Growing demand for packaged food & beverages is stimulating the demand for packaging which is heavily contributing to the plastic films market growth. Plastic Films Market size is forecast to reach $152,178.2 million by 2026, after growing at a CAGR of 5.4% during 2021-2026.
In the food & beverage packaging industry, plastics films play a vital role in improving efficiency, safety, and competitive standing which is driving plastics film usage particularly in the upgrade and maintenance of the food & beverage packaging industry. It also prevents penetration of carbon dioxide, oxygen, and water thereby maintains the nutritive value, owing to which it is the most preferred material for food and beverage packaging. In addition, plastic films score high in terms of safety for food packaging. The material is less susceptible to contamination as well as pilferage which increases the shelf life of food and beverages, which is heavily contributing to the plastic films market growth.
The government is aiming to implement technology advancement through its integrated management approach. This will result in increasing demand for niche recycled plastics among the domestic market which is right now dominated by primary plastic made from resin. This will be a future opportunity for secondary plastics as better technology will scale up the recycling process. The growing demand from different end-use industries, primarily from the food and beverage segment, is poised to drive the market for plastic films. Owing to growing concern about environmental pollution, demand for eco-friendly and bioplastics has increased. This leads to the expansion of the worldwide demand for plastic films. Moreover, owing to its eco-friendly nature, there has been an increasing demand for flexible packaging on the market. Increased demand for decorative laminates is likely to emerge as another industry growth driver over the tenure of the evaluation.
Coronavirus is adversely affecting the large manufacturing sector as well as the small manufacturing and service sector. During COVID-19, the demand for plastics is increasing as plastic products have resulted in the saving of life for the people who are fighting against COVID-19 especially for frontline health workers and in the societies which increase the demand for plastics in this pandemic. From medical supplies to food packaging, plastics are essential to stop the spread of this virus. During COVID-19, E-commerce is generating a high packaging demand owing to lockdown and social distancing. The packaging requirement is increasing to ensure safety during transportation which increases the demand for plastic packaging materials. Plastic films are widely used for the packaging of e-commerce orders which include grocery items, dairy products, meats, frozen meals, and vegetables. In 2020, According to the test conducted by the University of Sao Paulo's Biomedical Sciences Institute (ICB-USP), the plastic film proved capable of eliminating 79.9 percent of the particles of SARS-CoV-2 in three minutes and 99.99 percent in up to 15 minutes which increases the demand of plastic film and are increasing the growth of this market.
Asia-Pacific holds a major share of the plastic films market owing to the presence of countries like China, Singapore, and India. Plastic films are a major source of advertisement as well as a brand promotion for many Chinese product-oriented companies. They are likewise utilized for commercial printing, commonly for billboards. Plastic films are commonly utilized for medium to big advertising. Plastic film mulching plays an important role in Chinese agriculture owing to the presence of its soil warming and moisture conservation effects. By using plastic film mulch technology, grain and cash crop yields have likely to increase by 20–35% and 20–60%, respectively. China is the topmost plastic production country and accounts for one-third of global plastic production. Every month on an average of 6 to 7 million tons of plastic products is being manufactured in China. As per the statistics of 2018, the largest consumer of plastic in India was the packaging industry, which formed around 59% of the consumption volume of India. A study commissioned by the Singapore Environment Council (SEC) has found that shoppers in Singapore take 820 million plastic bags from supermarkets in 2019, an average of 146 plastic bags for each person. Thus, the increasing demand for plastic films in Asia-Pacific for packaging and non-packaging application is accelerating its growth in Asia-Pacific during the forecast period.
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Plastic Films Market Growth Drivers:
Increasing Demand for Packaged Food
Increasing demand for packaged food and the rise in convenient packaging for ready-to-eat foods, snacks, frozen meals, and cake mixes are some of the factors driving the growth of the market. Moreover, factors such as convenience to flexibility, strong sealing strength, and vacuum finish are also increasing the growth of this market. Plastic films are extensively used in barrier packaging as it protects the product from an infusion of water, light, moisture, oil, aroma, and flavor. Barrier packaging protects a product’s quality and formulation and eliminates leakage. Plastic films are gaining popularity in the form of barrier packaging among various end-user industries such as food, pharmaceuticals, textile, and automotive, as products from these industries require extra protection to maintain its integrity and shelf life that are boosting the growth of this market.
Research and Development departments are continually improving existing product performance, optimizing manufacturing efficiencies, and developing the next generation of plastic films with newer applications. For instance, in April 2019, Amcor launched unique, recyclable, high-barrier flexible packaging that can reduce a pack’s carbon footprint by up to 64%. The new film is known to match the heat resistance of traditional PET films and can still be recycled in PE film streams. The new film launched by Amcor can be utilized in pouches, flow wraps, and other types of packaging. It has also received recognition as a recent innovation in packaging and the U.S. Association of Plastic Recyclers has also authorized the recyclability letter to Amcor for their new invention. In June 2019, Polyplex and TPL launched polyester films that contain 70% post-consumer recyclate. In June 2020, the South Korean company has developed antimicrobial plastic film containing antimicrobial copper neutralized within 8 hours by 77.8 percent of the coronavirus and within 24 hours by up to 97.2 percent compared to the comparator film.
Major Players of Market
The major companies in the plastic films market include Amcor plc, Sinopec Shanghai Petrochemical Company Limited (SPC), UFLEX Ltd., Coveris (TC Transcontinental), Berry Global Inc., Sigma Plastics Group, Polyplex Corp Ltd., Novolex, Klöckner Pentaplast, Inteplast Group, The RKW Group, Toray Industries, Inc, Sigma Plastics Group, Toyobo Co., Ltd., and Saudi Basic Industries Corporation among others. The key focus of the companies has shifted towards expansion and product launch.
In January 2020, Berry Global Group, Inc. announced its plan to expand its health, health, and specialty film channel in North America. The company's investment addresses both extrusion and printing capabilities in support of increasing demand for breathable film and a sustainable product market in the North American region. In February 2020, The RKW Group expanded its production capacity at the Echte Site. The company commissioned two new production lines with a capacity of 3,000 tonnes per year. In December 2020, Toray Industries, Inc. launched Ecouse, polyethylene terephthalate (PET) films. It is an eco-friendly PET film used in various industrial applications. In July 2020, Toyobo Co., Ltd launched ECOSYAR™, a plastic film with a high gas barrier property.
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