Global Packaging Film Market to reach $210.5 billion in 2031, growing at a rate of 4.4% from 2022 to 2031

New York, According to a new market research report published by Global Insight Services "Global Packaging Film Market size was $135.1 billion in 2021 and is anticipated to reach $210.5 billion in 2031, growing at a rate of 4.4% from 2022 to 2031". Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.

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Packaging films are used in industries such as food, beverages, personal care products, electronics & electrical, home care products, healthcare products, and other industrial goods. Single-use packaging and multi-layer film packaging are being gradually used as a substitute for hard packaging in end-user sectors.

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Major Players of the Global Packaging Film Market

The global packaging film market report includes players such as Amcor Limited, AMPAC Holdings, LLC, Sealed Air Corporation, Berry Plastics Corporation, Charter Nex Films Inc., Dupont Teijin Films, Exopack Holding Corporation, Graphic Packaging Holding Corporation, and Hilex Poly Co LLC.

Prominent players in the industry such as Berry Plastics Corporation, Bemis Company, and Exopack Holding Corporation are focusing on adopting acquisition as their key developmental strategy to boost the product offerings of packaging films. For instance, in 2020, SABIC presented a sustainable frozen food packaging solution that mixes a novel grade of polyethylene (PE) along with innovative film production technology. It offered substantially higher performance in comparison to conventional blown PE film solutions. Thus, making it alluring from both a sustainability and commercial point of view.

Market Trends and Drivers

The global packaging film market is anticipated to observe substantial growth in the upcoming years on account of growing application in food & beverage, medical, and other industries. In addition, the rise in population along with the growing disposable income of middle-class customers are projected to drive the demand for packaged food & beverages and personal care products. This, in turn, is anticipated to lead to a consequent increase in packaged goods and thereby packaging films during the study period. Emerging economies are exploring the varied benefits of packaged products in numerous industrial sectors, which are projected to supplement the packaging film demand. Plastics film packaging is light, non-corrosive, and relatively cheap, which is estimated to augment the global packaging film market growth.

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Global Packaging Film Market Segmentation

The report analyses the packaging film market based on material type, product type, application, and region.

Global Packaging Film Market By Material Type

Based on material type, the global packaging film market has been bifurcated into polypropylene, polyethylene, polyester, PVC, and others. The polyethylene segment is anticipated to account for the largest packaging film market share throughout the forecast period. Polyethylene is extensively used for the manufacturing of packaging films globally. The rising demand for flexible packaging films is projected to boost the demand for polyethylene throughout the study period. The flexibility and durability impact of polyethylene films are enhancing their use among the packaging film manufacturers.

Global Packaging Film Market By Product Type

By product type, it is divided into bags, pouches, liners, wraps & rolls, and others. The demand for bags is expected to grow significantly in the forecast period. Bags are expected to hold a significant share of the market due to the rise in the use of packaging films food & beverages industry globally. In addition, there has been an increase in demand for efficient and reliable packaging films in several regions globally. Thus, the packaging film market demand would rise during the forecast period.

The growing need to protect & secure products for shipping & retail environments is positively contributing to the growing demand for packaging film bags. Furthermore, the need to sustain the sustainability standards concerning packaging materials amongst the producers of consumer-packaged goods (CPG) is fueling the utilization of polyethylene bags as it is recyclable.

Global Packaging Film Market By Application

By application, it is categorized into pharmaceutical, industrial, food & beverages, consumer products, and others. The demand for packaging films in the food and beverage industry is expected to grow significantly during the forecast period. Factors such as sustainability concerns, product modernization, and attractive economics are leading to the growth of packaging films in the food & beverage industry. The rise in the focus of consumers toward fresh products along with an extended shelf life is enhancing the application of packaging films in the food & beverage industry as it aids in conserving the quality of food products. These films preserve packaged goods against external environments, that alter the safety and quality of food products. They also make storage, transportation, and dispensing of products easier. There has been a growth in the demand for processed food and beverages globally, thereby fueling the packaging films market expansion.

The pharmaceutical industry segment is expected to exhibit substantial growth in the global packaging film market throughout the estimated period. The necessity for reliable packaging solutions that deliver an amalgamation of quality, product protection, and tamper-evidence, is projected to enhance the packaging film market growth in the pharmaceutical industry.

Geographical Analysis of Global Packaging Film Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia-Pacific accounts for the largest market share in the packaging film market and is forecasted to register the fastest CAGR from 2022 to 2031. Factors such as rapid development in the food & beverage and healthcare industries, along with the growing demand for effective packaging films are anticipated to propel the growth of the Asia-Pacific packaging film market. Besides, the presence of numerous medium-to-large players in North America and European countries is also attributable to rapid revenue growth. Thus, the demand for the packaging film market would have a positive influence in the forecast period.

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