PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1629259
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1629259
Packaging Films Market size was valued at USD 1,04,154.4 Million in 2023, expanding at a CAGR of 5.00% from 2024 to 2032.
Packaging films are sturdy, thin plastic or polymer-based films that are used to wrap, safeguard, and preserve goods. They offer mechanical strength, flexibility, and transparency in addition to barrier protection against moisture, gases, and contaminants. These films, which are made of various materials such as PET, PVC, polyethylene, and polypropylene, are used in the packaging of consumer items, beverages, and pharmaceuticals. With features like heat sealability, printability, and puncture resistance, they improve product appearance, increase shelf life, and guarantee product safety. The growing use of packaging films in food and beverage, pharmaceutical, and other varied industries is anticipated to drive the market's expansion. It is anticipated that the packaged food and personal care products (shampoo, soap, and other cosmetic product packaging) industries will be driven by the growing middle-class consumer base and their expanding disposable income. Additionally, it is anticipated that during the projected period, rising demand in these industries will result in a subsequent rise in packaged goods and packaging films.
Packaging Films Market- Market Dynamics
Raising Consumer Knowledge of Eco-Friendly and Sustainable Packaging
The global film packaging market is expanding due to a growing trend toward sustainable, eco-friendly, and eco-friendly packaging options. Environmental challenges are becoming more and more significant on a global scale as awareness of the affects of plastic waste and the importance of sustainability grows. Customers are becoming increasingly conscious of how pollution and plastic trash affect the environment. Media attention, educational initiatives, and the growing prominence of environmental concerns are the main drivers of this awareness. This heightened awareness is driving demand for packaging solutions that are environmentally friendly and efficient. Sustainable packaging is thought to help reduce waste, preserve natural resources, and limit carbon emissions-all of which are in keeping with the broader goals of environmental preservation and sustainability.
Packaging Films Market- Key Insights
As per the analysis shared by our research analyst, the global Packaging Films Market is estimated to grow annually at a CAGR of around 5.00% over the forecast period (2024-2032)
Based on application segmentation, the food & beverage category was predicted to show maximum market share in the year 2023
Based on type segmentation, the pouches were the leading sgment in 2023
On the basis of region, Europe was the leading revenue generator in 2023
The Global Packaging Films Market is segmented on the basis of Film, Application, Type, and Region.
Based on film, the market is segregated into Polypropylene (PP), Polyethylene (PE), Polyamide (PA), Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), Polyvinylidene Chloride (PVDC), Ethyl Vinyl Alcohol (EVOH), Bioplastics, and Others. The PE film category produced the most revenue in packaging films. A practical and widely used polymer for creating packing films and other plastic items is PE, or polyethylene. This kind of plastic is made out of units of ethylene monomers. Because of its strength, flexibility, and resilience to stress, chemicals, and moisture, PE is regarded as an excellent material for films. These films are used in a variety of applications, including agricultural covers, medical equipment, electrical insulation, and packaging. PE films come in various forms, including low density polyethylene (LDPE) and high density polyethylene (HDPE). HDPE offers stiffness and tensile strength, while LDPE offers flexibility and transparency. Additionally, PE films are useful in the packaging industry because they operate as barrier films that shield food and beverages from contaminants, including oxygen, moisture, and bacteria. By preventing dangerous elements from entering, they act as barriers, prolonging the freshness of products. Because PE films are so effective at preventing spoiling and preserving freshness, they are frequently used in the food business to package meat, vegetables, and dairy goods.
On the basis of type, the market is divided into Bags, Pouches, Rollstock, Films & Wraps, and Other Types. The largest category of packaging films was the pouches. Packaging films are used to make pouches, which are now a common option for flexible packaging in sectors like food, drink, personal care, and pharmaceuticals. These films guard against light, moisture, and oxygen, keeping goods fresh and safe while providing the dependability required for packaging that is lightweight, portable, and aesthetically pleasing. Various kinds of pouches are appropriate for particular uses. Because they can stand straight on shelves, stand-up pouches are popular and perfect for items like coffee, snacks, and pet food. Because of their attractive shelf presence and functionality, their demand is rising.
Packaging Films Market- Geographical Insights
Geographically, the Packaging Films Market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
In 2023, Europe led the packaging films market. The growing need for environmentally friendly packaging options is driving growth in the European market for packaging films. Consumers and government agencies are advocating for the use of biodegradable materials and less plastic as a result of increased knowledge of the problems. Furthermore, packaging films are becoming more attractive due to developments in flexible packaging technology, such as improved barrier qualities and lightweight materials. The requirement to follow safety and pharmaceutical packaging regulations also has an impact on the European market, spurring innovation and expansion. Food and beverage industries are major drivers of this market since they need high-performance films for longer shelf lives and product safety.
Asia Pacific's strong economic growth has made it the packaging film market with the quickest rate of growth. According to the International Monetary Fund (IMF), the region's economy is growing at a 5.0% annual rate as of late 2023. Although growth rates have varied, certain economies are still having difficulties due to pricing pressures, while others are in danger of deflation. As the retail and e-commerce industries grow, there is a greater need for packaging solutions, which is driving the packaging film market in Asia Pacific. Another factor contributing to the rise in packaged goods consumption is the growing middle class and urbanization. Furthermore, there is a need for sophisticated packaging solutions for medications and medical supplies due to the expansion of the pharmaceutical & healthcare industries. This will accelerate market expansion as well.
With numerous competitors, including Novolex, Papier-Mettler, Amcor plc, Interplast Group, Sigma Plastics Group, Berry Global Group, Inc., and numerous more, the packaging film market is fragmented. The majority of these companies are expanding their markets, launching new products, acquiring companies, and merging in order to obtain a competitive advantage. Additionally, manufacturers plan to expand their production facilities in underdeveloped regions in order to fulfil the growing demand for packaging films. Leading manufacturers of packaging films are focusing on creating products that are stronger, lighter, and more ecologically friendly. Many advancements are being made in this field to make packaging more sustainable and functional. For instance, in May 2022, Jindal Poly Films Limited (JFPL) agreed to sell a small stake in its packaging film business to Brookfield Asset Management. Using institutional partners (collectively known as "Brookfield"), the corporation agreed to invest INR 2,000 crores (USD 260 million) in the venture.
March 2024: Amcor plc is a world pioneer in creating and manufacturing environmentally friendly packaging solutions. For its creative and sustainable contributions to the industry, the company has won eight Flexible Packaging Achievement Awards. McCoy Dunnage Free IBC Liners for bulk aseptic products has won three prizes out of all the others: Silver for Technical Innovation, Gold for Sustainability, and Gold for Increasing the Use of Flexible Packaging. This will make the company more determined to meet its sustainability targets and come up with more creative solutions.
October 2023: Under the Entour film brand, Berry Global Inc. is combining its extensive array of high-performance polyethylene (PE) lamination films from throughout the world. As part of this initiative, the European product known as "FormiForLAM" will be rebranded Entour films.
June 2022: Pregis, a manufacturer of protective packaging solutions, declared that it would upgrade its production equipment and multilayer PE film technology at its facility in Heerlen, Netherlands, for about EUR 10 million (USD 10.6 million). Pregiscan is able to continue offering innovative, environmentally friendly packaging solutions with this investment. By using the Hybrid Cushioning "HC" performance packaging solutions and Pregis AirSpeedinflatable systems for void fill, the new extrusion technique will allow Pregisto to develop and manufacture high-yield "thin" PE film with outstanding performance.