Plastic films exhibit unique properties as they are made from various types of resins, each having unique characteristics. Plastic films are thin and continuous polymeric material. Substituting glass and metal, plastic films have acquired high demand. Plastic films are affordable when it comes to industrial applications, decoration and packaging. In addition, plastic films maintain hygiene which has boosted its application in food packaging industry. These factors are expected to fuel demand for plastic films during the forecast period. Rising environmental concerns and consumer inclination towards eco-friendly products are fuelling the growth of global plastic films market.
Global plastic films market is estimated to witness a robust growth at 6.1% CAGR in terms of market value over the forecast period, according to a report by Trends Market Research. The market value of plastic films in 2016 was worth US $3,150.3 million.
PET Segment Anticipated to Reflect Highest CAGR Over the Forecast Period
Based on product type, the market is categorised into PVC, PE, PET, PP and others (PA, PS, EVA, etc.). PET segment held the highest market share of 29.6% in terms of value in 2016. This segment is estimated to contribute a significant market share by 2026 end. PET segment is expected to exhibit highest CAGR over the forecast period. This segment was valued at US $20,393.5 million in 2016. PET comprises properties of recycling and sustainability which is further expected to drive the demand for PET segment during the forecast period. In terms of volume, PP segment is estimated to contribute a higher share to global plastic films market, as compared to other segments.
Europe to be a Lucrative Region for Global Plastic Films Market During the Forecast Period
Region-wise, the market is categorised mainly into five regions viz. North America, Europe, Latin America, Middle East & Africa (MEA) and, Asia Pacific (APAC). Europe accounted for 29.2% market share in terms of volume in 2016. In terms of value, this region is expected to exhibit CAGR of 6.7% during the forecast period. Whereas, Asia Pacific is expected to account for US $10.17 billion during the forecast period.
Wood Grain Patterns Segment to Dominate Global Plastic Films Market
Based on application, the market is categorised into decoration, packaging and industrial applications. Packaging segment is further categorised into blister packs, electronic & electric purposes, and, food containers. Industrial segment is further categorised into safety materials, construction materials and advertisement lighting. While decoration segment is mainly divided into solid colours and wood grain patterns segments as specified in the report.
The Packaging segment is expected to witness significant market share by 2026 end. This segment accounted for 48% market value share in 2016. Based on volume consumption, packaging segment is estimated to exhibit highest share to global plastic films market during the forecast period. Decoration segment is estimated to reflect a higher CAGR over the forecast period, as compared to other segments. Based on volume as well as value, the wood grain patterns segment is estimated to dominate global plastic films market during the forecast period.
Leading Players Providing with Innovative & Consumer-centric Products
Leading players of global plastic films market are focusing on provision of innovative & consumer-centric products, and mergers & acquisitions with an aim of spreading through various regional markets. While some of these leading players are participating in R&D initiatives investment in order to develop new technologies that would cater to increasing demand for high quality plastic films. These leading players of global plastic films market include DuPont, Evonik Industries AG, Berry Plastics Corporation, Mitsubishi Chemical Holdings Corporation, Honeywell International Inc., The Dow Chemical Company, Eastman Chemical Company, Amcor Limited, Griffon Corporation Inc. and, (SABIC) Saudi Basic Industries Corporation.