Plastic Films Market – Overview
The demand for packaging films has gained momentum with increasing demand from end user bases. Reports that gauge the polymers and plastic industry have been made available by Market Research Future which creates reports on several industry verticals that review the market growth and prospects. The market is expected to achieve USD 146,813.87 million in earnings by 2023 with CAGR of 5.4% roughly on the forecast period.
The positive movement in consumer demand trends globally has boosted the growth pace of the Plastic Films Market. Also, the emphasis on sustainability and bio plastics is anticipated to urge further development of the Plastic Films Market. Moreover, progress in the end user industries is expected to broaden the scope of development of the market in the forthcoming years.
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Segmental Analysis:
The segmentation of the Plastic Films Market is carried out based on Types, Technology, End Users and Region.
Based on Technology, the Plastic Films Market is segmented into barrier polymer films, nanocomposites, biodegradable films, and water-soluble films.
Based on Types, the Plastic Films Market is segmented into LDPE, LLDPE, HDPE, PET films, polypropylene films, PVC films, and others such as polystyrene, polyvinyl butyral, polyamide and polyester.
Based on the End Users, the Plastic Films Market is segmented into consumer goods, packaging, electrical, construction, pharmaceutical, and others such as agriculture and household.
Based on the Region, the Plastic Film Market is segmented into APAC, North America, Europe, Latin America, and Middle East & Africa.
Detailed Regional Analysis:
The regional study of the Plastic Film Market includes regions such as APAC, North America, Europe, Latin America, and Middle East & Africa. The Asia Pacific region is the principal market of Plastic Films owing to the demand in a variety of end user industries such as packaging and consumer goods industry in China trailed by nations such as Japan and India. The growing demand in consumer trends for the packaging industry chiefly, in Taiwan, India, and South Korea have made the Asia Pacific region the major consumer of the Global Plastic Films Market trailed by the increasing consumption of Plastic Films Market in the North America region. The third prime market for plastic films is the European region. Moreover, regions such as Latin America and Middle East are also observing growth in the demand for Plastic Films Market owing to a range of application such as consumer goods, packaging, construction, electrical, pharmaceutical, and others.
Competitive Analysis:
A considerable rise in the number of investors in the market is projected to create an advantageous scenario for the progress of the market in the forecast period. The improvements in various domestic economies are expected to motivate the development of the market in the upcoming period. The accessibility to key tactical opportunities leading to consequent stabilization of inflation is anticipated to create promising openings for expansion in the coming years. The progress of the market is expected to capture increased momentum in the coming years primarily due to the presence of conducive government policies. The growth turnaround in the market is expected to activate new opportunities for expansion of the market. In the coming years, the influence exerted by relatively high-income levels in nations around the world and the potential gains observed to some of the currencies in the world is expected to reinforce the evolution of the market in the forecast period.
The noteworthy players contributing to the Plastic Films Market globally are Amcor Limited (Australia), Jindal Poly Films Ltd. (India), E. I. du Pont de Nemours and Company (US), Garware Polyester Company (India), Sealed Air Corporation (U.S.), Polyplex Corporation Limited (India), Vibac Group S.p.a. (US), Bemis Company, Inc. (U.S.), Toray Industries Inc. (Japan), Inteplast Group (US), and Others.
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Industry Updates:
Apr 2019 Eastman has disclosed the opening of a new innovation called ‘carbon renewal technology’ supposedly able of recycling some of the most difficult plastic waste, together with non-polyester plastics and mixed plastics that cannot be recycled with usual recycling technologies. With this novel recycling technology, materials such as flexible packaging and plastic films, along with others, can be diverted from landfills and transformed into building blocks for downstream chemical manufacture.
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