Plastic films market size was valued at USD 79.89 billion in 2021. The plastic films industry is projected to grow from USD 83.88 Billion in 2022 to USD 118.03 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 5.00% during the forecast period (2022 - 2030).Increase in the need for bi-axially oriented plastic films and the rise in the demand for bio plastic materials are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The demand for plastic films has grown in recent years due to its demand in the agriculture sector. Greenhouses are constructed with the use of plastic films. Plastic films are also used in the making of the covers of the low tunnels. It is also used in the construction of walk-in tunnels. Plastic films which have multiple holes and rows are used in the agricultural sector for the better development and growth of plants. These plastic films are waterproof, durable, and lightweight and the market is expected to grow during the forecast period. In recent years there have been changes in the consumption pattern and the demand for different types of processed foods will drive market growth for plastic films in the coming years.
Additionally, Bi-axially oriented films have unique properties which allows it to stretch in two distinctive directions. Orientation creates various changes in the property of the film such as high stiffness, lower elongation, and lustrousness. BOPP films are used in electrical & electronics, packaging, imaging, graphics, and industrial specialty applications. The rising demand of bi-axially oriented films encouraged a number of plastic film manufacturers to divert their manufacturing efforts and invest in bi-axially oriented film. Food packaging is the largest application of these films. Thus, with the growth of the food packaging industry in the developing countries, the demand for bi- axially oriented films has increased. It is the most preferred material for food packaging as it is non-toxic and acts as a barrier to aroma. Bi-axial films are stretched in both machine direction (MD) and transverse direction (TD) to design it with better mechanical, optical, and barrier properties has enhanced the plastic films market CAGR across the globe in the recent years.
However, technological advancements associated with plastics and rising investments in R&D have been observed. Increasing environmental awareness and concerns regarding packaging waste has resulted in modified buying habits of consumers. Brands are also introducing sustainable packaging solutions and biodegradable & water-soluble films to address environmental concerns is another factor driving the growth of the plastic films market revenue.
The plastic films market segmentation, based on technology, includes blown film technology, cast film technology, double & multi-bubble technology, barrier film and others. The blown film technology segment held the majority share in 2021 to the plastic films market revenue. This is primarily owing to the huge demand for efficient packaging solutions across numerous industries and the growing need for FMCG (Fast Moving Consumer Goods) among the consumers. However, cast film technology is the fastest-growing market due to increase in the demand for high-performance barrier materials, such as cast films. The requirement for high-quality cast plastic films is growing due to the regulation of governing bodies and environmental organizations for packaging industry.
The Plastic Films market segmentation, based on Material Type, includes LLDPE, LDPE, HDPE, polypropylene, and PET. The LDPE segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Properties of LDPE film include flexibility, higher tensile strength as well as higher puncture and impact resistance. Features of LDPE include a low barrier and high clarity, it is also among the least expensive among all packaging plastic films, which acts as a major contributor to its demand in the market growth. However, HDPE is the fastest-growing category as this product is resistant to corrosion and resistant to chemicals it will have a good amount of demand in the coming years. The friction coefficient of this product is less and also has better electrical properties. It is resistant to odor and moisture do to which its demand in various industries is expected to grow in the coming years.
The plastic films market data has been bifurcated by application into packaging consumer goods, agriculture, and construction. The packaging consumer goods segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The use of plastic films has become popular in the packaging industry due to the changes in the lifestyle of people. The growing need for sustainability will help in creating more demand for these products. However, construction is the fastest-growing category as these products are used in the construction sector as they are durable and non-corrosive. These products are cheaper as compared to the other products available in the market. These products provide insulation therefore it will be used in the construction industry.
