In the world of today, product & packages manufacturers as well as marketplace are under rapid pressure in order to satisfy various complex demands viz. enhanced attributes of environment, reduced costs and improved performances. And within this field, the material chosen by the manufacturer for using it in packages and products may affect its competitive ability. Plastic film, in various cases, has permitted producers to meet diverse demand of marketplace by allowing them to prepare more with less. Awkwardly, there is a lack of information on this kind of broad materials category. Plastic Films Market to Reach a Valuation of US$ XX Bn by 2025
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Often when individuals discuss about plastic films which are technically a plastic with thicknesses of around 0 mils1, people treat these plastics as a material type, that groups into one single category from all kind of stretchy plastic packaging. What these individuals don’t recognize is the plastic films is a composition of wide-ranging category of materials which can be either complex or very simple, depending on the market demand of that specific package or product. Alike plastic containers and bottles, plastic film can also be created with various resins, each having unique set of properties making it ideal for several applications.
For instance, LDPE film also known as low density polyethylene acts as barrier for gas, necessary for chicken packaging which many spoil quickly if it is exposed to oxygen. On the other hand, PVC film also called Polyvinyl chloride is permeable for gas, necessary for red meat packaging which requires oxygen to remain fresh inside the package. Some prominent market players functioning in the global plastic films market include DuPont, Evonik Industries AG, Berry Plastics Corporation, Mitsuibishi Chemical, Honeywell International, Dow Chemical, Eastman Chemical, Amcor Limited, Griffon Corporation, and SABIC, among others.
Rising market demand for materials based on bio-plastic in the food packaging industry is the key factor driving the growth of plastic sheet and films. Excellent physical as well as chemical properties of plastic films propel their demand from industry of packaging. Furthermore, with growing population inclination towards packaged food, developing flexible packaging industry along with escalating disposable income for expending more is also driving the market demand of global plastic film market. The plunge to plastic films market is being delivered by non-packaging industry in developing countries viz. construction that growing fast. Growing countries such as India and China is building more response for the industry.
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The emerging trend of bio plastics usage has augmented the market demand for plastic sheets and films as this demand for specialty films and bio-based films and specialty films is helping construction industry to grow. Among regions, Europe is anticipated to register a CAGR of XX% in terms of value over the forecast period and is estimated to account for XX% volume share by 2016 end. The APAC market is estimated to represent incremental opportunity of US$ XX Bn between 2018 and 2025.
However, availability as well as cost of raw material is hindering the growth of global market for plastic sheets and films. Also, the restraint is compounded by the risk of using alternate material like metals, glass etc. Furthermore, in the future this plastic industry will see certain challenges like it is estimated that Europe region of food packaging will slow down. Moreover, plastic film are colored or clear, plain or printed, single or multi-layered and combination of various materials viz. paper and aluminum, and this flexibility in nature of plastic films is propelling the demand for them by various packaging industry.
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Plastic films exhibit unique properties as they are made from various types of resins, each having unique characteristics. Plastic films are thin and continuous polymeric material. Substituting glass and metal, plastic films have acquired high demand. Plastic films are affordable when it comes to industrial applications, decoration and packaging. In addition, plastic films maintain hygiene which has boosted its application in food packaging industry. These factors are expected to fuel demand for plastic films during the forecast period. Rising environmental concerns and consumer inclination towards eco-friendly products are fuelling the growth of global plastic films market.
Global plastic films market is estimated to witness a robust growth at 6.1% CAGR in terms of market value over the forecast period, according to a report by Trends Market Research. The market value of plastic films in 2016 was worth US $3,150.3 million.
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PET Segment Anticipated to Reflect Highest CAGR Over the Forecast Period
Based on product type, the market is categorised into PVC, PE, PET, PP and others (PA, PS, EVA, etc.). PET segment held the highest market share of 29.6% in terms of value in 2016. This segment is estimated to contribute a significant market share by 2026 end. PET segment is expected to exhibit highest CAGR over the forecast period. This segment was valued at US $20,393.5 million in 2016. PET comprises properties of recycling and sustainability which is further expected to drive the demand for PET segment during the forecast period. In terms of volume, PP segment is estimated to contribute a higher share to global plastic films market, as compared to other segments.
Europe to be a Lucrative Region for Global Plastic Films Market During the Forecast Period
Region-wise, the market is categorised mainly into five regions viz. North America, Europe, Latin America, Middle East & Africa (MEA) and, Asia Pacific (APAC). Europe accounted for 29.2% market share in terms of volume in 2016. In terms of value, this region is expected to exhibit CAGR of 6.7% during the forecast period. Whereas, Asia Pacific is expected to account for US $10.17 billion during the forecast period.
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Wood Grain Patterns Segment to Dominate Global Plastic Films Market
Based on application, the market is categorised into decoration, packaging and industrial applications. Packaging segment is further categorised into blister packs, electronic & electric purposes, and, food containers. Industrial segment is further categorised into safety materials, construction materials and advertisement lighting. While decoration segment is mainly divided into solid colours and wood grain patterns segments as specified in the report.
The Packaging segment is expected to witness significant market share by 2026 end. This segment accounted for 48% market value share in 2016. Based on volume consumption, packaging segment is estimated to exhibit highest share to global plastic films market during the forecast period. Decoration segment is estimated to reflect a higher CAGR over the forecast period, as compared to other segments. Based on volume as well as value, the wood grain patterns segment is estimated to dominate global plastic films market during the forecast period.
Leading Players Providing with Innovative & Consumer-centric Products
Leading players of global plastic films market are focusing on provision of innovative & consumer-centric products, and mergers & acquisitions with an aim of spreading through various regional markets. While some of these leading players are participating in R&D initiatives investment in order to develop new technologies that would cater to increasing demand for high quality plastic films. These leading players of global plastic films market include DuPont, Evonik Industries AG, Berry Plastics Corporation, Mitsubishi Chemical Holdings Corporation, Honeywell International Inc., The Dow Chemical Company, Eastman Chemical Company, Amcor Limited, Griffon Corporation Inc. and, (SABIC) Saudi Basic Industries Corporation.
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