Packaging Film Market Analysis and Forecast to 2033: By Material Type (Polypropylene, Polyethylene, Polyester, Polyvinyl Chloride, and Others); Product Type (Bags, Pouches, Liners, Wraps & Rolls, and Others); Application (Pharmaceutical, Industrial, Food

Packaging Film Market Analysis and Forecast to 2033: By Material Type (Polypropylene, Polyethylene, Polyester, Polyvinyl Chloride, and Others); Product Type (Bags, Pouches, Liners, Wraps & Rolls, and Others); Application (Pharmaceutical, Industrial, Food & Beverages, Consumer Products, Others); and Region

The global packaging film market size was over USD 140.1 billion in 2023 and is anticipated to reach USD 220.5 billion in 2033, growing at a rate of 4.1% from 2024 to 2033.

Packaging films are used in industries such as food, beverages, personal care products, electronics & electrical, home care products, healthcare products, and other industrial goods. Single-use packaging and multi-layer film packaging are being gradually used as a substitute for hard packaging in end-user sectors.

Packaging Film Market Scope and Structure Analysis

Market Trends and Drivers

The global packaging film market is anticipated to observe substantial growth in the upcoming years on account of growing application in food & beverage, medical, and other industries. In addition, the rise in population along with the growing disposable income of middle-class customers are projected to drive the demand for packaged food & beverages and personal care products. This, in turn, is anticipated to lead to a consequent increase in packaged goods and thereby packaging films during the study period. Emerging economies are exploring the varied benefits of packaged products in numerous industrial sectors, which are projected to supplement the packaging film demand. Plastics film packaging is light, non-corrosive, and relatively cheap, which is estimated to augment the global packaging film market growth.

Polyethylene (PE) and polypropylene (PP) are normally chosen as basic packaging materials in several applications. Nevertheless, high-barrier polymers and specialty films are water-resistant and are progressively gaining relevance in end-use applications. A rise in focus on the protection and safety of packaged contents has also positively contributed to the development of the market. In addition, plastic barrier technologies assist in preserving and protecting contents as well as optimizing the shelf life of perishable goods. These films also offer transparency to the products, serving as a base for printing and labeling the product. Besides, they slow down the deterioration process of perishable goods and hamper microbial growth, thereby, are anticipated to supplement global packaging film market growth.

Market Restraints & Challenges

One of the major factors hindering the global packaging film market growth is the stringent regulations for the usage of plastics on account of concerns regarding increased food packaging and consequent recyclability issues. In addition, the other concerns & risks associated with the market are recycling issues and exposure to degradation over time. A high threat from other packaging materials is also anticipated to pose a challenge to the global plastic packaging film market. Further, the fluctuating raw material prices is also anticipated to hinder the growth of the market.

Global Packaging Film Market Segmentation

The report analyses the packaging film market based on material type, product type, application, and region.

Global Packaging Film Market By Material Type

Based on material type, the global packaging film market has been bifurcated into polypropylene, polyethylene, polyester, PVC, and others. The polyethylene segment is anticipated to account for the largest packaging film market share throughout the forecast period. Polyethylene is extensively used for the manufacturing of packaging films globally. The rising demand for flexible packaging films is projected to boost the demand for polyethylene throughout the study period. The flexibility and durability impact of polyethylene films are enhancing their use among the packaging film manufacturers.

Global Packaging Film Market By Product Type

By product type, it is divided into bags, pouches, liners, wraps & rolls, and others. The demand for bags is expected to grow significantly in the forecast period. Bags are expected to hold a significant share of the market due to the rise in the use of packaging films food & beverages industry globally. In addition, there has been an increase in demand for efficient and reliable packaging films in several regions globally. Thus, the packaging film market demand would rise during the forecast period.

The growing need to protect & secure products for shipping & retail environments is positively contributing to the growing demand for packaging film bags. Furthermore, the need to sustain the sustainability standards concerning packaging materials amongst the producers of consumer-packaged goods (CPG) is fueling the utilization of polyethylene bags as it is recyclable.

Global Packaging Film Market By Application

By application, it is categorized into pharmaceutical, industrial, food & beverages, consumer products, and others. The demand for packaging films in the food and beverage industry is expected to grow significantly during the forecast period. Factors such as sustainability concerns, product modernization, and attractive economics are leading to the growth of packaging films in the food & beverage industry. The rise in the focus of consumers toward fresh products along with an extended shelf life is enhancing the application of packaging films in the food & beverage industry as it aids in conserving the quality of food products. These films preserve packaged goods against external environments, that alter the safety and quality of food products. They also make storage, transportation, and dispensing of products easier. There has been a growth in the demand for processed food and beverages globally, thereby fueling the packaging films market expansion.

