The market for cavitated films is anticipated to grow strongly, with a CAGR of 7%. The market for cavitated films is expected to grow from its present value of US$ 3.45 million in 2022 to US$ 7.45 million by 2032. Due to its use in the food business for the packaging of ice cream, chocolates, and other treats, cavitated films have seen an increase in sales.
It is also anticipated that increased demand from the packaging sector would result from cavitated films’ all-purpose conversion capabilities, which will help them gain market share.
The study provides information on the elements boosting cavitated film sales and, consequently, the potential for market participants. The cavitated films market does, however, confront significant obstacles that could prevent it from attaining its full potential.
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The need for microcavitated films and cavitated BOPP films with better machinability, which make them a great choice for VFFS and HFFS packaging applications, are some of the major market trends for cavitated films.
What are the Key Dynamics to the Cavitated Films Market Share
Convenience food demand has increased year after year, particularly in developing economies like India, China, and ASEAN nations. Convenience meals such as snacks, and confectionery goods accessible at restaurants have shown an increase in consumption across the world. This is anticipated to have a beneficial effect on regional cavitated film market expansion.
The low density provided in comparison to alternatives is one of the primary factors driving the sales of cavitated films. This makes cavitated films more affordable than their substitutes, which is expected to drive the growth of the cavitated films market throughout the course of the forecast period.
Which Region holds the Highest Growth Potential in the Cavitated Films Market
Regions such as Europe and North America represent developed cavitated films markets for cavitated films.
However, cavitated films have been witnessing strong demand in developing economies such as China and India, catapulted by expansion of the flexible packaging industry in these countries.
Moreover, other Asian countries such as Myanmar and Vietnam have been experiencing strong growth in their flexible packaging industries. This is expected to facilitate the growth of the Asia Pacific cavitated films for packaging market during the forecast period.
Since countries such as Thailand and Vietnam are witnessing a change in consumer acuities regarding food consumption, a substantial number of consumers give emphasis on nutritious food with convenience packaging solutions, which enhance product life.
Rising consumer awareness towards packaging, coupled with a shift in preference for flexible packaging solutions, is expected to drive the growth of the cavitated films market.
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How is the Competitive Landscape in the Cavitated Films Market
The key players of the cavitated films market are focusing on enhancing and adopting strategies like enhancing the durability, sizes and its use to thrive business. This is driving the sales of cavitated films.
Some of the key participating players indulged in the sales of cavitated films are:
- Jindal Poly Films Limited
- Cosmo Films Ltd
- Mitsui Chemicals Tohcello, Inc
- Vacmet India Ltd
- Oben Group
- KristaFilms, S.A. de C.V.
- Polinas Plastics of America
- Innovia Films
These market players are anticipated to drive the cavitated films market by introducing new products and expanding geographically.
The cavitated film market has witnessed a number of mergers and acquisitions between the top players in the market.
For instance, Jindal Poly Films Ltd., which is an India-based manufacturer of polyester-based packaging films, acquired the global BOPP business of Exxon Mobil Chemical. The deal provided Jindal Poly Films Ltd. with five BOPP production units located across the U.S. and Europe. Jindal Poly Films Ltd. is in talks to acquire the European business segment of DuPont Teijin Films.
Therefore, large companies are focusing on consolidation to expand into untapped markets and enhance their production capacities of cavitated films.
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