Figure 1: Plastic Films Market, by Application, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Asia-Pacific plastic films market accounted for USD 33.63 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is due to the growth of the food and beverages industry and the growth of the pharmaceutical industry in the region the demand for plastic films is expected to grow in the coming years. Moreover, China plastic films market held the largest market share, and the India plastic films market was the fastest growing market in the Asia-Pacific region.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: PLASTIC FILMS MARKET SHARE BY REGION 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe plastic films market accounts for the second-largest market share due to the increasing R&D expenditure on the pharmaceutical industry in Europe is expected to indirectly fuel product demand. Further, the Germany plastic films market held the largest market share, and the UK plastic films market was the fastest growing market in the European region
The North America plastic films market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the growing population and disposable income of the various consumers in the region have led to the development of the plastic films in this region. Moreover, China plastic films market held the largest market share, and the India plastic films market was the fastest growing market in the North America region
Major market players are spending a lot of money on R&D to increase their product lines, which will help the plastic films market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the plastic films industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the plastic films industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. The plastic films market major player such as Toray Industries, Inc. (US), DuPont (US), Amcor plc (Switzerland), and others are working to expand the market demand by investing in research and development activities.
Sukano is a plastic company. It develops and produces additive and color masterbatches and compounds for polyester and specialty resins. The company's products are used bottles, containers, thin plastic films and coatings, plastic films, and other applications. Sukano Polymers serves customers in the State of South Carolina. In October 2022, Sukano partnered with chemicals manufacturer Emery Oleochemicals to develop a transparent PET antifogging compound for food contact PET packaging, aiming to combat the necessity of extra antifogging coatings. Designed for rigid and oriented Coex films, the material contains Sukano’s co-polyester compound in one cap layer of a film extrusion line A/B structure and PET as a core layer.
Also, Innovia Films Limited provides packaging and labelling solutions. The Company manufactures clear, white, cavitated, and metallised films for tobacco, beer, wine, bakery, confectionery, cosmetics, household, personal care, food packaging, and pharmaceutical markets. Innovia Films serves clients worldwide. In June 2022, Innovia Films has launched RayoWrap CMS transparent BOPP film for shrink, wraparound label applications. Produced at its UK production facility, CMS30 provides high shrinkage. The technical performance of CMS30 means it performs at every stage of the value chain, from the ease of printing, through high-speed roll-fed wraparound labeling, to the all-important end-of-life and recycling of the packaging.
The Dow Chemical Company
Honeywell International Inc.
Mitsubishi Chemical Holdings Corporation
Saudi Basic Industries Corporation (SABIC)
Evonik Industries AG
Eastman Chemical Company
Amcor Limited
Berry Plastics Corporation, among others
Plastic Films Technology Outlook
Blown Film Technology
Cast Film Technology
Double & Multi-bubble Technology
Barrier Film
Others
Plastic Films Material Type Outlook
LLDPE
LDPE
HDPE
Polypropylene
PET
Plastic Films Application Outlook
Packaging Consumer Goods
Agriculture
Construction
Plastic Films Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 79.89 billion |
| Market Size 2022 | USD 83.88 billion |
| Market Size 2030 | USD 118.03 billion |
| Compound Annual Growth Rate (CAGR) | 5.00% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology, Material Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Toray Industries, Inc. (US), DuPont (US), Amcor plc (Switzerland), Vibac Group Spa (Italy), Chrystal Plastic S.A.S. (US), Carmel Olefins Ltd (Israel), Honeywell International Inc. (US), Inteplast Group (US), Saudi Basic Industries Corporation (Saudi Arabia), Novolex (US), Polyone Corporation (US), and Sealed Air (US) |
| Key Market Opportunities | Growing adoption of biodegradable plastics |
| Key Market Dynamics | Increase in the need for bi-axially oriented films Rise in the demand for bio plastic materials |
Plastic Films Market Highlights:
Frequently Asked Questions (FAQ) :
The plastic films market size was valued at USD 79.89 Billion in 2021.
The market is projected to grow at a CAGR of 5.00% during the forecast period, 2024-2032.
Asia-Pacific had the largest share in the market
The key players in the market are Toray Industries, Inc. (US), DuPont (US), Amcor plc (Switzerland), Vibac Group Spa (Italy), Chrystal Plastic S.A.S. (US), Carmel Olefins Ltd (Israel), and Honeywell International Inc. (US).
The blown film technology category dominated the market in 2021.
The LDPE had the largest share in the market.
The packaging consumer goods had the largest share in the market.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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