Plastic Films Market: Information By Technology, Material Type, Application (Packaging Consumer Goods, Agriculture, Construction and Others) - Forecast till 2030
New York, United States of America - February 11, 2022 /MarketersMedia/ —
Plastic Films Market Overview
Global Plastic Films Market is projected to register a CAGR of 5.0% between the ongoing forecast period of 2021-2030 and is expected to reach a global market value worth USD 118,623.8 million.
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.
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.
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.
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COVID 19 Analysis
The pandemic was a new yet very uncomfortable situation for the global audience, individuals, markets, manufacturing, and production units. The experience is unique but the obnoxious spread of the pandemic has given rise to an array of functional and manufacturing issues. The rising cases with each passing day have been deteriorating the market conditions and hence, there has been a major disruption in the supply and demand chain mechanism of the global market during the forecast period that will be ending in 2030.
Plastic Films Market Competitive Analysis:
Market Research Future (MRFR) identifies the following companies as the Key Players in the Global Plastic Films Market are
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).
The global market is witnessing the rise and dependence of the common man on e-commerce that is rising the demand for protective packaging that is inclusive of plastic films and wraps amongst others that will drive the demand for the market in the forecast period.
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Plastic Films Market Segmentation:
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 2019 and is projected to develop at the fastest rate of more than 6.0 percent over the forecast period.
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.
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.
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.
October 2021: An Indian business, Vikas Lifecare Limited, announced the successful submission of a patent for the method of "Recycling of Multi-Layerered Plastics (MLP) and converting it to granules and goods for societal purposes." Vikas Lifecare has invented a method that allows recovered MLP material to be utilized to make pallets, interlock Tiles, and then other plastic goods, resulting in a profitable, scalable, and fulfilling business for the company.
Table of Content
1 EXECUTIVE SUMMARY
1.1 MARKET ATTRACTIVENESS ANALYSIS 24
1.1.1 GLOBAL PLASTIC FILMS MARKET, BY TECHNOLOGY 25
1.1.2 GLOBAL PLASTIC FILMS MARKET, BY MATERIAL TYPE 26
1.1.3 GLOBAL PLASTIC FILMS MARKET, BY APPLICATION 27
1.1.4 GLOBAL PLASTIC FILMS MARKET, BY REGION 28
2 MARKET INTRODUCTION
2.1 DEFINITION 29
2.2 SCOPE OF THE STUDY 29
2.3 MARKET STRUCTURE 30
3 RESEARCH METHODOLOGY
3.1 RESEARCH PROCESS 31
3.2 PRIMARY RESEARCH 32
3.3 SECONDARY RESEARCH 33
4 MARKET DYNAMICS
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