The global box and carton overwrap films market continues its upward trajectory, with estimations pegging its value at US$ 12.2 billion in 2023, set to soar to an impressive US$ 17.1 billion by 2033. A comprehensive analysis by Future Market Insights (FMI) forecasts a steady 3.5% Compound Annual Growth Rate (CAGR) from 2023 to 2033, underlining sustained industry expansion and evolving consumer preferences.
One of the primary drivers of this growth is the Asia Pacific Excluding Japan region, which is poised to dominate the box and carton overwrap films industry. With China leading the charge, the region is expected to hold a substantial market share over the forecast period. By 2023, the Chinese box and carton overwrap films industry is projected to reach a staggering US$ 3.7 billion, according to FMI’s insights.
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The surge in global demand for box and carton overwrap films is attributed to several key growth factors. Firstly, there is an increasing demand for these packaging solutions across various sectors including food, beverage, pharmaceuticals, and more. As consumers seek convenience and hygiene, the ease of sanitizing outer packaging offered by overwrap or lamination films is becoming increasingly desirable.
Asia Pacific Takes the Lead
The Asia Pacific (excluding Japan) region is expected to lead the charge, holding a significant market share throughout the forecast period. China, in particular, stands out with a projected market value of US$3.7 billion by 2023 (source: Future Market Insights). This growth reflects the region’s expanding box and carton packaging needs across various industries.
Multiple Drivers Fueling Expansion
- Demand for Box and Carton Packaging: The rising popularity of box and carton packaging solutions across food, beverage, pharmaceutical, and other sectors is a key driver.
- Enhanced Sanitation and Convenience: Overwrap films offer consumers the ease of cleaning the outer packaging, addressing hygiene concerns in today’s world.
- Marketing and Branding: Manufacturers are increasingly utilizing overwrap films for product promotion and brand building, creating visually appealing packaging.
- Product Protection: To ensure product integrity during transportation, manufacturers across various domains rely on box and carton overwrap films for protection.
E-commerce and Branding: Shaping the Future
The booming e-commerce sector is further propelling the use of box and carton overwrap films. As online purchases surge, the need for secure and visually appealing packaging becomes paramount.
Box and Carton Overwrap Films Market Manufacturers-
- Terichem A.S.,
- CCL Industries, Inc.,
- Jindal Poly films Ltd.,
- Taghleef Industries LLC,
- Cosmo Films Ltd.,
- Uflex Ltd.,
- Smurfit Kappa Group plc,
- Futamura Group,
- Irplast S.p.A.,
- SIBUR International GmbH,
- Berry Global Inc.,
- Transcendia Inc.,
- Garware Polyester Limited,
- Industrial Development Company sal (Indevco)
New Developments in the Global Box and Carton Overwrap Films Market:
- In 2021, UFlex Limited officially announced its domestic and international expansion for packaging film units to meet the increasing demand. The new line, with a production capacity of 63,000 TPA, has been added in South India.
- In 2021, Innovia Films introduced its Encore range of polypropylene packaging films. The performance of this film is comparable to its fossil-based equivalent. Due to this factor, the film is appropriate for high-speed horizontal overwrap and other overwrap applications.
Growth Factors for Box and Carton Overwrap Films Industry
- The growing demand for box and carton packaging solutions from food, beverage, pharmaceutical, and other end uses, is projected to propel market growth.
- The ease aids the increasing demand for overwrap or lamination films the films offer consumers in sanitizing the outer packaging.
- The surging application of box and carton overwrap films for promoting and marketing the product is boosting the application of these films.
- To avoid any damage during transportation, manufacturers of various domains are projected to continue using cartons and box overwrap films to protect their products.
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Box and Carton Overwrap Films Market Segmentations-
By Material Type:
- PVC
- PE
- PP
- PET
- Other Material Types
By Film Type:
- Shrink Film
- Stretch Film
By Film Thickness:
- <20 Microns
- 20-40 Microns
- >40 Microns
By Coating Type:
- Coated Films
- Acrylic-coated
- PVDC-coated
- EVOH-coated
- Acrylic-PVDC Mix
- Uncoated Films
- BOPP
- BOPET
- CPP
- BOPA
- BOPLA
By End Use:
- Food
- Processed Food
- Fresh Produce
- Dairy Products
- Biscuit Overwraps
- Chocolate
- Other Bakery & Confectioneries
- Other Foods
- Beverage
- Personal Care & Cosmetics
- Makeup
- Cream & Lotion
- Perfume
- Other Personal Care & Cosmetics
- Automotive
- Healthcare
- Industrial Packaging
- Shipping & Logistics
- Electrical & Electronics
- Others
By Sales Channel:
- Brand Owner Sales
- Converter Sales
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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