Packaging Films Market Forecasts to 2028 - Global Analysis By Product Type, Raw Material Type, End User and By Geography

According to Stratistics MRC, the Global Packaging Films Market is accounted for $116 billion in 2022 and is expected to reach $187 billion by 2028 growing at a CAGR of 8.2% during the forecast period. Packaging films are used in a variety of industries, including those that produce food, beverages, home care, personal care, healthcare, electronics, and electrical goods. The demand for packaging films is being driven by the expanding e-commerce industry as well as the surge in demand for consumer goods and health products.

Market Dynamics:

Driver:

Wide usage in end user segments is driving the growth

The market for packaging film is expanding significantly as a result of the rapidly expanding use of films in food packaging. This is attributable to the growing downgauging trend, which has aided in the transition from rigid to flexible packaging. The demand for packaging films has increased as a result of a strong focus on extending product shelf life and decreasing packaging material waste, as well as a rise in the popularity of packaged fresh foods like fruits, meat, vegetables, and seafood. Additionally, increasing investment in the food delivery sector after the pandemic and the rise in food delivery services as a result of maintaining hygiene are crucial factors promoting the market's expansion.

Restraint:

Fluctuating raw material prices

The expansion of the market is anticipated to be hampered by the fluctuating cost of raw materials. Additionally, it is anticipated that the market for plastic packaging films will face competition from other packaging materials.

Opportunity:

Surge in e-commerce business

Due to rising safety concerns following COVID-19, packaging hygiene has regained popularity. Additionally, the period saw an increase in e-commerce, which raised the demand for attractive, practical packaging films that are hygienic and sustainable. Due to its discreet qualities, such as being thicker than conventional clear shrink films to ensure durability and performance while keeping the contents of the shipment private and having higher tear strength, packaging film has become more and more popular in the e-commerce market as a result of the enormous growth in online ordering.

Threat:

Stringent regulations

One of the main factors impeding the expansion of the global packaging film industry is the stringent legislation governing the use of plastics. Worries about increased food packaging and subsequent recycling issues led to the implementation of these laws. Additionally, issues with recycling and susceptibility to deterioration over time are additional concerns and dangers that are further diminishing market growth.

COVID-19 Impact:

The demand for film packaging has significantly increased as a result of the COVID-19 pandemic. The market's demand increased significantly as a result of the rise in online shopping and food delivery, which increased the use of packaging film. The production during this time period also reached a permanent plateau as a result of the accelerated shift towards e-commerce.

The polyethylene segment is expected to be the largest during the forecast period

The polyethylene segment is anticipated to hold the largest market share over the forecast period. Polyethylene is a widely used material for making packaging films all over the world. Growing demand for flexible packaging films is anticipated to drive demand for polyethylene during the forecast period. Additionally, companies that manufacture food and beverage products are using polyethylene packaging films more frequently because they have special barrier properties that help with better protection or a longer shelf life. Manufacturers are spending more and more on creating better flexible packaging films to guarantee food safety and freshness, safe distribution and storage, and protection from the elements, which is prospering the market expansion.

The food segment is expected to have the highest CAGR during the forecast period

Over the forecast period, the food segment is anticipated to witness substantial growth. The rising consumer demand for antimicrobial and antioxidant-active food packaging is anticipated to support market growth for package film. To reduce the oxygen concentration inside packaging and prevent microbial growth, packaging film manufacturers are investing in the development of novel antimicrobial and antioxidant-active food packaging, which is fueling the segment.

Region with largest share:

The packaging films market in the Asia-Pacific region had the highest revenue share in 2020 and is anticipated to continue holding the largest market share during the anticipated period. China is anticipated to hold the largest market share in the Asia-Pacific region for packaging films, largely as a result of its sizable middle-class population, rising disposable incomes, and significant market for packaged food and pharmaceutical products. The region's packaging film market is expanding at a significant rate thanks to the region's rising pharmaceutical production.

Region with highest CAGR:

During the forecast period, Europe is expected to experience profitable growth. In 2019, 57.9 million metric tons of plastic were produced worldwide, according to a report released by the Plastics Europe Association of Plastics Manufacturers. This represents a nearly 16% market share for Europe. Germany is noted to be the top consumer of plastic, and about one-fourth of the plastic produced in Europe is consumed by German consumers. Following this, Spain, France, and Italy all experience steadily rising plastic demand, which ultimately fuels the market's expansion.

Key players in the market:

Some of the key players profiled in the Packaging Films Market include Aep Industries Inc., Amcor Plc, AMPAC Holdings, Berry Plastics Corporation, Charter Nex Films, Condi-Film International Packaging, Dupont Teijin Films, Exopack Holding Corporation, Graphic Packaging Holding Corporation, Hilex Poly Co, Huhtamaki Oyj, Jindal Poly Films Ltd, Mondi Group, Novolex, Printpack, RKW SE Group, Sealed Air Corporation, Smurfit Kappa, WestRock Company and Winpak.

Key Developments:

In May 2022, Jindal Poly Films Limited (JFPL) signed a contract with Brookfield Asset Management to sell a small portion of its packaging film business. The company decided to spend INR 2,000 crores (USD 260 million) in the business with institutional partners (collectively referred to as "Brookfield").

In March 2022, SAES Coated Films and RKW Group partnered to develop premium performance films for sustainable food packaging that aimed to offer high protection throughout the product lifecycle.

Product Types Covered:

• Bags
• Liners
• Pouches
• Sachets & Stick Packs
• Tapes & Labels
• Wraps & Rolls
• Other Product Types

Raw Material Types Covered:

• Polyethylene
• Polypropylene
• Polyester
• Polyamide
• Cellulosic
• Other Raw Material Types

End Users Covered:

• Food
• Beverages
• Homecare Products
• Personal Care Products
• Electronics & Electricals
• Medical and Pharmaceutical
• Chemicals
• Industrial
• Other End Users

Regions Covered:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
  • Rest of Asia Pacific
• South America
  • Argentina
  • Brazil
  • Chile
  • Rest of South America
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Qatar
  • South Africa
  • Rest of Middle East & Africa

What our report offers:

• Market share assessments for the regional and country-level segments
• Strategic recommendations for the new entrants
• Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
• Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
• Strategic recommendations in key business segments based on the market estimations
• Competitive landscaping mapping the key common trends
• Company profiling with detailed strategies, financials, and recent developments
• Supply chain trends mapping the latest technological advancements

Free Customization Offerings:

All the customers of this report will be entitled to receive one of the following free customization options:

• Company Profiling
  • Comprehensive profiling of additional market players (up to 3)
  • SWOT Analysis of key players (up to 3)
• Regional Segmentation
  • Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
  • Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances