by 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.
Market Overview:
Plastic films are thin plastic sheet materials produced using polyvinyl chloride, polyethylene, polypropylene and other polymers as raw materials. They have versatile properties such as durability, weather resistance, printability and clarity. Owing to these properties, plastic films find widespread applications in food packaging, personal care and cosmetics packaging, home care and industrial packaging and photography industries. Growing demand from food and pharmaceutical industries for durable, lightweight and moisture resistant packaging films is a major driver for plastic films market.
Market key trends:
Digitalization and e-commerce growth are transforming packaging needs across various industries. This has increased the demand for packaging films that can withstand logistics and supply chain requirements. Plastic films being lightweight yet durable are increasingly replacing glass and metal packaging. Another key trend is increasing preference for bio-based and biodegradable plastic films to address sustainability concerns. Innovation in plastic film production technologies is also leading to development of high barrier and specialty films with added features.
Porter’s Analysis:
Threat of new entrants: The threat of new entrants is moderate as the plastic films market requires high capital investments in manufacturing units and R&D. However, low brand loyalty allows scope for new players.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitutes and undifferentiated products leading to intense competition among existing players. Buyers can negotiate on price easily.
Bargaining power of suppliers: The bargaining power of suppliers is moderate. This is because key raw materials like plastics are commodity chemicals purchased from oil companies globally. Switching costs are low.
Threat of new substitutes: The threat of new substitutes is high as other packaging materials like glass, paper, aluminum foil, etc. are substituting plastics films based packaging. Strict environmental regulations also provide impetus to substitutes.
Competitive rivalry: The competition in the plastic films market is high owing to many domestic and international players offering identical products. Players differentiate through quality, innovation, and price.
Key Takeaways:
The Global Plastic Films Market Demand is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing demand from the packaging industry. The market size for 2023 is US$ 105.36688 Bn.
Regional analysis: Asia Pacific dominates the global plastic films market with China being the largest producer and consumer. Developing nations in APAC offer scope for market growth. North America and Europe are also major markets driven by stringent packaging regulations in these regions.
Key players: Key players operating in the 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. Players focus on new product development and mergers & acquisitions for business expansion.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
