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

The 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.

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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.

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.

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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.

Polyethylene (PE) and polypropylene (PP) are normally chosen as basic packaging materials in several applications. Nevertheless, high-barrier polymers and specialty films are water-resistant and are progressively gaining relevance in end-use applications. A rise in focus on the protection and safety of packaged contents has also positively contributed to the development of the market. In addition, plastic barrier technologies assist in preserving and protecting contents as well as optimizing the shelf life of perishable goods.

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COVID-19 Analysis:

According to the International Monetary Fund (IMF), due to the epidemic of a novel coronavirus, the worldwide economy decreased by over 3.0% in 2020. Several nations were under strict lockdowns in 2020 & 2021, which have impacted the supply of raw materials. Therefore, due to this, the manufacturing activities of plastic film producers have ceased. However, due to COVID-19, there has been a new interest found in the hygiene of the packaging due to heightened safety concerns.

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.

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