New York, NY -- (SBWire) -- 11/23/2016 --According to a report by Persistence Market Research (PMR), the global films plastics market is expected to witness a healthy CAGR of over 6% during the forecast period (2016-2024). In addition, the market is anticipated to surpass US$ 68 Million by end of 2016.
Demand for plastic films is expected to gain traction during the forecast period owing to increasing preference for plastic over metal and glass. In addition, low cost of plastic films as raw material for several industrial applications, decoration and packaging compared to other conventional options is expected to influence the growth of overall plastic films market. Moreover, being a flexible material for food and beverage packaging the demand for plastic films is expected to grow to a significant extent over the forecast period. Likewise, growing consciousness about hygiene amongst consumers, inclination towards greener solutions and gro environmental concerns are additional factors anticipated to support the market growth in the near future.
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Based on product type, the overall market of plastic films is segmented into (PVC, PET, PE, PP, PA, PS, EVA and others). PET is the largest segment anticipated to account for over 29% value share of the market by 2016 and is likely to account for a substantial percentage of market share through 2026. In addition, the segment is expected to surpass US$ 20,393 Million by 2016 end. Factors such as sustainability and recyclability of PET makes it a preferred product type. On the other hand, the PP segment is estimated to contribute higher in terms of volume consumption to the overall market.
On the basis of application, the market is segmented into packaging (blister packs, food container, electric & electronic purposes and others), Industrial (safety materials construction materials, and advertisement lighting) and decoration (Solid colors,). In 2016, demand for plastic film packaging is expected to be the highest, accounting for nearly 48% value share of the market. Similarly, the volume consumption for packaging in also expected to remain the highest in the global market for plastic films through 2024. Further, the decoration segment is expected to expand at a healthy CAGR over the forecast period. In 2016, the segment anticipated to stand at US$ 12,023.1 Million. In others, (wood grain patterns) is foreseen to be leading segment of the market during the forecast period.
On the basis of region, the plastic films market is segmented into Europe, North America, Asia Pacific, Latin America and the Middle East & Africa (MEA). Amongst these regions, Europe is projected to be the most dominant regional market, accounting for over 31% value share of the market in 2016. Similarly, Europe is anticipated to hold the pole position in terms of volume consumption in the global plastic film market. The market in Asia Pacific is expected to register the fastest growth during the forecast period, expanding at over 6% CAGR in terms of revenue.
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Key player operating in plastic films market include Saudi Basic Industries Corporation (SABIC), Honeywell International Inc., The Dow Chemical Company, Eastman Chemical Company, DuPont, Amcor Limited, Evonik Industries AG, Griffon Corporation Inc., Berry Plastics Corporation, and Mitsubishi Chemical Holdings Corporation. Leading companies are actively focusing on further product and material development, offer customer-centric items that are innovative. Moreover, companies are emphasizing on penetration of narrower channels of the market through strategic partnerships, acquisition and mergers. Plastic film manufacturers are heavily investing on R&D pipeline for further advancement of technology in order to meet the consumer expectation of superior quality plastic products.
Global Plastic Films Market to Grow at a CAGR of 6.1% by 2024
Demand for plastic films is expected to surge owing to its growing application base, especially in the packaging industry.