July 21, 2024
Plastic Films Market

Renewable Energy to Boost Growth of Plastic Films Market

The global plastic films market is estimated to be valued at US$ 105.36688 Bn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Plastic films are thin laminate materials made of various plastics such as polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PET), polyvinyl chloride (PVC), polyamide (PA), and others. They have superior properties such as durability, lightweight, resistance to moisture, and flexibility. These properties make plastic films suitable for applications across various industries including packaging, personal care, agriculture, construction, electrical & electronics, and others. Plastic films offer an effective barrier against moisture, oxygen, and other atmospheric gases, thereby increasing the shelf life of packaged products.

Market key trends:

Growing demand for renewable energy is expected to boost the demand for plastic films in the solar energy industry over the forecast period. Plastic films are widely used as encapsulants in solar PV modules to protect the PV cells from environmental factors. Solar encapsulants are optical films made from polyvinyl butyral (PVB), polypropylene (PP), thermoplastic polyurethane (TPU), and others. These encapsulants play a key role in controlling heat, preventing moisture, and protecting solar panels from damages. Rapid installation of solar projects globally is anticipated to drive the consumption of plastic films for solar encapsulation, thereby propelling market growth.

Porter’s Analysis

Threat of new entrants: The global plastic films market is highly competitive with large number of players operating worldwide. High initial investment requirement and stringent government regulations for establishing manufacturing plants acts as a barrier for new players.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes. However differentiated products give some bargaining power to large buyers.

Bargaining power of suppliers: Leading players source raw materials like polyethylene and PVC from few suppliers globally increasing their bargaining power. However, availability of substitutes provide some power to buyers.

Threat of new substitutes: Substitutes like paper, glass and metal provide competition. However, plastic films have advantages like durability, flexibility and lightweight which pose low threat of substitution.

Competitive rivalry: Market is dominated by large multinational corporations. Intense competition exists between players based on product quality, pricing and production facilities results in high rivalry.

Key Takeaways

The global Plastic Films Market Size was valued at US$ 105.36688 Bn in 2023 and is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period, due to increasing demand from packaging industry. Plastic films find major usage in food packaging, medical packaging and other industrial packaging.

Regional analysis: Asia Pacific dominated the global market in 2023 with a share of over 35%, due to high consumption in China, India and other developing nations. The Asia Pacific plastic films market is expected to continue its dominance, growing at a CAGR of around 8% owing to rising industrialization and manufacturing activities in the region. Meanwhile, North America and Europe are also expected to register significant growth rates during the forecast period.

Key players: Key players operating in the global plastic films market are The Dow Chemical Company, DuPont, Eastman Chemical Company, Evonik Industries AG, Amcor Limited, Berry Plastics Corporation, Griffon Corporation Inc., Mitsubishi Chemical Holdings Corporation, Saudi Basic Industries Corporation (SABIC), and Honeywell International Inc. These players are focusing on new product development and mergers & acquisitions to gain stronghold in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

About Author - Priya Pandey

Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement. LinkedIn Profile 

 

About Author - Priya Pandey

Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement. LinkedIn Profile   

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