August 01, 2022 19:30 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.

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DUBAI, United Arab Emirates, Aug. 01, 2022 (GLOBE NEWSWIRE) -- The global packaging films market is anticipated to reach US$ 143.7 billion in 2022 and is projected to reach US$ 209.7 billion by 2032, at a CAGR of 3.9% from 2022 to 2032.

Packaging films have diverse usage in various industries like beverage, homecare products, food, healthcare products, personal care products electronics & electrical, and other industrial goods.

A steady CAGR of 2.6% was registered in the packaging films market during the historic period of 2015-2021. The period marked the entry of various market players and product innovations.

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Berry Global, Mondi Group, Ampac Holdings, LLC, Huhtamaki Oyj., Smurfit Kappa, WestRock Company, Amcor Plc, Sealed Air Corp, Winpak, Novolex, Printpack are some of the key companies profiled in the full version of the report.

Many of the key players are adopting the strategy of product innovation and making their products more eye-catchy and acceptable among consumers. Not only this, but manufacturers are also planning to expand production capabilities in the untapped markets to cater for the increasing demand for packaging films.

Key manufacturers operating in the packaging films market are focusing on producing lighter-weight, durable and sustainable products. A lot of innovations are coming up in this domain to make packaging more sustainable and functional.

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More Insights into the Packaging Films Market

China accounts for the largest share in the packaging films industry with approximately 22% of the global market share. Owing to the growing need for convenience owing to busy lifestyles and cultural factors, demand for diverse packaging solutions is considerably high in the country.

The increasing consumer preferences toward health consciousness alternatives results in helping the expansion of the packaging films market in China. The surge in demand for pocket-friendly packaging and the use of recycled materials for packaging film manufacturing will keep the packaging film demand high in China.

According to the recent report published by the Plastics Europe Association of Plastics Manufactures, Europe holds nearly 16% market share in global plastic production and resulting in 57.9 Mn Tons of plastic production in 2019.

It has been anticipated that Germany is the leading country for plastic consumption and approximately 1/4th of plastic production in Europe is consumed by the German end users. Following this, demand for plastic is consistently increasing in Italy, France, and Spain.

As per FMI analysis, the surging production of plastic in Europe is projected to cater for the increasing demand for plastic in Germany. Resulting in a significant impact on the packaging films market. Germany is estimated to hold lion’s share in the European packaging films market and is expected to reach over US$ 11.3 Mn, by the end of 2032.

India and China are anticipated to showcase massive growth in terms of the usage of packaging films. Both the countries are the fastest growing economies in the world accounting for skyrocketing growth in the future.

India & China will see a CAGR of 5.6% & 4.2%, respectively, in their market share during the period 2022-2032. India will see an increment of US$ 9 bn and will grow by 1.8x during the forecasted period to reach a market size of US$ 21 bn. On the other hand, China will see an increment of US$ 16 bn and will grow by 1.5x during the forecasted period to reach a market size of US$ 48 bn.

Packaging Films Market By Category

By Material Type, Packaging Films Market is segmented as:

By Product Type, Packaging Films Market is segmented as:

By End Use Packaging Films Market is segmented as:

By Region, Packaging Films Market is segmented as:

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Biodegradable Packaging Market Outlook: A mounting number of manufacturers in the packaging industry are making a move towards the use of unique biodegradable materials in their packaging solutions.

Cast Stretch Films Market Value: The cast stretch films market is projected to register a CAGR of 4.7% during the forecast period, up from US$ 2.45 Bn in 2021 to reach a valuation of US$ 4 Bn by 2032.

Specimen Transport Bags Market Trend: The specimen transport bags market is expected to record a CAGR of 9.8% during the forecast period 2022-2032

Plastic Sterilization Trays Market Analysis: The plastic sterilization trays market is likely to record a strong CAGR of 7.7% during the forecast period.

Sterilization Box Market Growth: The sterilization box market is likely to record a CAGR of 7.5% during the forecast period, up from US$ 14.84 Bn in 2022

Corrugated Open-head Drums Market Forecast: The corrugated open head drums market is likely to record a strong CAGR of 8% during the forecast period.

Download complimentary copy of FMI’s white paper on ‘Intelligent Packaging for Circular Economy’ in collaboration with Graham Packaging and Avery Dennison

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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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