The global Plastic Films Market is estimated to be valued at USD 105 Billion in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Plastic films are thin laminate materials made of plastics such as polyethylene, polypropylene, polyethylene terephthalate and others. They are widely used in food packaging, medical packaging and industrial applications owing to their lightweight and durable nature.
Market key trends:
One of the key trends in plastic films market is growing demand for bioplastics. Bioplastics are plastics derived from renewable biomass sources such as vegetable fats and oils, corn starch, straw, woodchips etc. rather than fossil fuel sources. Bioplastics help reduce dependence on crude oil and offers environmental sustainability. Their demand is driven by stringent government regulations regarding use of conventional plastics. For example, the European Union has banned certain single use plastic products starting from July 2021.
SWOT Analysis
Strength: Bio-based plastic films have low carbon footprint and are more sustainable. They also serve various end-use applications similar to conventional plastic films.
Weakness: High production cost of bio-based films makes them more expensive than conventional plastic films. Their properties also vary significantly based on source of biopolymer.
Opportunity: Growing regulatory push for eco-friendly alternatives and consumer preference for sustainable options present an opportunity.
Threats: Established market of conventional plastic films and lack of advanced technologies for cost-effective production of biodegradable films are threats.
Key Takeaways
The global Plastic Films Market Size is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period of 2023 to 2030, due to increasing demand from various end-use industries like packaging, construction, and transportation. The market size for plastic films is estimated to reach US$ 105.36688 Bn by 2023.
Regional analysis:
Asia Pacific dominates the global plastic films market and is expected to grow at the fastest rate during the forecast period. This can be attributed to heavy investments in the packaging sector by food & beverage and pharmaceutical industries across China and India. Moreover, growth in the construction industry due to rapid urbanization is also fueling the demand for plastic films in the region.
Key players operating in the plastic films market are 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. These players are focusing on new product development, expansion in emerging markets and strategic partnerships to gain high shares in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it