The plastic films market enjoys widespread applications across various end-use industries such as packaging, agriculture, construction, and electrical & electronics. Plastic films offer several advantages over traditional materials including moisture barrier properties, durability, lightweight and transparency. They are extensively used for flexible packaging of food products, beverages, consumer goods and industrial applications. The growth of e-commerce and online shopping has propelled demand for plastic films from the packaging sector.
The Global Plastic Films Market is estimated to be valued at US$157.5 billion in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the plastic films market are Amcor plc, Berry Global Group, Sealed Air Corporation, DuPont, Toray Industries, Jindal Poly Films, RPC Group, and DS Smith. They collectively account for over 30% share of the global market.
The Plastic Films Market Demand has been witnessing strong growth globally driven by the expanding food & beverage industry and burgeoning e-commerce sector. Especially in Asia Pacific, growth in the standard of living has boosted consumption of packaged foods and beverages, thereby augmenting plastic films usage.
The plastic films market is extending its footprint globally on account of rising export activities from leading producers based in Asia Pacific and Europe. Many developing countries in South America, Middle East & Africa and Asia are emerging as lucrative markets providing ample opportunities for plastic film manufacturers.
Market Key Trends
One of the key trends gaining momentum in the plastic films market is the increasing replacement of conventional plastics with bioplastics. Bioplastic films made from renewable sources such as cellulose, starch, polylactic acid and polyhydroxyalkanoates offer superior compostability and sustainability. The development of bio-based barrier films, shrink films and stretch films with properties comparable to petroleum-based films will further bolster the adoption of bioplastics in food packaging and other applications over the forecast period.
Porter's Analysis
Threat of new entrants: Low capital required for manufacturing plants enables easy entry which increases competition in the market.
Bargaining power of buyers: Large number of suppliers in the market gives buyers more options but commodity nature of products limits their power.
Bargaining power of suppliers: Major suppliers have established relationships with end-use industry players reducing their individual bargaining power.
Threat of new substitutes: Availability of alternative materials like paper and aluminum foils poses threat of substitution to plastic films.
Competitive rivalry: Large number of global and regional players operate in a price-sensitive market increasing competition.
Geographical Regions
North America accounts for the largest share of the plastic films market owing to high demand from various end-use industries like packaging, personal care, construction and others in United States and Canada.
Asia Pacific region is expected to grow at the fastest rate during the forecast period due to rapid industrialization and infrastructure development activities in major economies like China and India increasing consumption of plastic films in packaging, agriculture and construction applications.
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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
