NEWARK, Del., Feb. 1, 2024 /PRNewswire/ -- Future Market Insights, Inc. (FMI) forecasts a vibrant future for the barrier film market, fuelled by surging demand for sustainable packaging and cutting-edge technological advancements. Dive deeper into the intricate dynamics of this burgeoning market and uncover compelling stakeholder opportunities in our comprehensive FMI report.
The Barrier Film Market is poised for significant growth, with its size expected to increase from US$ 36.2 billion in 2024 to US$ 64.1 billion by 2034. Over the next decade, a moderate 5.9% CAGR in the adoption of barrier films is projected to drive this expansion.
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The increasing demand for environmentally friendly packaging options is the primary catalyst propelling the market's notable expansion. Alternatives that lessen their carbon impact are sought after by both businesses and consumers as environmental consciousness grows. Barrier films are essential to reaching this objective because of their capacity to increase product shelf life and reduce food waste.
Barrier films provide a dependable barrier against outside pollutants, preserving the integrity of packaged goods, which is driving the industry ahead as food safety becomes increasingly important. The market is also growing as a result of technological developments, which have improved barrier films' performance and adaptability. Examples of these advances include high-barrier coatings and nanocomposite materials. These technological advancements are giving industries like food and pharmaceuticals a competitive edge in the barrier film market while also satisfying their changing demands.
The increasing prevalence of eCommerce and the subsequent surge in online retail packaging are driving the demand for barrier films. As more consumers turn to online shopping, the need for protective packaging that safeguards products during transit becomes paramount. It is possible to ensure that items reach customers in perfect condition by employing barrier films, which give protection against moisture, oxygen, and other environmental variables. This trend is particularly significant in the current global landscape, where the digital marketplace continues to boom.
"Technological innovations are guiding the barrier film market toward a revolutionary future. High-performance nanocomposite barrier films, infused with cutting-edge nanomaterials, are emerging as game-changers. This infusion elevates their barrier properties, fortifying product protection and extending shelf life. The packaging industry is about to remake itself as a result of an evolutionary move toward high-performance solutions." according to Ismail Sutaria (Lead Consultant, Packaging and Materials).
Key Takeaways from the Barrier Film Market
- Between 2019 and 2023, the barrier film industry recorded a CAGR of 7.0%.
- The barrier film industry in the United States is estimated to witness moderate growth with a projected 6.2% CAGR from 2024 to 2034, driven by increasing demand for sustainable packaging solutions and advancements in barrier film technologies.
- China's barrier film industry is projected to follow closely with an estimated 6.4% CAGR through 2034, attributed to the rising demand for advanced packaging solutions and the continuous expansion of end-use industries.
- The barrier film market in the United Kingdom is likely to show a 6.1% CAGR between 2024 and 2034, influenced by the increasing consumer awareness and preference for sustainable and eco-friendly packaging solutions.
- Japan's barrier film industry is projected to develop at 7.2% CAGR through 2034, propelled by a combination of technological advancements, shifting consumer preferences, and a growing emphasis on product safety.
• The South Korea barrier film industry is likely to exhibit a 7.7% CAGR from 2024 to 2034, impacted by the country's rapid industrialization and the strong presence of key end-use industries such as electronics.
Key Players and Strategies for Success in the Barrier Film Market
Here are some key strategies that players in the barrier film industry employ for success:
• Constantly introducing new technologies and materials
• Staying informed on industry trends and customer needs
• Ensuring products meet high standards
• Offering tailored solutions for diverse applications
• Embracing eco-friendly practices and materials
• Building solid partnerships with suppliers and customers
• Expanding reach to tap into diverse markets
• Swiftly adjusting to changes in regulations or demand
• Streamlining processes to maintain competitive pricing
Key Market Players Offering Barrier Film
- Berry Global Inc.
- Amcor Plc.
- Sealed Air
- Toppan
- Printing Co., Ltd.
- Cosmo Films Ltd.
Recent Developments in the Barrier Film Market
• The new 312MET home and commercially compostable barrier film from TIPA was introduced in September 2022 to package nuts and crisps. It is intended to offer a high barrier that can function without requiring an extra sealing layer.
• Flex Films introduced their innovative BOPET high-barrier film F-UHB-M in September 2021. This film is patented and intended to take the role of aluminum foil in flexible packaging applications.
Purchase this report now to get key companies with their Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis.
Key Segments in the Barrier Film Market Report
•By Type:
o 1-Hexene
o 1-Octene
o 1-Butene
o Others
•By Application:
o
o Polyolefins Comonomer
o Surfactants and Intermediates
o Lubricants
o Fine Chemicals
o Plasticizer
o Oil Field Chemicals
o Others
•By Region:
o
o North America
o Latin America
o Europe
o East Asia
o South Asia & Pacific
o Middle East & Africa (MEA)
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About the Author:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail's strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor's Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and market analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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