Global Plastic Wrap Market - 2022-2029

Global Plastic Wrap Market - 2022-2029

Market Overview

Plastic Wrap Market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of 5.1 % during the forecast period (2022-2029).

Plastic wrap usually describes many different materials widely accepted, known as industrial plastic wrap for food-grade plastic wrap or securing pallets. Plastic wrap is commonly incorporated into the food industry. It is also known as food wrap, cling film, and saran wrap, which is implemented to secure food items by sealing them in containers to keep food fresh. It can be sold as individual rolls or, more typically, sold with a box registration with a cutting edge. PVC (Polyvinylidene Chloride) is mainly used for plastic wrap manufacturing. LDPE (Low-Density Polyethylene) is becoming popular as an alternative to PVC due to the rising environmental concerns with the chloride associated with PVC plastic wrap. The growth in packaging advancement to improve the food offering to the end consumers is expected to drive market growth. The rising environmental concern worldwide will also increase the development scope to reduce plastic pollution across the globe.

Market Dynamics

Factors for plastic film growth development include the need for drug and food packaging and packaging in general. Other driving characteristics of the world economy include consumer products and agricultural applications that focus on plastic films. The rapid rise of packaged food demand and consumption worldwide due to the growing salaried population in the international market is further adding to the growth in the need for packaged product sales revenue. The various plentiful plastic films used in items such as sunscreen, cosmetics wrapping, dish and laundry detergents, personal care products, and household cleaners will drive the industry.

Also, rising customers demand plastic wrap drives the market growth. Some other factors that increase product demands are sustainability, efficiency, convenience, counterfeit protection, flexibility, and traceability. Plastic wrap is considered the demand for new consumers, and markets need to be met in the future. Moreover, the fourth industrial revolution's growth traction on the ground in the consumers' everyday lives worldwide. Intelligent and modular software systems of the digitally networked Industry 4.0 ensure safety, transparency, and reproducibility for executing automated production processes with multi-layer packaging of different combined materials. It is expected to gain significant growth in its demand in the global market throughout the forecast period. This kind of packaging that will benefit significantly and integrates product safety will create opportunities in the market.

Moreover, growing biodegradable plastics acceptance creates avenues for key players. In reaction to the COVID-19 pandemic, the global landscape for the sectors has been widely modified due to the increased use of plastic wraps. The study on the deterioration of plastics and recycled technology would create new growth avenues for the market players. The rise in energy-efficient technology demand from plastic wrap producers and growing demand from packaging firms for biodegradable plastic packaging materials are some of the other favorable factors expected to produce new growth opportunities for global plastic wrap industry players' biodegradable plastics consumption.

Market Segmentation: The Stretch films segment accounted for the highest share in global plastic wrap market.

The stretch film demand dominated the global market due to increased demand for product protection and load stability. Besides, the stretch film permits the maintenance of hard to odd or stack-shaped loads that cannot be stacked in a neat square configuration. For instance, In February 2020, Coveris improved the stretch film production capability and strengthened the technical capabilities at the 5-layer Agri extrusion line in the Kufstein facility of Austria. The organization extends and advances the plastic wrap volume with this extension.

The plastic wrap market has been classified into food & beverages, pharmaceuticals, personal care and cosmetics, and others based on the application. Among these, the food & beverage segment held a significant share in the global plastic wrap market in the forecast period. The growth is very high due to increased food and beverage packaging compared to other industry products. The introduction of new plastic materials will also enhance the demand for food safety and the food life cycle.

Geographical Penetration: Asia Pacific is the dominating region during the forecast period.

Based on geography, the study analyzes the plastic wrap market in the global market, including North America, Asia-Pacific, Europe, South America, and the Middle East & Africa.

The Asia Pacific is expected to account for the largest market share in the global market in the forecast period due to widespread growth in packaged food products and a further improvement in exporting capabilities across the world. In the region, China leads the market with the largest production and consumption of stretch films globally. The growth is primarily accounted for due to cumulative business growth and customer awareness, increasing the demand for these plastic wraps. In Europe, Germany dominated the European market due to the growing packaging industry and stringent regulations to expand the scope for development considering the pollution awareness, which has increased stretch films' requirements. In North America, the US-dominated due to increased consumption of packed food and grown stretch film demand.

Competitive Landscape:

The plastic wrap market is highly competitive, owing to the presence of ample food brands. The key plastic wrap players which are contributing to the growth of the global market include Polywrap, AVPack Plastic Manufacturers, Natural Value Inc., Coveris, Four Star Plastics, American Manufacture Company, S. C. Johnson & Son, Inc., the Glad Products Company (A brand of The Clorox Company), Polyvinyl Films, Inc, Berry Global Inc, Berry Global Inc, Suzhou Yuxinhong Plastic Packaging Co., Ltd., Shenzhen Chengxing Packing & Material Co. Ltd, Jinan Zhenhua Plastic Packaging Co., Ltd, Shenzhen Bull New Material Technology Co., Ltd, Shandong Kangye Plastic Products Co. Ltd, among others. Some key players launched new products in the market to expand their product portfolio. For instance, in February 2022, UK-based manufacturing companies Coveris and British chemical group Ineos launched 30% recycled stretch film. In August 2021, Revolution, a leading manufacturer of sustainable materials and solutions, acquired Five Points Films. This acquisition helped to expand Revolution's fast-growing national footprint and broaden its sustainable-loop manufacturing capabilities and environmentally-friendly product offering.

COVID-19 Impact: Positive impact on the global plastic wrap market.

The demand for plastic wrap demand is estimated to boost in the coming five years as a short-term growth due to the prevalence of the COVID-19 virus. There has been a rise in the need perception for plastic wrap products to preserve various food and other products. Despite these sudden shifts in consumption trends, the analysis patterns tend to be incremental during the forecast period.

Despite the pandemic, there is growth in the overall food & beverage products, which is expected to drive the plastic wrap's market size in the global market during the forecast period.