Market Overview
Global Plastic Films Market, according to MRFR, is slated to record substantial growth during the review period, exhibiting a CAGR of 5.96% and reach a value of USD 89.38 Billion by the end of the forecast period.
Market Dynamics
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.
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Competitive Analysis
Market Research Future (MRFR) identifies the following companies as the Key Players in the Global Plastic Films Market are DuPont (US), 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).
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.
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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.
Segmental Analysis
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 2022 and is projected to develop at the fastest rate of more than 6.0 percent over the forecast period.
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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.
Regional Analysis
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.
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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.
Additionally, population growth, growing disposable income, and increased urbanization in Middle Eastern countries, especially Saudi Arabia, are expected to benefit the food & beverage industry during the forecast period. This, in turn, is expected to benefit the global economy in the coming years.
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