Plastic Films Market Revenue Research Report 2030 – Detailed Analysis of Future Trends & Growth Opportunities
Market Overview
Global Plastic
Films Market, according to MRFR, is slated to record substantial growth
during the review period, exhibiting a CAGR of 5.96% and reach a value of USD
89.38 Billion by the end of the forecast period.
Market Dynamics
Increased demand for packaged food as a result of the
growing workforce is one of the primary factors driving the global plastic
films industry. The need for food and drug packaging, as well as packaging in
general, is a factor in the growth of plastic films. Other components of the
global economy include consumer goods and agricultural applications that use
plastic films. The primary driver is the global increase in packaged food
demand as a result of the increasing working population.
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Competitive Analysis
Market Research Future (MRFR) identifies the following
companies as the Key Players in the Global Plastic Films Market
are DuPont (US), Toray Industries, Inc. (US), Amcor plc (Switzerland),
Chrystal Plastic S.A.S. (US), Vibac Group Spa (Italy), Honeywell International
Inc. (US), Carmel Olefins Ltd (Israel), Saudi Basic Industries Corporation
(Saudi Arabia), Inteplast Group (US), Sealed Air (US), Novolex (US) and Polyone
Corporation (US).
Despite the short-term effect of COVID -19, the outlook for
the plastic films market is expected to remain optimistic. Plastic film
products are gaining increased attention as understanding of the importance of
packaging protection increases. Despite these short-term disturbances, the
market study's forecast period patterns appear to be mild. Increased demand for
application industries, combined with the growing popularity of eco-friendly
and water-soluble films, is expected to drive market growth during the forecast
period.
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In the short term, the global plastic films industry is
expected to face a number of opportunities and threats as a result of the
pandemic. In response to the COVID-19 pandemic, the healthcare environment has
shifted due to the increased use of plastic films. The research of recycled
technology and the degradation of plastics would open up new growth
opportunities for market participants. Increased demand from plastic film
producers for energy-efficient technology and increased demand from packaging
firms for biodegradable packaging materials are expected to create new
opportunities for players in the global plastic films industry.
Segmental Analysis
According to MRFR analysis, the Global Plastic Films Market
has been segmented based on Technology, Material Type, Application and
Region.
The Global Plastic Films Market has been segmented by
technology into blown film, cast film, double & multi-bubble film, barrier
film, and others. The blown film technology segment captured a larger share of
the market in 2022 and is projected to develop at the fastest rate of more than
6.0 percent over the forecast period.
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The
Global Plastic Films Market has been segmented by material type into LLDPE,
LDPE, HDPE, Polypropylene, and PET. The LLDPE segment accounted for over 30.0
percent of the market in 2019 and is projected to grow at a significant rate
during the review period.
The global plastic films market has been segmented by
application into packaging consumer products, agriculture, and construction.
Packaging accounted for a greater share of the market in 2019 and is projected
to grow at the fastest rate of over 6.5 percent over the forecast period.
Regional Analysis
Asia Pacific is the world's largest producer of plastic
film. Demand for packaged foods and beverages will begin to grow in Asia
Pacific's developing economies, adding to the global food and beverage
industry's development. Asia-economy Pacific's is growing rapidly, urbanisation
is increasing, and manufacturing is expanding. As a result, demand is
increasing. Due to their high per capita incomes, China, India, and Japan are
experiencing an increase in demand for plastic films across multiple industrial
verticals. Over the next five years, regional demand is expected to grow at a
6.5 percent annual rate.
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North America has the world's second-largest market share
for plastic film. In 2019, the field was projected to be worth more than USD 15
billion. Over the review period, the United States is expected to grow at a
faster rate than the region. The expected increase in vehicle demand in these
regions will be primarily driven by an increase in automotive production in the
United States.
Additionally, population growth, growing disposable income,
and increased urbanization in Middle Eastern countries, especially Saudi
Arabia, are expected to benefit the food & beverage industry during the
forecast period. This, in turn, is expected to benefit the global economy in
the coming years.
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