DELRAY BEACH, Fla., Sept. 6, 2024 /PRNewswire/ -- The report "Packaging Films Market by Application (Food, Beverage, Pharmaceutical & Healthcare, Personal Care & Cosmetics), Film (PE, BOPP, BOPET, CPP, PVC, PA, EVOH, Cellulose), Type (Pouches, Bags, Films & Wraps, Rollstock), Region - Global Forecast to 2033", is projected to grow from USD 105.4 Billion in 2024 to USD 159.7 Billion by 2033, at a CAGR of 4.7% during the forecast period. With their versatility, sustainability and in-tune-with-the-times ability to cater to the needs of both consumers as well as industries packaging films are becoming increasingly popular. With the rising demand for eco-friendly packaging solutions, various options in terms of recyclable, biodegradable and compostable materials have emerged within the packaging films space aligned with global sustainability goals. Packaging films are light which means less fuel is burned in their transportation and hence lesser carbon emissions. The new technologies have also facilitated excellent barrier performance for the packaging films, which serves best to prolong the shelf life of especially foodstuffs and pharmaceuticals along with several perishable items. This growing popularity can be attributed to the convenience, flexibility and facility of providing tamper-evident packaging in industries including food & beverage, healthcare and personal care.
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Personal care & cosmetics segment to be the second largest growing application during the forecast period.
Packaging films are crucial in the cosmetics and personal care industry by protecting and displaying a variety of products. These films are used to package products from creams, lotions, shampoos and other personal care items. They are designed to protect products from contamination, light, moisture, and guaranteeing their freshness and effectiveness over time. The demand for films is on the rise, in travel sized and single use personal care products. Single use sachets for facial masks and lotions are gaining popularity due to their convenience and enhanced hygiene. Moreover, flexible pouches and tubes are commonly used for shampoos and conditioners offering usability and reducing waste.
Leading companies in the cosmetics and personal care industry are using packaging films to enhance their products. For example, Procter & Gamble employs these films for single use facial mask packs and convenient pouches. Likewise, L'Oréal integrates quality films into its packaging for cosmetics and skincare, balancing functionality with aesthetics. Unilever, for overseas markets of its shampoos and conditioners along with some other personal care products focuses on user convenience combined with sustainability. Packaging films make a significant contribution in the cosmetics and personal care value chain providing protection, user friendliness & superior aesthetics across product categories as well proving its flexibility by adapting newer trends like travel friendly packaging or single use.
BOPP segment to be the second largest growing film during the forecast period.
Biaxially oriented polypropylene (BOPP) films are gaining popularity, for packaging due to their flexibility, affordability and superior sealing properties compared to other materials. With BOPP accounting for approximately 80% of the flexible plastic packaging market its recyclable nature and versatility in both food and non-food applications have fuelled significant global growth, particularly in developed and emerging regions. These films find use in packaging, labelling and laminating processes. Especially in food packaging, where their moisture barrier, sealability, clarity and visual appeal are advantageous. The BOPP film market is poised for expansion driven by the increasing demand for packaged products, especially in the Asia Pacific region. Key manufacturers such as Oben Holding Group and SIBUR BIAXPLEN are scaling up production and focusing on innovation to meet this surging demand.
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Bags segment accounted for the second largest type of packaging films
Packaging films play a role, in creating bags used in industries such as food and beverages, retail, pharmaceuticals and agriculture. These films provide strength, flexibility and protection against moisture and contamination ensuring quality and safety. Various bag types are designed to cater to specific requirements. For instance, gusseted bags are ideal for keeping things like coffee fresh while flat bags have their own specific uses. Ziplock bags are great because they can be resealed easily, vacuum bags help food stay fresh for longer periods and wicketed bags are designed for packaging purposes. Well-known companies such as Sealed Air, Amcor Plc and Berry Global Inc use packaging films to cater to the growing need for durability, freshness and convenience.
Asia Pacific is projected to be the largest region in terms of value during the forecast period.
Asia Pacific is the fastest-growing market for packaging films due to its robust economic growth. According to the International Monetary Fund (IMF) the region's economic progress in late 2023 has reached a growth rate of 5.0% for the year. While there have been fluctuations in growth rates, some economies continue to struggle, with price pressures while others face the threat of deflation. The packaging films industry in Asia Pacific is driven by the surge in e commerce and retail sectors leading to an increased demand for packaging solutions. The expanding middle class and urbanization also play a role in boosting the consumption of packaged goods. Additionally, the growth of the healthcare and pharmaceutical industries creates a need for advanced packaging solutions for pharmaceuticals and medical products. Moreover, regulatory pressures aimed at promoting sustainability are spurring the development and adoption of innovative environmentally friendly packaging films.
Key players:
Major companies such as Berry Global Inc. (US), Amcor Plc (Switzerland), RKW Group (Germany), Toray Industries, Inc. (Japan), Mitsubishi Chemical Group Corporation (Japan), Charter Next Generation (US), Mylar Specialty Films (UK), Sealed Air (US), Coveris (Austria), and SRF Limited (India) and other leading companies in this market.
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