The Plastic Films Market is estimated to be valued at US$ 105.36688 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Plastic films are made up of polymeric materials like polyethylene, polyvinyl chloride, polypropylene, polyester and others. They are widely used across food & beverage packaging, personal care & cosmetic packaging, homecare and industrial sectors. They are durable, flexible and provide barrier protection against moisture, oxygen, odor and other external elements. Their advantages like long shelf life, lightweight and resistance to decomposition make them a crucial part of the packaging industry.

Market key trends:
Green and sustainable plastic films are gaining momentum across the globe. There is increasing emphasis on developing biodegradable and recyclable plastic films made from renewable resources to reduce environmental footprint. For instance, bioplastic films made from polylactic acid, cellulose and other plant based polymers. They decompose at the end of their lifecycle and do not require huge amounts of energy to break down. Various players are innovating in terms of material science to replace conventional plastics with eco-friendly alternatives. Government regulations towards single use plastics are also driving manufacturers to launch sustainable product options. Rising awareness among consumers regarding environment protection is a major factor accelerating the demand for green plastic packaging films.

Porter’s Analysis

Threat of new entrants: Low capital requirements and established distribution network lowers the threat of new entrants. However, presence of major players makes market penetration difficult.
Bargaining power of buyers: Large buyer base increases their bargaining power. Buyers can negotiate on price and demand high quality products putting pressure on margins.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitute raw materials. However, regulations around raw material production increases suppliers power.
Threat of new substitutes: Substitute products like paper and metal films pose low threat as plastic films have established demand for packaging and non-packaging applications.
Competitive rivalry: Intense competition between major players to cater growing demand.

SWOT Analysis
Strength: Wide application scope in packaging and non-packaging industries. Innovation in production technologies and materials.
Weakness: Price volatility of raw materials affects profit margins. Growing environmental concerns around non-biodegradable plastics.
Opportunity: Rising e-commerce sector drives demand for plastic packaging films. Development of biodegradable and recyclable plastics opens new avenues.
Threats: Stringent government regulations around plastic disposal and recycling affects market. Economic slowdowns impact end-use industries.

Key Takeaways

The global Plastic Films Market Size is expected to witness high growth, exhibiting CAGR of 7.2% over the forecast period, due to increasing demand from packaging industry for food, beverages and other consumer goods. Asia Pacific dominates the global market and is projected to maintain its lead over the forecast period owing to robust growth of end-use industries in China and India.

Regional analysis - Asia Pacific dominates the global plastic films market with over 40% share in 2023. China and India are fastest growing markets backed by booming e-commerce, consumer goods and pharmaceutical industries. North America and Europe are mature markets whereas, Middle East & Africa and South America offer promising growth opportunities.

Key players - Key players operating in the plastic films market are The Dow Chemical Company, DuPont, Eastman Chemical Company, Evonik Industries AG, Amcor Limited, Berry Plastics Corporation, Griffon Corporation Inc., Mitsubishi Chemical Holdings Corporation, Saudi Basic Industries Corporation (SABIC), and Honeywell International Inc. Major players focus on new product developments, partnerships and expanding production capacities to cater growing demand.

Read More: https://www.rapidwebwire.com/plastic-films-market-demand-growth-and-size-forecast/