Acquisitions and New Product Developments are the Key Development Strategies Adopted by Leading Players in the Global Micro-Perforated Films Market
Northrook, IL -- (SBWIRE) -- 10/11/2019 -- The global micro-perforated films market is estimated at USD 1.23 Billion in 2017 and is projected to reach USD 1.50 Billion by 2022, at a CAGR of 4.0% between 2017 and 2022. The market is witnessing growth due to the increasing use of micro-perforated films in food packaging applications. Growing need for the reduction of food spoilage and increasing adoption of different retail formats in emerging countries is expected to drive the micro-perforated films market. In addition, the need to keep food products fresh and extend their shelf life across the supply chain is also expected to support the demand for micro-perforated films.
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Micro-perforated films are thin polymeric films with perforations that enable the exchange of water vapor and gases. These films are manufactured from polymeric materials, such as Polyethylene (PE), Propylene (PP), Polyethylene Terephthalate (PET), and others, including Polyvinyl Chloride (PVC), Polystyrene (PS), and Polyamide (PA). These films are used to pack perishable food products so as to provide longer shelf life. These are widely used in food packaging applications, such as fresh fruits & vegetables, bakery & confectionary, ready-to-eat food, and others which include poultry, meat, and seafood. Increasing demand for longer shelf life food products and growing number of different retail formats are the major factors driving the market for micro-perforated films globally. The growth is further driven by the need to reduce food spoilage.
North America is estimated to be the largest market for micro-perforated films in 2017. Increasing awareness towards the consumption of healthier and convenience food products, presence of major manufacturers, along with the higher penetration of retail formats is expected to boost the demand for micro-perforated films in the region during the forecast period. APAC is projected to be the fastest-growing micro-perforated films market between 2017 and 2022. The growth of the market in APAC can be attributed to the rapidly increasing consumption of micro-perforated films to pack fresh fruits & vegetables, bakery & confectionary, and ready-to-eat food applications, in countries, such as China, India, and Japan. Apart from this, expansion of retail channels, increasing urbanization, large consumer base, and increasing disposable incomes are expected to drive the market in the region.
Key companies manufacturing micro-perforated films were majorly involved in acquisitions, new product developments, and expansions to strengthen their positions in the market. These were the most preferred strategies adopted by market players from 2014 to 2017. Increase in the number of new product developments indicates that manufacturers are diversifying their product portfolios by introducing new, innovative products to capture market shares. Acquisitions was also one of the major strategies adopted by manufacturers to consolidate their market positions to establish a strong foothold in the micro-perforated films market, especially in emerging countries.
Major manufacturers, such as Mondi (Austria), Amcor Limited (Australia), Sealed Air Corporation (US), Bollore Group (France), Uflex Ltd. (India), TCL Packaging (UK), Coveris Holdings S.A. (US), Amerplast (Finland), Aera (France), and Now Plastics (US), among others, are profiled in this report. These companies have adopted both, organic and inorganic strategies to reach leading positions in the global micro-perforated films market.
Mondi (Austria), Amcor Limited (Australia), Sealed Air Corporation (US), Bollore Group (France), and Uflex Ltd. (India), are the leading players in the global micro-perforated films market. These companies have broad product portfolios and strong geographical presence as well as strong positions in the packaging industry.
Amcor Limited is one of the leading manufacturers of micro-perforated films with a broad product portfolio, strong geographical reach, and strong position in the packaging industry. The company has also undertaken 2 major acquisitions, which is further expected to strengthen its position in the market. For instance, in 2016, the company acquired Deluxe Packages (US), a privately owned company in the flexible packaging business offering in-line as well as off-line lamination, stand-up pouches, and micro-perforated films.
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Uflex Ltd. is another major company operating in the micro-perforated films market having strong a position in the packaging industry and segmental revenue. It has recently adopted major strategies to further strengthen its position in the market. For instance, in 2016, the company announced its partnership with PerfoTec (Netherlands), which led to the development of new micro-perforated films to package fruits and flowers. These films are produced using the micro-perforation technology patented by PerfoTec.