September 10, 2024 18:30 ET | Source: The Brainy Insights The Brainy Insights
Newark, Sept. 10, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 134.78 billion in 2023 global plastic films market will reach USD 234.63 billion in 2033. Plastic film is a continuous, thin plastic material, typically ranging in thickness from 0.06 mm to 0.25 mm, though films thicker than 0.25 mm are also considered. These films are made from various plastic materials, including polypropylene, polyethylene, and polyvinyl chloride, among others. Depending on the raw material and processing, plastic films can be transparent, opaque, smooth, rough, colored, embossed, printed, multilayered, single-layered, or semi-transparent. Plastic Lined Tablecloths
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The manufacturing process for plastic films is known as extrusion. In this process, plastic resins or pellets are melted until they become soft and pliable. The molten plastic is then forced through a circular die to form a continuous bubble, which is inflated with air to achieve the desired diameter. The bubble is drawn upwards, cooled, and then flattened to the final film width. The thickness of the film is controlled by the speed at which it is pulled from the die and the amount of air introduced into the bubble. Plastic films are widely used in various industries, including food packaging, consumer goods, construction, and agriculture, serving both packaging and non-packaging applications.
Key Insight of the Global Plastic films Market
Asia Pacific will dominate the market during the forecast period.
The increase in global living standards is primarily responsible for the expansion in the region. The current situation will promote market expansion and development due to the rising disposable income of the populace and the changing lifestyle of the populace. The packaging of food and pharmaceutical items will benefit from the increased health consciousness of the people in and around the region.
In 2023, the LLDPE (Linear Low-Density Polyethylene) segment dominated the market with the largest market share of 43% and revenue of 57.95 billion.
The material segment includes HDPE (high density polyethylene), LDPE (low density polyethylene), LLDPE (linear low density polyethylene), PET (polyethylene terephthalate), PVC (polyvinyl chloride), PP (polypropylene) and others. In 2023, the LLDPE (Linear Low Density Polyethylene) segment dominated the market with the largest market share of 43% and revenue of 57.95 billion.
The food packing industry is going to dominate the market.
The end-user segment is divided into food packaging, pharmaceutical & medical packaging, consumer goods, industrial packaging, agriculture, construction and others. the food packing industry is going to dominate the market. This is because most of the application of the plastic films are used in the food industry.
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Dow declared the creation and release of its ground-breaking REVOLOOP Recycled Plastics Resins family. In terms of Dow's dedication to promoting circularity and Transforming the Waste, this launch represents a turning point. Dow wants to Transform the Waste by 2030 and sell three million metric tonnes of sustainable and circular solutions a year. Dow is stepping up its efforts to promote sustainable and circular packaging in order to accomplish this. The introduction of REVOLOOP Plastics Resins is in line with these sustainability objectives and includes a new pledge to maximise the value of plastic waste for partners and customers.
Driver: Increasing Demand for Bi-Axially Oriented Polypropylene (BOPP) Films.
The growing use of BOPP films in insulation and food packaging is driving market growth. BOPP films are favored for their excellent thermal insulating properties, superior to alternatives like cellophane and wax paper. They are also valued for their stiffness and tensile strength, making them ideal for packaging in electronics, food, cosmetics, and other industries. The recyclability of BOPP films further enhances their market appeal.
Aluminum is a significant substitute for plastic films, particularly in the food packaging sector. Its growing use is driven by its extended shelf-life benefits and increased adoption in flexible packaging. Companies are investing in research and development to enhance aluminum's recyclability and reuse, which may hinder plastic film market growth.
Opportunities: Rising Adoption for Medical Applications.
The use of plastic films in medical bags presents a significant market opportunity. Plastic films offer advantages over glass bottles, such as break resistance, reduced bacterial contamination, and cost-effectiveness. They are increasingly utilized in the pharmaceutical and healthcare industries, where large volumes of low-cost packaging are needed.
Challenges: Fluctuations in Raw Material Prices.
The price volatility of oil-based raw materials, such as polypropylene (PP) and polyvinyl chloride (PVC), poses a challenge. Oil price fluctuations, driven by global demand, geopolitical factors, and conflicts, can impact raw material costs and restrict market growth.
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Some of the major players operating in the global plastic films market are:
• Amcor Limited • Bemis Company, Inc. • Jindal Poly Films Ltd. • Sealed Air Corporation • Toyobo Co., Ltd. • AEP Industries Inc. • Berry Plastics Group, Inc. • RKW SE • Saudi Basic Industries Corporation • Toray Industries, Inc. • Uflex Ltd. • Inteplast Group Limited • KlöcknerPentaplast Group • Novolex • Polyone Corporation • Printpack Incorporated • Sigma Plastics Group
Key Segments covered in the market:
• HDPE (High Density Polyethylene) • LDPE (Low Density Polyethylene) • LLDPE (Linear Low Density Polyethylene) • PET (Polyethylene Terephthalate) • PVC (Polyvinyl Chloride) • PP (Polypropylene) • Others
• Biodegradable Films • Nanocomposite Films • Barrier Polymer Films • Water Soluble Films
• Food Packaging • Pharmaceutical & Medical Packaging • Consumer Goods • Industrial Packaging • Agriculture • Construction • Others
• North America (U.S., Canada, Mexico) • Europe (Germany, France, the UK, Italy, Spain, Rest of Europe) • Asia-Pacific (China, Japan, India, Rest of APAC) • South America (Brazil and the Rest of South America) • The Middle East and Africa (UAE, South Africa, Rest of MEA)
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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