High Demand for Micro Perforated Films for Packaging in North America
Valley Cottage, NY -- (SBWIRE) -- 10/23/2018 -- Rapidly expanding retail sector incites manufacturers to adopt advanced packaging solutions. Leading food and beverage makers from around the world are constantly looking out for packaging materials that fit to their requirements. In developed countries, more than half of the world's fresh vegetables, fruits and agricultural produced are delivered in packaged format. A key aspect while packaging such goods is selection of material that will be in direct contact with the product. This process, which is also called primary packaging, paves way for purposeful use of micro perforated films.
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Future Market Insights believes that in the future, the demand for micro perforated films in packaging industry will surge at a steady pace. In its latest report, Future Market Insights predicts that by the end of 2026, the global market for micro perforated films for packaging will be valued at US$ 1,908.5 Mn, The global micro perforated films for packaging market is presently valued over US$ 1,100 Mn, and is anticipated to register a 5.3% CAGR in terms of value. During this forecast period, the report anticipates higher contribution of North America. By 2017 and beyond, North America's micro perforated films packaging market will dominate by procuring over 26% of global revenues. On the other hand, the market for micro perforated films for packaging in Asia-Pacific excluding Japan (APEJ) region will garner fastest revenue growth, registering a value CAGR of 5.4%.
According to the report, titled "Micro Perforated Films for Packaging Market: Global Industry Analysis and Opportunity Assessment, 2016-2026," the market will witness higher sales of BOPP materials. Based on the global demand, over one-third of global micro perforated films packaging revenues procured by 2016 were accounted by BOPP materials. PET materials are also expected to gain traction as raw materials used in micro perforated films for packaging. The report also projects that towards the end of forecast period, nearly half of the global market revenues will be accounted by wrap or roll packaging.
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Laser perforation is being anticipated to remain as the largest technology used in production of micro perforated films for packaging. By procuring more than two-third share on global sales of micro perforated films for packaging, laser perforation technology will register revenue growth at 6.1% CAGR. In context with an insight mentioned earlier, fruits & vegetable packaging will remain the largest application of micro perforated films through forecast period. Application of micro perforated films for packaging of bakery & confectionary products will also gain traction, bringing in more than US$ 530 Mn by 2026-end. The report also profiles leading manufacturers of micro perforated films packaging, among which, Amcor Limited and Sealed Air Corporation will be recognised as dominant players. While nearly 90% of the market's competitive landscape is likely to be fragmented, companies such as Mondi Group, Bollore Group, Uflex Ltd., TCL Packaging Limited, KOROZO Ambalaj San.ve Tic A.S., Darnel Group, Coveris Holdings SA, and NORDFOLIEN GmbH will continue to actively participate in growth of global market for micro perforated films in packaging.