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The plastic films market share is expected to increase by USD 66.18 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.2%.
This plastic films market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers plastic films market segmentations by material (polyethylene (PE), biaxially-oriented polypropylene (BOPP), and biaxially-oriented polyethylene terephthalate (BOPET)) and geography (APAC, North America, Europe, Middle East and Africa, and South America). The plastic films market report also offers information on several market vendors, including AEP Group, Altopro Inc., Amcor Plc, Berry Global Inc., Cheever Specialty Paper and Film, Copol International Ltd., Cosmo Films Ltd., Inteplast Group, Jindal Poly Films Ltd., Novolex Holdings LLC, Oben Holding Group, Poligal SA, Polyplex Corp. Ltd., Sealed Air Corp., SRF Ltd., Taghleef Industries spa, Toray Industries Inc., Toyobo Co. Ltd., UFlex Ltd., and Vitopel among others.
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The increased demand for barrier packaging is notably driving the plastic films market growth, although factors such as increasing competition due to high fragmentation of the market may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the plastic films industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Plastic Films Market Driver
The increased demand for barrier packaging is one of the key drivers supporting the plastic films market growth. Barrier packaging is required to protect product quality and integrity. It protects the product from the infusion of water, light, moisture, oil, aroma, and flavor, as a product's quality and formulation can be impacted due to leakage of these substances out of the package. It is gaining popularity in the form of flexible plastic films in various end-user industries such as food pharmaceuticals, textile, and automotive. The food and pharmaceutical industries are among the largest markets for plastic films packaging, as products from these industries require extra protection to maintain their integrity and shelf life. Furthermore, the market share of transparent barrier packaging films is increasing as they are used to manufacture different packaging products such as clamshell packaging, skin packaging, windowed packaging, and other packaging products. Such factors are increasing the demand for barrier packaging. This, in turn, is driving the market growth.
Key Plastic Films Market Trend
Increased use of LLDPE over other forms of PE is one of the key trends contributing to the plastic films market growth. LLDPE, LDPE, and HDPE, are polyethylene sheeting liners that are used to manufacture plastic films for packaging and non-packaging purposes. However, LDPE is the most commonly used plastic sheeting. Moreover, LLDPE is widely accepted due to its advantages over other PE materials. The global plastic films market is experiencing increased use of LLDPE in comparison to LDPE because of its flexibility. LLDPE has improved mechanical strength, conformability, and excellent optical strength. It is also more pliable and softer compared to LDPE. LLDPE is used in making films that require high strength to absorb the impact while avoiding puncture or tearing. It is widely used in the production of plastic films, molds, and sheets. Such beneficial attributes are expected to drive market growth during the forecast period.
Key Plastic Films Market Challenge
The increasing competition due to the high fragmentation of the market is one of the factors hindering the plastic films market growth. Most players operating in the global market are micro, small, and medium enterprises (MSME) that have different business models from that of other large corporations. Also, MSME are prone to changes in government policies. For instance, in 2021, the Indian government raised the tax rates on plastic products under the Goods and Service Tax (GST) from 15% to 18%, which largely impacted MSME. In addition, plastic products in India run on very low margins due to intense competition from economic imports from China. In view of this, price wars between global and local vendors lead to the availability of substitute products in the market at much lower prices. When larger corporations try to emulate the same strategy to maintain their market share, they risk the chance of lower profitability, which again affects their investments in R and D and product development. Such challenges will impede the market growth during the forecast period.
This plastic films market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global plastic films market as a part of the global metal and glass containers market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the plastic films market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the plastic films market encompasses successful business strategies deployed by the key vendors. The plastic films market is fragmented and the vendors are deploying growth strategies such as price, product quality, distribution network, innovation, and market responsiveness to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The plastic films market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the plastic films market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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46% of the market's growth will originate from APAC during the forecast period. China and India are the key markets for plastic films market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
Increased demand for agriculture films will facilitate the plastic films market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 had a negative impact on the regional market. However, in 2021, due to the availability of COVID-19 vaccines and the vaccination drives carried out by the governments of APAC countries, manufacturing facilities were reopened. Therefore, the sales for plastic films will increase, which will lead to market growth during the forecast period.
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The plastic films market share growth by the polyethylene (PE) segment will be significant during the forecast period. Polyethylene (PE) is the largely used substrate for plastic films. It is a formulation of polymers and ethynyls. It is extensively used as a raw material to produce plastic pillow pouches and stand-up pouches. Due to rapid changes in the consumption pattern and food habits of consumers, the demand for flow wraps, shrink packaging, flexible pouches, multilayer packaging, and compartment packaging has increased. These trends are expected to propel the growth of the global plastic films market by PE during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the plastic films market size and actionable market insights on post COVID-19 impact on each segment.
US Plastic Films market - The market share will grow at a CAGR of 16.65% during 2014-2019.
Plastic Films Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.2% |
Market growth 2022-2026 |
$ 66.18 million |
Market structure |
Fragmented |
YoY growth (%) |
5.78 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 46% |
Key consumer countries |
US, Canada, China, India, Germany, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
AEP Group, Altopro Inc., Amcor Plc, Berry Global Inc., Cheever Specialty Paper and Film, Copol International Ltd., Cosmo Films Ltd., Inteplast Group, Jindal Poly Films Ltd., Novolex Holdings LLC, Oben Holding Group, Poligal SA, Polyplex Corp. Ltd., Sealed Air Corp., SRF Ltd., Taghleef Industries spa, Toray Industries Inc., Toyobo Co. Ltd., UFlex Ltd., and Vitopel |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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