26-Aug-24 The increasing demand for the BOPP (Bi-Axially Oriented Polypropylene) films for insulation and food packaging application is going to escalate the market growth of the plastic films. In recent years, BOPP films have been increasingly used for packaging owing to the excellent thermal insulating properties of these films in comparison to cellophane and wax papers. BOPP films are widely used in electronics, food packaging, cosmetics, insulation and other industries.
The rising disposable income of the people, coupled with the change in the lifestyle of the people is going to favor the market growth and development in the present scenario. South America is projected to register the highest growth during the forecast period owing to the extensive use of plastic films in the construction industry. As per the report published by The Brainy Insights, the global plastic films market is expected to grow from USD 88.39 billion in 2020 to USD 224.88 billion by 2030, at a CAGR of 6.05% during the forecast period 2021-2030. Asia Pacific is dominating the market with the market value of USD 35.09 Billion in 2020. The regional growth is mainly attributed because of the rise in living standards of the people across the globe
.
Leading companies in the industry include Amcor Limited, Bemis Company, Inc., Jindal Poly Films Ltd., Sealed Air Corporation, Toyobo Co., Ltd., AEP Industries Inc., Berry Plastics Group, Inc., RKW SE, Saudi Basic Industries Corporation, Toray Industries, Inc., Uflex Ltd., Inteplast Group Limited, KlöcknerPentaplast Group, Novolex, Polyone Corporation, Printpack Incorporated and Sigma Plastics Group others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share. For instance in July 2019, Berry Global Group, Inc. announced the acquisition of RPC Group Plc (RPC) for a price of around USD 6.5 billion. The acquisition focused on the company expansion in Australia with the help of the subsidiaries of RPC Group such as Synergy Packaging.
The type segment is divided into biodegradable films, nanocomposite films, barrier polymer films and water-soluble films. The biodegradable plastic film segment is expected to register the highest growth of 6.27% over the forecast time period. The segment growth is attributed because of the sustainability and eco-friendliness of the product because they possess decomposable properties. The material segment includes HDPE (high density polyethylene), LDPE (low density polyethylene), LLDPE (linear low density polyethylene), PET (polyethylene terephthalate), PVC (polyvinyl chloride), PP (polypropylene) and others. The LLDPE (Linear Low Density Polyethylene) segment is going to dominate the market with a market share of around 43% in 2020. LLDPE’s high durability, coupled with source reduction attributes, has facilitated the demand in various industry sectors, including pharmaceutical packaging and pouches for food products. The end-user segment is divided into food packaging, pharmaceutical & medical packaging, consumer goods, industrial packaging, agriculture, construction and others. The demand for plastic films is expected to increase across the cosmetics and healthcare industries in the forecast years, thereby boosting the plastic films market size.
Source: thebrainyinsights.com
Previous PressRelease
Next PressRelease
{{comment.DateTimeStampDisplay}}
{{comment.Comments}}