Growing environmental concerns have triggered the adoption of environment-friendly products and materials around the globe. To this end, the use of bioplastics across industries has surged at a significant rate. Notably, bioplastic materials are biodegradable and eco-friendly as they are sourced from renewable resources. It finds its application across various end-user applications to curtail the concerns around environmental pollution due to plastic waste. Bioplastic films are completely biodegradable, adaptable, highly reliable and resistant. As a result of this, plastic films and sheets are extensively used in textile, pharmaceutical, agriculture, and food packaging applications. Additionally, the use of plastic films and sheets in the automotive industry facilitates reductions in carbon footprint, promoting environmental conservation. That said, biodegradability and better resilience to carbon emissions of plastic films and sheets are likely to improve the overall positioning of plastic films and sheets market.
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Growing Prominence of Packaged Food Products to Bode Well for Plastic Films and Sheets Market Growth
In the coming years, the food industry is anticipated to unlock new growth prospects for plastic films and sheets. This is mainly due to the growing prominence of packaged food products, in turn, spiralling sales of products including ready-to-eat foods, cake mixes, frozen meals, and snacks. As a result, plastic films and sheets have observed sharp spikes in demand. This demand is further augmented by functional aspects such as superior sealing strength, viability, flexibility, and vacuum finishing. With greater consumer preference for packaged food products and changing lifestyles, the packaged food sector is expected to experience a significant boost. Going forward, this trend is projected to create headways for the plastic films and sheets market expansion.
Upwelling Demand for Specialty Films as Preferred Packaging Solutions to Aid Plastic Films and Sheets Market Expansion
Of late, the packaging sector has undergone a significant transformation, scaling the demand for speciality films. Unlike conventional films, speciality films comprise superior functional characteristics that make them more resilient and viable. Moreover, these speciality films have become more appropriate solutions owing to their multi-layer barrier properties, effective light or UV barrier property and non-porous nature of these films. The pharmaceutical industry is driving the demand for temperature-controlled packaging. Compostable and biodegradable materials are being used to manufacture these speciality films which has further pushed the demand for these films. Such a landscape is pointing towards the presence of significant growth opportunities in the plastic films and sheets market.
Flourishing Pharmaceutical, Food and Beverage Sector Pave the Way for Asia Pacific’s Plastic Films and Sheets Market
Asia Pacific is anticipated to sustain its dominance at the helm of the burgeoning pharmaceutical and food and beverage sector. An uptick in the manufacture of electronic products across emerging economies, including South Korea, China, and Taiwan, has further extended the ambits of the regional market. Other macroeconomic factors such as rising urbanisation, favourable business environment, and economic development have propelled the demand for plastic films and sheets among end users. The region is expected to stay lucrative with opportunities for manufacturers floating across the market.
Key Market Players
Some of the most prominent market players in the global plastic films and sheets market include SABIC (Saudi Arabia), Toray Industries Inc. (Japan), Amcor PLC (Switzerland), Berry Global Group Inc., Uflex Limited (India), Toyobo Co. Ltd., Oben Holding Group, Jindal Poly Films Ltd., DuPont Teijin Films, and Sealed Air Corporation
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