The Plastic Films Market is estimated to be valued at US$ 105.36688 Bn or 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 find wide application in various end-use industries such as packaging, construction, automotive, electrical & electronics, agriculture, consumer goods, and others. Flexible packaging solutions provided by plastic films ensure safety and quality of products during transportation and storage. Plastic films efficiently extend the shelf life of various perishable and non-perishable goods.
Market Dynamics:
Growing demand for packaged and processed food owing to rapidly changing lifestyle and increase in disposable income levels of consumers is a major factor driving the growth of the plastic films market. Rapid urbanization and growth of retail sector in developing economies are further fueling the demand for plastic packaging films. In addition, plastic films provide versatility and printability to the packaging and offer customized graphic design options to brands, which attracts consumers. Moreover, plastic films are cost effective, lightweight and have high tensile strength. These properties make plastic films suitable for wrapping, squeezing tubes, sachets and pouches used for packaging of various consumer goods. However, stringent environmental regulations regarding usage of plastics is a major challenge for market growth over the forecast period.
Segment Analysis
The global plastic films market is segmented into packaging and non-packaging. The packaging segment currently dominates the market, accounting for over 70% share. This is because plastic films are extensively used in the packaging of food products, beverages, personal care products and other consumer goods due to their lightweight and durability properties. Within the packaging segment, flexible plastic packaging is the largest sub-segment owing to increasing demand for packaged food from working professionals.
PEST Analysis
Political: Any new regulations imposed on the use of plastics by various governments will impact the market. For instance, single-use plastic ban in some countries.
Economic: A thriving e-commerce industry coupled with rising disposable incomes is driving the demand. However, fluctuations in raw material prices pose a challenge.
Social: Growing urbanization and changing lifestyles are resulting in higher packaged food consumption which is propelling the market growth.
Technological: Advanced plastic films with improved properties like anti-fog, UV resistance etc. are gaining traction. Developments in bio-based plastics will provide new opportunities.
Key Takeaways
The Global Plastic Films Market Size was valued at USD 105.36688 Billion in 2023 and is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period. Rapid growth of the flexible packaging industry driven by increasing demand for packaged foods is augmenting the plastic films market .
Regionally, Asia Pacific dominates the plastic films market and is expected to grow the fastest during the forecast period. This is attributed to growth in the packaging and construction industries in emerging economies such as China and India.
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 key players are focusing on new product launches and capacity expansions to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it