Plastic Films Market Poised to Rake in US$ 110.49 Bn by 2024

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$ 110.49 Bn by 2024

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.

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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 6.7% in terms of value over the forecast period and is estimated to account for 29.2% volume share by 2016 end. The APAC market is estimated to represent incremental opportunity of US$ 10.17 Bn between 2016 and 2024.

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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