Market Trends of Plastic Film Industry
This section covers the major market trends shaping the Plastic Film Market according to our research experts:
High Demand from Various Industries Offers Growth Potential
- Strong sealing strength, flexibility, and a vacuum finish are a few factors that have a beneficial impact on the growth of the plastic film industry. Additionally, researchers worldwide are developing new technologies that could lengthen the shelf life of packaged foods.
- The food industry is the largest end-user of plastic films and has seen strong growth due to a rise in convenient packaging for ready-to-eat foods, snacks, frozen meals, and cake mixes. The market is witnessing a surge in demand for dairy products and confectionery. The manufacturers of packaged food are adopting novel packaging materials to enhance the shelf-life and boost the appeal of the food product.
- Changing food habits, including the rising preference for processed food, will likely supplement the demand for plastic films and sheets. Moreover, market players are also engaged in manufacturing various types of plastics as per the user requirements and perishability of food. Stringent regulations on the use of plastic films and sheets have been imposed in several countries.
- Furthermore, it may be assumed that the packaged food industry will prosper, given the sector's expansion in developing countries like India. For instance, the value of organic packaged food consumption in the United States was approximately USD 14.96 billion in 2016, and it is expected to reach USD 18.23 billion in 2019. That amount is anticipated to surpass USD 21 billion by 2022.
- Furthermore, the industry is expanding due to the rising demand for plastic films in Europe. The pharmaceutical industry, which creates innovative medications and cures for patients all over Europe, is essential in Europe's fight against diseases. Due to advancements in science and technology, the sector is crucial to the economic expansion of Europe. The research-based pharmaceutical business is entering a fascinating new phase in developing medicines. These are some of the drivers that support the studied market's growth.
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Asia- Pacific to Witness Fastest Growth
- The Asia Pacific region is expected to witness the fastest growth because of the presence of two highly populated countries, i.e., China and India. In these two countries, the increase in disposable income will supplement the growth of industries such as food and beverages, pharmaceuticals, pet food, and cosmetics, which will help the plastic film market flourish.
- With the growing demand for packaged food and the growth in plastic production, several consumers are opting for convenient packaging solutions, resulting in the growth of the plastic film packaging market. Additionally, the growing population and disposable income of the various consumers in the region have led to the development of the flexible packaging market in the area.
- The food and pharmaceutical packaging sectors mainly drive the growth in the plastic film industry in Asia Pacific. The large and growing Indian middle class and the increase in organized retailing in the country are fuelling growth in the plastic packaging industry. Another factor that has provided substantial stimulus to the packaging industry is the rapid growth of exports, which require superior packaging standards for the international market. Therefore, all the above factors are expected to drive the market in the Asia-Pacific region.
- The Asia-Pacific pharma industry is growing, primarily driven by rising awareness of healthcare in the current population and accessibility to modernized treatment regimens without border restrictions. The growing pharmaceutical industry is expected to support the plastic film market.
- The APAC region has witnessed major venture capitalism and M&A amidst the pandemic, which is a highly positive sign of a prospect in healthcare deliveries across the region. Thus, pharmaceutical companies operating in Asia can best navigate opportunities for continued expansion.
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