The Plastic Films Market Is Estimated To Witness High Growth
SWOT Analysis
Strengths:
- Plastic films offer advantages such as durability, flexibility, lightweight and permeability which has increased their utilization in various end-use industries.
- Growing demand for packaged and processed food has vastly increased the production and consumption of plastic films globally.
- Technological advancements have led to development of plastic films with enhanced properties and multi-layered structures fulfilling diverse application requirements.
Weaknesses:
- Production of plastic films generates huge amount of plastic waste causing severe damage to the environment.
- Frequent fluctuations in raw material prices can adversely impact the profit margins of plastic film manufacturers.
Opportunities:
- Rising consciousness towards sustainable packaging has opened opportunities for biodegradable and compostable plastic film producers.
- Expanding e-commerce sector stimulates the packaging plastic film market.
Threats:
- Stringent government regulations regarding single use plastics may hamper the sales of conventional plastic films.
- Development and mass adoption of alternative packaging materials can replace plastic films in certain applications.
Key Takeaways
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 packaging sector. Plastic films find wide application in packaging of food & beverages, personal care, pharmaceuticals and various industrial goods owing to their barrier and lightweight properties.
Regional analysis:
Asia Pacific dominates the global plastic films market and is expected to maintain its leading position, growing at a CAGR of over 8% during the forecast period. China, India, Japan, Indonesia, and South Korea are major plastic film producers and consumers in the region. Growth in these countries can be attributed to burgeoning population, rapid urbanization, rising disposable income and expanding middle class driving packaging consumption.
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. The companies are focusing on new product launches, capacity expansion and mergers & acquisitions to strengthen their market presence.
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