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Global Plastic Films Market to Grow at a CAGR of 6% by 2023

Global Plastic Films Market

Plastic films are made from polyethylene resin and play a vital role in preserving the freshness and safekeeping of food and beverages. They are less than 10mm thick and can be combined with materials such as aluminum and paper. They can be colored or transparent, multilayered or single layered and plain or printed. They are widely preferred by food and beverage manufacturers as they extend the shelf life of food, provide aroma barrier and limit the use of artificial preservatives.

Moreover, they possess excellent properties such as heat resistance, humid resistance, durability, chemical- resistance, and puncture resistance. These properties make them an ideal choice for non-food packaging industries as well. The rising demand for plastic films in the food and beverage industry, as well as the non-food packaging industry, is anticipated to drive the market.

The global plastic film market is anticipated to grow at a CAGR of over 6% during the period of 2019 to 2023. The four major key factors that are driving the market of plastic films are consumer demand trends, sustainability, light-weighting, and bio-plastics. There is a high demand for plastic films in multiple end-user industries such as consumer goods, packaging, pharmaceutical, and electrical. This demand will further propel the plastic film market.

The rising environmental concerns and focus on sustainable practices, has led to the popularity of bioplastic films. In addition, in an attempt to reduce carbon emissions, there has been an increasing need to use bioplastic films over conventional petroleum-based resins. These films are manufactured using biodegradable materials and are preferred by end-user industries such as consumer goods, personal care, food, and beverage.

The largest market of plastic films is Asia-Pacific owing to the multiple end-user industries such as consumer goods and packaging industry in regions such as India, China, and Japan. Furthermore, the increasing demand and consumption of plastic films in countries like India, Taiwan, and South Korea are further driving the Asia-Pacific market forward.

The second largest market is North America followed by Europe. Middle-East and Latin America plastic film market is also witnessing growth due to the rising demand for plastic films in the pharmaceutical, electrical, construction, packaging and consumer goods industries.

If you are in the plastic film manufacturing industry, then Plastivision is a great platform for you to showcase your product range and network with industry professionals. Book your booth today!

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