Description
Global Plastic Films Market Research Report—Forecast till 2023
Market Analysis
Global Plastic Films Market is anticipated to exhibit the highest CAGR of 5.96% to reach a value of USD 89,384.2 Million by the review period. A plastic film is a constant form of plastic material that is thin and usually wound on a core or cut into sheets. Additionally, the increasing requirement for packaged food because of the increasing working population is a key factor for the growth of the global plastic film market. Amidst the ongoing situation of COVID-19, the adoption of plastic films in the healthcare industry has emerged as the prime driver for the market.
Global Plastic Films Market is likely to register a significant market expansion during the forecast period owing to the increasing adoption of plastic films in packaging, including, food and beverage. The major factor driving the global plastic films market is the increasing requirement for packaged food on the backdrop of the growing working population across the globe is a key driver of the market. The comprehensive use of plastic films in consumer goods such as packaging of cosmetics, shampoo, personal hygiene products, dish and laundry detergents, and household cleaners is another major factor fuelling market growth. However, the regulatory constraints, as well as variation in raw material prices are expected to hamper the market growth.
Market Segmentation
Global Plastic Films Market has been classified into Technology, Material Type, Application, and Region.
Based on Technology, the market has been divided into blown film technology, cast film technology, double & multi-bubble technology, barrier film, and others. In terms of Material Type, the global market is classified into LLDPE, LDPE, HDPE, Polypropylene, PET, and others.
In terms of the Application type, the global market has been segregated into packaging consumer goods, agriculture, construction, and others. The packaging segment is further categorized into food packaging, pharmaceutical & medical packaging, industrial packaging, and others. The packaging segment registered more than 40% of the market share in 2019 on the backdrop of the increased demand for packaged food.
Regional Analysis
Geographically, the Global Plastic Films Market spreads across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Asia-Pacific accounted for the largest market of the global plastic films market in 2019 it is expected to witness a healthy CAGR of over 6.5% during the forecast period. The regional market growth is attributed to the growing demand for plastic films in various industry sectors in developing economies such as China, India, and Japan.
North America is expected to contribute to the second-largest market share owing to the global plastic films market in 2019 with a market value of USD 15,000 million. The US contributes a larger market share of the regional market and is expected to exhibit a higher CAGR during the forecast period.
Major Players
The Major Key Players operating in the Global Plastic Films Market are Toray Industries, Chrystal Plastic S.A.S. (US), Carmel Olefins Ltd (Israel), Honeywell International Inc. (US), Inc. (US), DuPont (US), Amcor plc (Switzerland), Vibac Group Spa (Italy), Inteplast Group (US), Saudi Basic Industries Corporation (Saudi Arabia), Novolex (US), Polyone Corporation (US) and Sealed Air (US) among others.
COVID 19 Impact
We are continuously tracking the impact of the COVID-19 pandemic on various industries and verticals within all domains. Our research reports include the same and help you understand the drop and rise, owing to the impact of COVID-19 on the industries. Also, we help you to identify the gap between the demand and supply of your interested market. Moreover, the report helps you with the analysis, amended government regulations, and many other useful insights.
