Packaging Films Market is projected to reach US$ 209.7 billion by 2032

The global packaging films market is estimated at US$ 143.7 billion in 2022 and is projected to reach US$ 209.7 billion by 2032, at a CAGR of 3.9% from 2022 to 2032 . The polyethylene (PE) film segment accounts for almost 36% share of the global packaging films market. The food industry is expected to remain the top end user of the packaging films market through 2032.

Key Takeaways from Packaging Films Market

•          The polyethylene (PE) films represented 35% of packaging films market in 2021.
•          Demand for packaging films in the food industry will grow at a CAGR of 4.2% between 2021 and 2031.
•          India packaging films market is projected to register a CAGR of 5.6% during the forecast period followed by China with a CAGR of 4.2%.
•          China will continue to remain the largest market with a market. It held a share of 22% in 2021.

“Innovations are expected to pick up pace in the packaging films market. With stringent bans on single-use plastic use, the focus on recyclable materials will grow higher. Likewise, packaging film producers are expected to focus on more sustainable materials to stay ahead of the curve,” said a lead FMI analyst.

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Packaging Films Market Landscape

Berry Global, Mondi Group, Ampac Holdings, LLC., Huhtamaki Oyj., Smurfit Kappa, WestRock Company are some of the Tier 1 players of global packaging films market.

Key manufacturers operating in the packaging films market are focusing on producing lighter-weight, durable and sustainable products. Several mergers & acquisitions and innovations are taking place in the industry as there is synergy in forward as well as backward integration. · Recently in March 2022, Clearlake Capital has agreed to acquire Intertape Polymer Group. Intertape is one of the leading manufacturers of packaging films and many other products. Through this acquisition the company is planning to extend production capabilities of tapes and shrink films and increase industrial and retail customers.

•          In March 2022, BASF and a Germany located packaging films manufacturer DuoPlast launched world’s first stretch PE blown film for potential use in the explosive areas.

Global packaging films market by material type (polyethylene, polypropylene, polyethylene terephthalate, polyvinyl chloride, polyamide, ethyl vinyl alcohol, polyvinyldiene chloride, bioplastics, and others), by product type (pouches, bags & sacks, tubes, liners, sachets & stick packs, tapes & labels, and wraps/rolls), by end-use (food, beverages, homecare products, personal care products, healthcare products, electronics & electrical, and other industrial goods) across seven regions.

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Competitive Landscape

Best packaging experience and user convenience are the prime concerns of the key players. Therefore, many of the key players are adopting strategy of product innovation and make their products more eye-catchy and acceptable among consumers. Not only this, manufacturers are also planning to expand production capabilities in the untapped markets to cater increasing demand for packaging films.

Key manufacturers operating in the packaging films market are focusing on producing lighter-weight, durable and sustainable products. A lot of innovations are coming up in this domain to make packaging more sustainable and functional.

Some of the key developments in the global packaging films market includes:

•          In February 2022, Coveris launched next generation stretch films with 30% recycled content to minimize reliance on virgin plastic films for packaging.
•          In January 2022, B2B Industrial packaging acquired Pioneer packaging worldwide. Through this acquisition, the company is planning for increasing consumer reach specially in the untapped markets.
•          In September 2021, Amcor, ExxonMobil and Syntegon India together developed recyclable polyethylene laminating film based detergent packaging solution to replace existing PET/PE packaging.
•          In January 2021, Jindal films acquired Domo Chemicals’ nylon films business. This acquisition will support company’s growth by increasing production capacity of nylon films.

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Packaging Films Market By Category

By Material Type, Packaging Films Market is segmented as:

•          Polyethylene (PE)
•          Polypropylene (PP)
•          Polyethylene Terephthalate (PET)
•          Polyvinyl Chloride (PVC)
•          Polyamide (PA)
•          Ethyl Vinyl Alcohol (EVOH)
•          Polyvinyldiene Chloride (PVDC)
•          Bioplastics
•          Others

By Product Type, Packaging Films Market is segmented as:

•          Pouches
•          Bags & Sacks
•          Tubes
•          Liners
•          Sachets & Stick Packs
•          Tapes & Labels
•          Wraps/Rolls

By End Use Packaging Films Market is segmented as:

•          Food
•          Meat, Seafood and Poultry
•          Ready to Eat Meals
•          Dairy Products
•          Bakery and Confectionery
•          Other Food Products
•          Beverages
•          Alcoholic Beverages
•          Non-Alcoholic Beverages
•          Homecare Products
•          Personal Care Products
•          Healthcare Products
•          Electronics & Electricals
•          Other Industrial Goods