Pune, India -- (SBWIRE) -- 07/31/2018 -- Global Plastic Films Market – Overview
The increased use of Plastic Films in the packaging sector and other sectors have increased the size of the industry considerably. Market focused reports related to the chemicals and materials sector among others recently have been made available by Market Research Future which publishes reports on this sector. The industry is anticipated to achieve revenues worth USD 146,813.87 million by the year 2023 with a CAGR of 5.4 percent approximately between 2016 and 2023.
The industry is developing at a swift pace primarily due to the high demand levels the sector is experiencing. The demand for bio degradable plastics has risen considerably over the past few years driving the growth of the industry further. Intensifying demand from packaging firms for biodegradable and sustainable plastic films are a few of the factors expected to create new opportunities for competitors in the market.
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Industry Segments
The segmentation of the Plastic Films Industry is carried out on the basis of types, technology, end users and region. The technology based segment of the plastic films comprises of barrier polymer films, nanocomposites, biodegradable films and water-soluble films. The plastic films types are segmented into LLDPE, polypropylene films, LDPE, HDPE, PVC films, PET films, and others such as polyamide, polyvinyl butyral, polystyrene and polyester. The end user segment of the industry comprises of consumer goods, packaging, construction, electrical, pharmaceutical and others among others such as agriculture and household. Lastly, the regions covered in the market are segmented into APAC, North America, Europe, Latin America and Middle East & Africa.
Detailed Regional Analysis
The Asia Pacific region has the largest market share of the Plastic Films Market owing to demand in the many end user industries such as consumer goods and packaging industry in China followed by nations such as Japan and India. Growing demand for the packaging industry particularly in Taiwan, India and South Korea have made the Asia Pacific region the largest consumer of plastic films followed by an increase in the consumption of Plastic Films in North America region as well. The European region is the third largest market of plastic films. The Latin America and Middle East also have witnessed growth in the Plastic Films Industry owing to a number of application such as consumer goods, packaging, pharmaceutical, construction, electrical and others.
Global Competitive Analysis
Challengers in the market who are constantly delivering customer value have devised their corporate strategy blueprint in a manner that can bring about the best outcomes for development in the current scenario, while also concurrently enhancing their product's value. This state of events has shaped the opportunities for improvements in portfolio along with diversification in the sector, which has enhanced the scenario for market competitors immensely in this industry. The capability to fuel their competitive edge is one of the chief causes powering their efforts in this period. The opportunity for development in the industry appears to be encouraging through the forecast period. The escalating interest for diversification in the industry, has indirectly allowed the companies to utilize many scenarios available in the industry. The firms in this industry are also trying to improve and preserve financial liquidity that can be vital to invest in growth prospects as and when they arise.
Sealed Air Corporation (U.S.), Vibac Group S.p.a. (US), Toray Industries Inc. (Japan), E. I. du Pont de Nemours and Company (US), Bemis Company, Inc. (U.S.), Amcor Limited (Australia), Jindal Poly Films Ltd. (India), Garware Polyester Company (India), Polyplex Corporation Limited (India), Inteplast Group (US), among others are a few of the competitors that are changing the market for plastic films through the forecast period.
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Industry Updates:
April 2018 A chemical engineer at McMaster University in Canada along with his colleagues has established a new flexible film type that is coated in molecules that glow when they touch E. coli cells. This particular sensor type also glows when there is presence of molecules secreted by E. coli, so that the materials don't have to be in direct contact with bacterial cells to detect food contamination. The sensors are about the size of postage stamps fluoresced brightly when they were tested on spoiled meat and apple juice, but not when the sensors touched the unspoiled samples.
Apr 2018 Tek Seng Holdings Bhd plans to invest around RM15mil to RM20mil to produce plastic film packaging materials for the industrial sector. They are targeting the local and international markets, where their existing customers are based.