Plastic film is a thin continuous form of polymer material and is a popular choice of packaging material. This material is less susceptible to contamination and pilferage. Plastic film is lightweight and any information can be printed easily on it and it also has superior barrier properties. It can be easily reused and recycle and find a range of applications across bottles for packaging of water, bags for retails, cereal box liners, etc. Plastic film is mostly transparent but can be colored and also available in single as well as multi-layered versions. Moreover, they also used in the packaging of food products and carbonated drinks as it is resistant to heat and moisture which makes it an ideal choice of packaging material.
The global plastic films market is estimated to account for slightly less than US$ 76.4 billion in terms of value in the year 2018 and it predicted to grow at a CAGR of 6.3% during the forecast period (2019-2027).
Rising demand for the plastic film as a substitute for metal and glass is projected to propel the market growth of the plastic film. Plastic films are widely used for packaging, decorative, and other industrial application due to its cost-effectiveness. Furthermore, manufacturers of plastic film are adopting new technologies such as polymer blend for developing high-definition picture and acoustic effects in decorative laminates. All these factors are predominantly fueling the market growth of the plastic film.
The growing online food delivery market in India is expected to fuel the demand for plastic film, in turn propelling market growth. Due to the strong presence of online food delivery players such as Zomato, FoodPanda, TinyOwl, and Swiggy, the Indian market is expected to witness a promising future in the years to come. India Brand Equity Foundation, the online food delivery industry grew at 150 percent year-on-year with an estimated Gross Merchandise Value (GMV) of US$ 300 million in 2016.
Strict government regulations for the reduction of carbon footprint and proper coding for traceability on the use of recyclable plastic films in the plastic industry are projected to hinder the growth of the global plastic film market. For instance, the European Parliament and Council Directive 94/62/EC require member states to comply with regulations regarding reusable or recoverable packaging in order to minimize packaging weight and volume and reduce the release of hazardous substances and materials into the environment or ecosystem.
On the basis of product type, the polyethylene terephthalate (PET) segment has dominated the global plastic films market in 2018 with a 29.7% of market share in terms of value, followed by polypropylene (PP) and polyvinyl chloride (PVC) respectively.
The rising focus of plastic film manufacturers on introducing advanced PET-based solar control window films is expected to foster the market growth of the plastic film. These films reduced the internal temperature in residential as well as commercial spaces due to their solar heat reduction property. For instance, in 2015, Eastman Chemical Company introduced Polyethylene terephthalate PET-based solar control window films for residential and commercial applications. These PET films protect residents/inhabitants from excessive exposure to UV rays, reduces solar heat, and also doubles as a safety material in the event of glass/pane breakage.
Growing demand for safer and non-toxic blister packaging for a medicinal product is expected to augment the market growth of the plastic film. For instance, in February 2019, US-headquartered multinational technology company Honeywell has launched the latest Aclar film range Aclar Accel, a thermoformable barrier film for pharmaceutical packaging. The thermoformable element supports a manufacturing process where heat and pressure are applied to a material to form a specific shape.
Key players operating in global 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.
Few Recent Developments
In April 2019, DuPont Teijin Films has introduced a new depolymerization process which "upcycles" post-consumer PET waste into technically-advanced biaxially oriented PET films suitable for use in various applications.
Eastman Chemical Company
By Product Type
Joining thousands of companies around the world committed to making the Excellent Business Solutions.