by The global Plastic Films Market is estimated to be valued at US$ 105.36688 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Plastic films have become an integral part of the packaging industry owing to advantages such as low cost, durability, and lightweight nature. They provide an effective barrier against moisture, oxygen, UV rays, and other external elements. Plastic films are extensively used to package foods and beverages, pharmaceuticals, consumer goods, and industrial products.
Market key trends:
One of the key trends in the plastic films market is growing demand for bioplastics. Rising environmental concerns regarding landfill waste of conventional plastics have prompted manufacturers to seek eco-friendly alternatives. Bioplastics are plastics derived from renewable biomass sources such as vegetable fats and oils, corn starch, wheat straw, or microorganisms. They offer comparable properties to traditional plastics and can be recycled or composted at the end of their useful life. The bioplastics segment in the plastic films market is expected to witness lucrative growth over the forecast period.
SWOT Analysis
Strength: Plastic films are cost-effective and offer excellent durability and resistance to corrosion and moisture. They provide strong barrier protection against air, moisture, dust, and microbes.
Weakness: Overdependence on fossil fuels for raw material supplies make plastic film production vulnerable to fluctuations in crude oil prices. Growing environmental concerns regarding plastic waste is also a challenge.
Opportunity: Increasing applications of plastic films in food packaging, construction materials, automotive, aircraft interiors provide growth opportunities. Rising demand for biodegradable and sustainable plastic variants also opens up new markets.
Threats: Stringent government regulations to curb plastic waste and promote sustainability. Development of alternative materials like paper and bio-based films pose competition threat.
Key Takeaways
The Global Plastic Films Market Growth size is expected to witness high, exhibiting CAGR of 7.2% over the forecast period, due to increasing food packaging demand. Plastic films provide protection and extend the shelf life of food items. Growing fast food and ready-to-eat meals consumption is augmenting market growth.
Regional analysis: Asia Pacific dominates the global plastic films market owing to high sales from China, India, Japan and other developing nations. Growth in the packaging, consumer goods, and construction industries supports market expansion. Meanwhile, Europe and North America remain major regional markets although growth is expected to be higher in developing economies.
Key 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 prominent companies in the global plastic films market. Established firms are investing in R&D to introduce eco-friendly bioplastic film variants and expanded product portfolios to meet the diverse application demands.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