The pharmaceutical industry segment is expected to exhibit substantial growth in the global packaging film market throughout the estimated period. The necessity for reliable packaging solutions that deliver an amalgamation of quality, product protection, and tamper-evidence, is projected to enhance the packaging film market growth in the pharmaceutical industry.

Geographical Analysis of Global Packaging Film Market

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia-Pacific accounts for the largest market share in the packaging film market and is forecasted to register the fastest CAGR from 2022 to 2033. Factors such as rapid development in the food & beverage and healthcare industries, along with the growing demand for effective packaging films are anticipated to propel the growth of the Asia-Pacific packaging film market. Besides, the presence of numerous medium-to-large players in North America and European countries is also attributable to rapid revenue growth. Thus, the demand for the packaging film market would have a positive influence in the forecast period.

Major Players of the Global Packaging Film Market

The global packaging film market report includes players such as Amcor Limited, AMPAC Holdings, LLC, Sealed Air Corporation, Berry Plastics Corporation, Charter Nex Films Inc., Dupont Teijin Films, Exopack Holding Corporation, Graphic Packaging Holding Corporation, and Hilex Poly Co LLC.

Prominent players in the industry such as Berry Plastics Corporation, Bemis Company, and Exopack Holding Corporation are focusing on adopting acquisition as their key developmental strategy to boost the product offerings of packaging films. For instance, in 2020, SABIC presented a sustainable frozen food packaging solution that mixes a novel grade of polyethylene (PE) along with innovative film production technology. It offered substantially higher performance in comparison to conventional blown PE film solutions. Thus, making it alluring from both a sustainability and commercial point of view.

COVID-19 Analysis

According to the International Monetary Fund (IMF), due to the epidemic of a novel coronavirus, the worldwide economy decreased by over 3.0% in 2020. Several nations were under strict lockdowns in 2020 & 2023, which have impacted the supply of raw materials. Therefore, due to this, the manufacturing activities of plastic film producers have ceased. However, due to COVID-19, there has been a new interest found in the hygiene of the packaging due to heightened safety concerns. Moreover, the period observed an e-commerce boom, thus, augmenting the necessity for well-designed as well as functional packaging films which are hygienic and sustainable. Hence, COVID-19 had a mixed effect on the packaging film market growth during the forecast period.

Recent Developments

• In May 2022, Berry Global Group, Inc. and Taco Bell in partnership launched a new clear, all-plastic cup encompassing mechanically recycled and sustainable post-consumer resin (PCR).
• In April 2023, Amcor, located in Switzerland launched the AmSky blister system. This system has the potential to alter the sustainability of health care packaging. This system is anticipated to support healthcare customers to boost the recyclability of their packaging.
• In June 2020, Innovia Films, a division of CCL Industries Inc., introduced Encore, a new family of recyclable biaxially based polypropylene films (BOPP) films. The Encore was made using organic, non-food-based raw materials. This material will help minimalize the use of fossil-based virgin raw materials.

Packaging Film Market Report Coverage

• The report offers a comprehensive quantitative as well as qualitative analysis of the current global packaging film market outlook and estimations from 2023 to 2033, which helps to recognize the prevalent opportunities.
• A thorough analysis of market trends and restraints is provided.
• Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
• The forecasts in this report are made by examining the recent trends along with future packaging film market potential from 2023 to 2033 in terms of revenue.
• Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the packaging film market are also analyzed.
• Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global packaging film industry.

Frequently Asked Questions

Q.

How big is the packaging film market?

Ans.

The global packaging film market size was $135.1 billion in 2023 and is anticipated to reach $210.5 billion in 2033, growing at a rate of 4.4% from 2022 to 2033.

Q.

What is the packaging film market growth rate?

Ans.

The growth rate of the packaging film market is 4.4% from 2022 to 2033.

Q.

Which region holds a major market share for the packaging film market?

Ans.

The Asia-Pacific region holds a major market share of the packaging film market in 2023.

Q.

Which segment accounted for the largest packaging film market share?

Ans.

By end-user, the hospital segment accounted for the largest packaging film market share

Q.

Who are the key players in the packaging film market?

Ans.

Amcor Limited, AMPAC Holdings, LLC, Sealed Air Corporation, Berry Plastics Corporation, Charter Nex Films Inc., Dupont Teijin Films, Exopack Holding Corporation, Graphic Packaging Holding Corporation, and Hilex Poly Co LLC.

Q.

What are the factors driving the packaging film market growth?

Ans.

The major factors driving the growth of the market are the rise in demand for packaged food along with growth in investments for R&D activities in packaging films.

Q.

What are the key growth strategies of packaging film market players?

Ans.

The key growth strategies of packaging film market players are product launch and acquisition.

Q.

Which region will provide more business opportunities for the packaging film market during the forecast period?

Ans.

The Asia-Pacific region will provide more business opportunities for the packaging film market during the forecast period.

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