Global Plastic Films Market Information- by Technology (Biodegradable Films, Nanocomposites, Barrier Polymer Films, and Water-Soluble Films), Type, End User Industry (Packaging, Consumer Goods, Construction, Pharmaceutical, Electrical) and Region - Forecast till 2023
— Plastic Films are a continuous form of plastic material that is typically thin in thickness. plain or printed, colored or transparent, single or multilayered, and are mixed with materials such as paper or aluminum. It is generally wound on a core or cut into sheets. The materials of plastic which are thicker are considered as plastic sheets. There are a vast number of plastic film materials, from films made up of a complex structure of varying materials and coatings to films comprising of a simple single-layered plastic material. The Plastic Films are used across the packaging industry for both non-food packaging and food packaging industry. It can be manufactured out of numerous plastic resins, each of which possesses different physical properties and can be suited according to different applications. Plastic Film can be colored, rough, transparent or clear, smooth, opaque or semi-transparent, or functionally embossed. The Global Plastic Film Market is expected to expand at a gradual CAGR of 5.4% with a projected reach of USD 146, 813.87 million till the end of the forecast period of 2023.
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According to the latest in-depth research conducted by Market Research Future (MRFR), the four major drivers of growth of the Global Plastic Films Market are sustainability, light-weighting, consumer demands, and bioplastics. Furthermore, plastic films have found its application across various end-user industry such as consumer goods, construction, packaging, electrical, pharmaceutical, and others. The rising demand from the packaging industry is most likely to drive the market growth of the product. Additionally, rising awareness concerning the environment and adoption of environment-friendly products can potentially create new opportunities for biodegradable films, thereby further accelerating the Global Plastic Films Market.
The Global Plastic Films Market is segmented on the following basis: Technology, End Users, and Types.
Based on Technology, the market comprises of nanocomposites, biodegradable films, water-soluble films, and barrier polymer films.
Based on Types, the market includes Linear low-density Polyethylene (LLDPE), Low-density Polyethylene (LDPE), High-density Polyethylene (HDPE), Polypropylene Films, Polyethylene Terephthalate Films (PET), Polyvinyl Chloride Films (PVC), and others like polyamide, polyvinyl butyral, polystyrene, and polyester.
Based on End-User, the market segmentation includes construction, electrical, packaging, pharmaceutical, consumer goods, and others (households and agriculture).
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The geographical segmentation of the Global Plastic Films Market includes Asia-Pacific, North America, Europe, Latin America, and the Middle East.
The Asia-Pacific region has the largest market of Plastic Films owing to the demand from various end-user industries such as the consumer goods and packaging industry. China followed by both Japan and India are the major players in this region. The growing demand for the packaging industry, especially in India, South Korea, and Taiwan has helped place the Asia Pacific as the largest consumer of the global plastic films market.
North America follows suit as the second major market player owing to the increasing consumption of plastic films across the region. Europe is the third largest market player followed by Latin America and the Middle East, both of which have witnessed expanding market growth due to the various applications of plastic films in the region.
Some major market players of the Global Plastic Films Market are Amcor Limited (Australia), Bemis Company, Inc. (U.S.), E. I. du Pont de Nemours and Company (US), Toray Industries Inc. (Japan), Vibac Group S.p.a. (US), Polyplex Corporation Limited (India), Sealed Air Corporation (U.S.), Jindal Poly Films Ltd. (India), Garware Polyester Company (India), Inteplast Group (US), and others.
On January 2019, Researchers from the Institute of SantLongowal Institute of Engineering & Technology announced the development of a biodegradable film which can be used as an alternative for petroleum-based plastic packaging. It is made using whey protein concentrates, lotus stem starch, and psyllium husk.
On January 2019, Novozymes, a notable Danish enzyme manufacturer, announced the launch of a joint development collaboration with Carbios, a French-based biotech, in order to commercialize biodegradable plastics. The aim of the move is to avoid contributing toxic wastage into the environment.
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