The global Plastic Films Market is estimated to be valued at US$ 105.36688 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Plastic films find application in packaging as they help protect various products from contamination and preserve their quality by creating a barrier between the packed product and the external environment. The thin, lightweight, and durable nature of plastic films make them suitable for packaging a wide range of items including food & beverages, pharmaceuticals, electronics, and more. They provide effective moisture and oxygen barriers that help extend the shelf life of packaged products. Moreover, plastic films address sustainability concerns by reducing food waste through effective product protection during transportation and storage.
Market Key trends:
Cloud technology advancements are enabling plastic film manufacturers to better forecast supply and demand dynamics. Application of big data analytics, AI, and IoT helps collect raw material consumption patterns, analyze order fulfillment data, predict upcoming trends, modify production schedules accordingly to eliminate over- or under-production of films. This boosts supply chain efficiency, lowers manufacturing costs, and ensures optimum resource utilization. Focus on smart, digitally integrated production facilities allow real-time monitoring of machines for predictive maintenance to achieve higher uptime. Overall, integration of digital technologies streamlines plastic film production and distribution, supporting industry growth.
The plastic films market is segmented by type, such as polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PET), polyvinyl chloride (PVC), polyamide (PA), and others. Among these, the polyethylene (PE) segment dominates the market and is expected to continue its dominance over the forecast period. PE plastic films offer numerous advantages such as durability, strength, lightweight, and moisture resistance making them favorable for packaging applications.
The global Plastic Films Market Size is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing demand from the packaging industry.
Asia Pacific dominates the global plastic films market and is expected to continue its domination during the forecast period. This is attributed to high demand from growing packaging and food industries in countries like China, India and Indonesia.
Key players operating in the global plastic films market are The Dow Chemical Company, DuPont, Eastman Chemical Company, Evonik Industries AG, Amcor Limited, Berry Plastics Corporation, Griffon Corporation Inc., Mitsubishi Chemical Holdings Corporation, Saudi Basic Industries Corporation (SABIC), and Honeywell International Inc.
The global plastic films market size was valued at US$ 105.36688 Bn in 2023. It is expected to reach US$ 182.58843 Bn by 2030 expanding at a CAGR of 7.2% during the forecast period.