylene (PP), Polystyrene (PS), Polyvinyl chloride (PVC), Polyethylene terephthalate (PET), polyethylene (PE), etc. are used to make plastic films. Moreover, growing demand for flexible and hygienic food packaging materials is primarily fueling the plastic films market growth. Manufacturers are introducing new and innovative packaging products to meet the increasing demand for food packaging materials, driving the plastic films market growth.
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Several governments worldwide have introduced stringent regulations to promote the use of degradable plastic films, as they are sustainable and environmentally friendly. Non-degradable films are hazardous and have negative effects on the environment. Thus, there is an increasing demand for degradable plastic films. However, the high cost associated with the manufacturing of degradable films is expected to hamper the growth of the plastic films market. The cost of the raw materials required to manufacture degradable/biodegradable films is relatively high. Moreover, another major factor that can be a hindrance to the growth of the market is the availability of alternatives such as paper packaging products.
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