The report “Packaging Films Market by Application (Food, Beverage, Pharmaceutical & Healthcare, Personal Care & Cosmetics), Film(PE, BOPP, BOPET, CPP, PVC, PA, EVOH, Cellulose), Type (Pouches, Bags, Films & Wraps, Rollstock), Region – Global Forecast to 2033″, is projected to grow from USD 105.4 Billion in 2024 to USD 159.7 Billion by 2033, at a CAGR of 4.7% during the forecast period. With their versatility, sustainability and in-tune-with-the-times ability to cater to the needs of both consumers as well as industries packaging films are becoming increasingly popular. With the rising demand for eco-friendly packaging solutions, various options in terms of recyclable, biodegradable and compostable materials have emerged within the packaging films space aligned with global sustainability goals. Packaging films are light which means less fuel is burned in their transportation and hence lesser carbon emissions.
Key Market Players
Berry Global Inc. (US), Amcor Plc (Switzerland), RKW Group (Germany), Toray Industries, Inc. (Japan), Mitsubishi Chemical Group Corporation (Japan), Charter Next Generation (US), Mylar Specialty Films (UK), Sealed Air (US), Coveris (Austria), and SRF Limited (India) and other leading companies in this market.
Asia Pacific is projected to be the largest region in terms of value during the forecast period.
Asia Pacific is the fastest-growing market for packaging films due to its robust economic growth. According to the International Monetary Fund (IMF) the regions economic progress in late 2023 has reached a growth rate of 5.0% for the year. While there have been fluctuations in growth rates, some economies continue to struggle, with price pressures while others face the threat of deflation. The packaging films industry in Asia Pacific is driven by the surge in e commerce and retail sectors leading to an increased demand for packaging solutions. The expanding middle class and urbanization also play a role in boosting the consumption of packaged goods. Additionally the growth of the healthcare and pharmaceutical industries creates a need for advanced packaging solutions for pharmaceuticals and medical products. Moreover regulatory pressures aimed at promoting sustainability are spurring the development and adoption of innovative environmentally friendly packaging films.
Packaging Films Market Dynamics
- Drivers: Surging demand across major end-use industries
- Restraint: Limited infrastructure facilities for recycling
- Opportunity: Untapped opportunities in emerging markets
- Challenge: Vulnerability in raw material prices
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