A $142.7 Billion Global Opportunity for Plastic Films by 2026 - New Research from StrategyR
SAN FRANCISCO, Nov. 16, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Plastic Films - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 19; Released: November 2021
Executive Pool: 4013
Companies: 399 - Players covered include Bemis Company, Inc.; Berry Plastics Corporation; DuPont Teijin Films; Inteplast; Jindal Poly Films Ltd.; Paragon Films, Inc.; SABIC Innovative Plastics; Sumitomo Bakelite Company Limited; Taghleef Industries; The Vibac Group; Toyobo Company Ltd.; Trioplast Industrier AB; Uflex Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Material (LLDPE, LDPE, HDPE, Polypropylene, PET, Other Materials); Application (Packaging, Agriculture, Construction, Other Applications)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
Complimentary Project Preview - This is an ongoing global program. Preview our research program before you make a purchase decision. We are offering a complimentary access to qualified executives driving strategy, business development, sales & marketing, and product management roles at featured companies. Previews provide deep insider access to business trends; competitive brands; domain expert profiles; and market data templates and much more. You may also build your own bespoke report using our MarketGlass™ Platform which offers thousands of data bytes without an obligation to purchase our report. Preview Registry
ABSTRACT-
Global Plastic Films Market to Reach US$142.7 Billion by the Year 2026
Plastic films, used for packaging of both food and non-food products, apart from various other plastic products, is the largest sub-sector of the plastics processing industry. Apart from packaging applications, plastic films are also used in construction, agriculture, healthcare and other non-packaging application areas. Growth in the global market is being spurred by the surge in demand for biodegradable plastic films along with the growing use of different plastic films like polystyrene, polyethylene terephthalate, high-density polyethylene, cellulose acetate, low-density polyethylene films in various packaging and non-packaging applications. Market growth is likely to be augmented by several factors like advanced decorative laminates; use of plastic as a popular substitute for metal and glass; rising demand for flexible food packaging materials to ensure food safety and hygiene; soaring demand for PVC, PP, and PET decorative laminates; along with consumer shift towards sustainable and environmentally friendly products. Manufacturers in emerging countries are prioritizing product differentiation by offering a range of plastic film types for industrial applications, decoration, and packaging. High growth in food packaging as well as healthcare industries is driving expansion in the plastic straps market, which in turn, is augmenting market growth. In addition, the thriving agriculture sector is also anticipated to drive significant growth in the market. Widespread plastic film usage in the consumer goods sector to package cosmetics, personal hygiene products, household cleaners, shampoo, along with laundry and dish detergents is also likely to spur growth in the market.
Amid the COVID-19 crisis, the global market for Plastic Films estimated at US$108.6 Billion in the year 2020, is projected to reach a revised size of US$142.7 Billion by 2026, growing at a CAGR of 4.6% over the analysis period. LLDPE, one of the segments analyzed in the report, is projected to grow at a 5.2% CAGR to reach US$50.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the LDPE segment is readjusted to a revised 4.8% CAGR for the next 7-year period. This segment currently accounts for a 23.1% share of the global Plastic Films market. Linear low-density polyethylene or LLDPE has effectively replaced high-density polyethylene, cellulose acetate, low-density polyethylene, among other types of films because of its superior tensile strength along with remarkable puncture and impact resistance. LLDPE is popularly used in numerous film applications like general purpose film, agricultural film, stretch film, and apparel packaging, among others.
The U.S. Market is Estimated at $21.1 Billion in 2021, While China is Forecast to Reach $24.6 Billion by 2026
The Plastic Films market in the U.S. is estimated at US$21.1 Billion in the year 2021. The country currently accounts for a 18.74% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$24.6 Billion in the year 2026 trailing a CAGR of 5.4% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.5% and 4.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.9% CAGR while Rest of European market (as defined in the study) will reach US$25.8 Billion by the end of the analysis period. Adoption in emerging markets especially in Asia-Pacific is mainly supported by strong growth in population, which translates to surging demand for packaged products including packaged food, and pharmaceuticals. Also, the increase in large-scale retail chains like hyper markets adds to the demand for these products, due to focus on reducing costs and increasing shelf life of various products. Demand in established markets such as North America, Western Europe, particularly in the food packaging sector, is being fostered by time constraints among customers, which has led to increased demand for products such as microwavable meals, compartmental packaging, multipacks, flexible pouches, and flow-wraps.
HDPE Segment to Reach $20.2 Billion by 2026
The good moisture barrier performance of HDPE films makes these films an ideal choice to package breakfast cereals, particularly flakes. Consistent growth in the market for quick, but nutritious breakfast items is likely to drive demand for HDPE films. In the global HDPE segment, USA, Canada, Japan, China and Europe will drive the 3.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$11.2 Billion in the year 2020 will reach a projected size of US$14.1 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.8 Billion by the year 2026, while Latin America will expand at a 3.7% CAGR through the analysis period. More
MarketGlass™ Platform
Our MarketGlass™ Platform is a free full-stack knowledge center that is custom configurable to today`s busy business executive`s intelligence needs! This influencer driven interactive research platform is at the core of our primary research engagements and draws from unique perspectives of participating executives worldwide. Features include - enterprise-wide peer-to-peer collaborations; research program previews relevant to your company; 3.4 million domain expert profiles; competitive company profiles; interactive research modules; bespoke report generation; monitor market trends; competitive brands; create & publish blogs & podcasts using our primary and secondary content; track domain events worldwide; and much more. Client companies will have complete insider access to the project data stacks. Currently in use by 67,000+ domain experts worldwide.
Our platform is free for qualified executives and is accessible from our website www.StrategyR.com or via our just released mobile application on iOS or Android
About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world`s only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]
LINKS
Join Our Expert Panel
https://www.strategyr.com/Panelist.asp
Connect With Us on LinkedIn
https://www.linkedin.com/company/global-industry-analysts-inc./
Follow Us on Twitter
https://twitter.com/marketbytes
Journalists & Media
[email protected]
SOURCE Global Industry Analysts, Inc.
Share this article