Asia Pacific Plastic Packaging Film Market Size (2024 - 2029)

Asia Pacific Plastic Packaging Film Market Analysis

The Asia Pacific Plastic Packaging Film Market size in terms of shipment volume is expected to grow from 6.01 Million tonnes in 2024 to 7.41 Million tonnes by 2029, at a CAGR of 4.28% during the forecast period (2024-2029).

• Asia-Pacific is poised to dominate the global flexible plastic packaging market in the coming years. Rapid urbanization, escalating disposable incomes, and a rising appetite for packaged foods can be attributed to this growth. The retail sector's swift expansion is bolstering the market. The surge in consumer goods available through e-commerce platforms amplifies the need for packaging films. These films are crucial in e-commerce, ensuring products are portable, secure, and durable.
• Asia-Pacific is significant in the global plastic films and sheets market, with China spearheading the demand. With both China and India showing consistent growth, Asia-Pacific is poised to retain its leading position globally. The surge in the consumption of ready-to-eat meals is fueling the demand for safe and eco-conscious packaging.
• The food and beverage industry is a primary consumer of plastic film packaging. This industry is pivoting toward eco-conscious packaging solutions. The market exhibits fragmentation; major players are actively creating innovative, cost-effective solutions to cater to evolving consumer needs.
• In January 2023, Ester Industries Limited (Ester Filmtech Limited) announced the commencement of commercial production at Telangana's new polyester (BOPET) film manufacturing facility. The 48,000 MTPA unit spans 50 acres and costs around INR 650 crore (USD 78.5 million). When the factory operates at its peak efficiency, it is anticipated to provide revenue of about INR 600 crores (USD 72.62 million). The products resulting from this new unit will primarily be utilized in the flexible packaging sector and contribute to expanding the flexible packaging sector's value chain.
• The retail sector in the Asia-Pacific region is vibrant and varied, with a range of formats such as supermarkets, hypermarkets, convenience stores, traditional shops, and online platforms. Given that the region hosts some of the world’s largest and swiftest-growing economies, its retail sector is thriving. In the Asia-Pacific region, the retail sector is poised to play a pivotal role in propelling the growth of the flexible packaging film market.
• The market faces challenges from evolving regulatory standards driven by mounting environmental apprehensions. In response to public awareness about plastic packaging waste, the federal governments of several countries like India and China are rolling out stringent regulations to curtail environmental harm and enhance waste management. This heightened environmental consciousness, coupled with concerns over single-use plastics and unsustainable business models, is prompting consumers to seek products with reduced environmental footprints.

Asia Pacific Plastic Packaging Film Industry Segmentation

Plastic films are thin, continuous materials typically wound on a core or cut into sheets. The study tracks the demand for converted packaging films across the major resin and application types. The analysis delves into various film types, including polypropylene (PP), polyethylene film (PE), polyethylene terephthalate films (PET), polystyrene films (PS), bio-based, and other variants. The segmentation extends to encompass end-user industries and specific countries.

The Asia-Pacific plastic packaging film market is segmented by type (polypropylene (biaxially oriented polypropylene (BOPP) and cast polypropylene (CPP)), polyethylene (low-density polyethylene (LDPE) and linear low-density polyethylene (LLDPE)), polyethylene terephthalate (biaxially oriented polyethylene terephthalate (BOPET)), polystyrene, bio-based, and PVC, EVOH, PETG, and other film types) and end user (food [candy & confectionery, frozen foods, fresh produce, dairy products, dry foods, meat, poultry, and seafood, pet food, and other food products], healthcare, personal care & home care, industrial packaging, and other end users). The market sizes and forecasts are provided in terms of volume (units) for all the above segments.