Plastic Films Market Anticipates Exceeding USD 118.03 Billion by 2030, Sustaining a Robust CAGR of 5.00% - MRFR

Market Scenario

The global plastic films market is presumed to garner USD 118.03 billion during the forecast period (2022 - 2030). The market is expected to showcase a 5.00% CAGR owing to the increasing consumer demands, asserts Market Research Future (MRFR). Plastic films are plain or printed, multilayered or single, colored or transparent plastic which possesses less than 10 mm thickness and is combined with materials such as aluminum and paper. They are thin continuous polymeric material which is made of resins, owing unique combination of properties. Plastic films are springy or flexible and are used in several packaging industries such as non-food and food packaging industry. They are also used for labeling, construction, decoration, electric fabrication, industrial purposes, and plastic bags.

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Drivers and Constraints Affecting the Market

Plastic films have gained significant popularity across several industries. Demographic changes, active lifestyle, and increasing sustainability trend has been augmenting the development and innovation of plastics, thus offering marketing opportunities in sectors such as food and beverages and consumer goods. With the growing demand for biodegradable plastic, the demand for plastic films is considered to propel during the estimated period. Employing advanced technologies for decorative laminates, growing demand for flexible and hygienic food packaging materials, and use of plastic as a substitute for metal and glass are further triggering the demand for plastic films market.

The growing demand for PVC, PET, and PP along with the shifting consumer preference towards eco-friendly products are augmenting the market growth. Moreover, with strict environmental mandates imposed across the world, vendors are substituting conventional plastics with green plastics such as polyanhydrides, polyvinyl alcohol, and polylactic acid. With high adoption rate of green, biodegradable plastics by the packaging manufacturers, the global market for plastic films is presumed to augment in the coming years.

On the flip side, fluctuations in the raw material prices along with strict mandates imposed for the use of plastics are some of the major concerns likely to impede the market growth during the review period.

Insights on market segments

Based on technique, the plastic films market is divided into blown film, cast film, double & multi-bubble, barrier film, and other segments.

In 2021, the plastic films market revenue was dominated by the blown film technology segment. The tremendous need for effective packaging solutions across a variety of industries and the rising demand for FMCG (Fast Moving Consumer Goods) among consumers are the main causes of this. Nonetheless, the market for cast film technology is expanding at the quickest rate due to the rise in demand for high-performance barrier materials like cast films. The packaging sector now needs more high-quality cast plastic films as a result of governing bodies' and environmental groups' regulations.

LLDPE, LDPE, HDPE, polypropylene, and PET are among the material types used to segment the plastic films market. In 2021, the LDPE category led the market, and it is anticipated that it would increase at the fastest rate during the forecast period.

. Flexibility, increased tensile strength, as well as increased impact and puncture resistance, are all characteristics of LDPE film. Low barrier and high transparency are two characteristics of LDPE, and it is also one of the most affordable packaging plastic films, which significantly increases demand for it in the market. Nonetheless, HDPE is the segment that is expanding the fastest since there will be a high demand for this product in the upcoming years due to its resistance to chemicals and corrosion. This product has higher electrical characteristics and a lower friction coefficient. Because of its resistance to odour and moisture, its demand in a variety of sectors is anticipated to increase in the upcoming years.

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The packaging of consumer products, agriculture, and construction are the three application groups into which the plastic films market data has been divided. The packaging consumer products category led the market in 2021 and is anticipated to develop at a quicker rate from 2022 to 2030. Due to changes in people's lifestyles, plastic films have gained popularity in the packaging sector. More people will purchase these items as a result of the rising demand for sustainability. Yet, because these goods are strong and non-corrosive, the building industry is the one where they are increasing the fastest. Compared to other items on the market, these products are less expensive. The building sector will employ these items since they provide insulation.

Regional Insights

Geographically, the plastic films market span across regions namely, Asia Pacific, Europe, North America, and the Middle East and Africa.

Among all the regions, Asia Pacific is considered to be the largest market across the globe owing to the increasing demand in several end-user industries such as consumer goods and packaging industry in China followed by Japan and India. Moreover, the rising demand in consumer trend for packaging industry, especially in India, South Korea, and Taiwan has contributed to the growth of the market in the Asia Pacific region. Moreover, rapid urbanization and high disposable income have led to an increase in consumer spending. Also, high purchasing of the consumers coupled with busy lifestyle has caused them to shift towards buying packaged food products, which has further augmented the growth of plastic films in this region. Europe is estimated to be a mature market owing to the growing demand for specialty films in construction, pharmaceutical, and non-packaging sector.

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Key Companies in the Plastic Films market includes

The Dow Chemical Company

DuPont

Honeywell International Inc.

Mitsubishi Chemical Holdings Corporation

Saudi Basic Industries Corporation (SABIC)

Evonik Industries AG

Griffon Corporation Inc.

Eastman Chemical Company

Amcor Limited

Berry Plastics Corporation, among others

Browse More Related Reports:

US Plastic Films Market- https://www.marketresearchfuture.com/reports/us-plastic-films-market-20245

Plastic Films Companies- https://www.marketresearchfuture.com/reports/plastic-films-market/companies

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