by The global plastic films and sheets market, valued at over US$100 billion in 2021, continues its remarkable growth trajectory. Key factors driving this expansion include the surging demand in the food industry and the increasing adoption of bioplastics, driven by environmental concerns. The market is poised for further growth as it embraces eco-friendly materials and innovative specialty films.
Bioplastics Revolutionize the Market
The adoption of eco-friendly products has propelled the use of bioplastics across various industries, significantly impacting the plastic films and sheets market. Bioplastics, known for their eco-friendly and biodegradable nature, have gained prominence as they originate from renewable resources. They find extensive applications in textile, agriculture, pharmaceuticals, and food packaging due to their biodegradability, reliability, adaptability, and resistance. Bioplastics are also making headway in the automotive industry, contributing to a reduction in carbon footprint, and are favored for their energy-efficient production process without harmful additives.
Packaged Food Industry Boosts Demand
The global demand for packaged food products has driven the adoption of plastic films and sheets in the food packaging sector. These materials offer superior sealing strength, flexibility, and vacuum finish, making them essential for the packaging of ready-to-eat foods, cake mixes, frozen meals, and snacks. The growing popularity of packaged food products is expected to sustain the steady growth of the plastic films and sheets market.
Specialty Films Transform Packaging
Research and development efforts have introduced specialty films made from advanced polymers, which offer superior functional characteristics compared to conventional films. These films, known for their multi-layer barrier properties, are particularly suited for packaging meat and pharmaceutical products. Their light or UV barrier properties and non-porous nature make them ideal for temperature-controlled packaging in the pharmaceutical industry. The market is also witnessing the emergence of specialty films crafted from compostable and biodegradable materials, further boosting market growth.
LLDPE and BOPP Films Drive Market Share
Linear low-density polyethylene (LLDPE) films are projected to gain a significant share in the plastic films and sheets market. Their properties, including high tensile strength, flexibility, and resistance to impact and puncture, have led to widespread adoption in various industrial applications. Additionally, LLDPE films offer cost-effectiveness, further driving their demand. Biaxially oriented polypropylene (BOPP) films are also gaining traction due to their unique stretching capabilities in two directions. BOPP films are widely used in packaging, electronics, and specialty applications, contributing to market growth.
Asia Pacific Leads the Way
Asia Pacific remains the leading region in the global plastic films and sheets market, driven by significant growth in the pharmaceutical and food and beverage sectors. Countries like China, South Korea, and Taiwan are becoming lucrative hubs for electronic product manufacturing, increasing the demand for plastic films and sheets. The regions stable urbanization, economic development, and business-friendly environment make it highly attractive to manufacturers.
Competitive Landscape
Prominent players in the global plastic films and sheets market include Amcor PLC (Switzerland), Toray Industries Inc. (Japan), Uflex Limited (India), Berry Global Group Inc., Oben Holding Group, Toyobo Co. Ltd., DuPont Teijin Films, Jindal Poly Films Ltd., SABIC (Saudi Arabia), and Sealed Air Corporation.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
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COMTEX_442171509/2840/2023-10-20T08:01:36
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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