Global Specialty Plastic Films Market 2019-2023
Global Specialty Plastic Films Market: About this market
Specialty plastic films are highly tensile, extensible, flexible, and malleable. They are predominantly used as a protective layer to safeguard packaged products from external elements. Technavio’s specialty plastic films market analysis considers sales from the growing use of specialty plastic films in industries including personal care, packaging, electrical and electronics, and others. Our analysis also considers the sales of specialty plastic films in APAC, Europe, North America, South America, and MEA. In 2018, the packaging segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as the change in the consumption pattern of ready-to-eat meals will play a significant role in the packaging segment to maintain its market position. Also, our global specialty plastic films market report looks at factors such as industrialization and economic growth in emerging countries, increasing demand for packaged food and beverages, and growth of the retail sector. However, stringent regulations on the use of non-biodegradable plastics, the slowdown of the manufacturing sector in China, and volatility in raw material prices may hamper the growth of the specialty plastic films industry over the forecast period.
Global Specialty Plastic Films Market: Overview
Increasing demand for packaged food and beverages
The specialty plastic films are extensively used in the food and beverage industry as they have resistance to chemicals and gas and high durability and tensile strength. Also, consumers from developing countries are greatly inclined towards the consumption of packaged food products. This drives the need for efficient packaging materials such as specialty plastic films that will lead to the expansion of the global specialty plastic films market at a CAGR of over 6% during the forecast period.
Increasing adoption of bioplastics
There is an increase in the demand for bio-based plastics that are made from renewable raw materials. The use of these plastics helps industries to minimize the overall carbon footprint. Governments are also coming up with eco-friendly initiatives to encourage the manufacturing of bioplastics. This will create opportunities for polymer manufacturers and have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global specialty plastic films market during the forecast period 2019-2023, click here.
With the presence of several major players, the global specialty plastic films market is fragmented. Technavio’s robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading specialty plastic films manufacturers, that include Bemis Co. Inc., Berry Global Inc., SABIC, Sealed Air Corp., and Toray Industries Inc.
Also, the specialty plastic films market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.
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