The global Plastic Films Market is estimated to be valued at US$ 105.36688 Bn 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 polymers such as plastic and used in various packaging and agricultural applications. Plastic films provide advantages such as lightweight, less expensive, and moisture and air barrier properties. Their use in food packaging prevents spoilage and extends shelf life.
Market key trends:
Recyclable and bio-based plastic films are one of the key trends being witnessed in the plastic films market. With growing environmental concerns regarding single-use plastics, manufacturers are increasingly focusing on developing plastic films from renewable and bio-based sources such as bio-polyethylene and polylactic acid without compromising on performance. For instance, Polypodi develops 100% home compostable and industrial compostable plastic films made from renewable raw materials for flexible packaging applications. Such eco-friendly product innovations are expected to support the market growth over the forecast period.
Segment Analysis
The global plastic films market is segmented by type into linear low-density polyethylene (LLDPE), low-density polyethylene (LDPE), high-density polyethylene (HDPE), polypropylene (PP), biaxially oriented polypropylene (BOPP), and others. The low-density polyethylene (LDPE) segment currently dominates the market and is expected to continue its dominance over the forecast period. LDPE produces flexible plastic film which is cheap to manufacture and possesses good water barrier properties. This makes LDPE films suitable for a wide range of flexible packaging applications such as plastic bags and wrappers.
Key Takeaways
The Global Plastic Films Market Demand is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing demand from food and beverage packaging industries.
Regional analysis
Asia Pacific region currently dominates the global plastic films market owing to robust growth of packaging industry in China and India. Rapid industrialization and growing population in Asia Pacific region has been driving the need for packaged food and other consumer goods. This in turn is fuelling the demand for plastic films in the region.
Key players
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. The Dow Chemical Company and DuPont are currently the market leaders due to their large product portfolio and global market presence.
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