iCrowd Newswire – Oct 19, 2020
Polyethylene Films Market size is forecast to reach $106.42 billion by 2025, after growing at a CAGR of 4.52% during 2020-2025. Rising disposable income and concerns about the growing use of bioplastic materials drive the growth of the sector. In addition, an increase in demand as a replacement for glass and metal for polyethylene films boosts market growth. There is also expected to encourage market growth with increased demand for hygienic and durable food packaging materials combined with a rise in consumer environmental concerns.
Film Type – Segment Analysis
Stretch Film segment has been the primary market for Polyethylene Films for many years. Stretch film or stretch wrap is made from linear low-density polyethylene and is primarily used as a wrapper. Stretch wrap is highly elastic in nature and can stick to surfaces because of the elastic rebound without the use of any adhesives. Stretch wrap is commonly used to bundle boxes on pallets. They improve the stability and provide a more efficient way to handling loads while protecting it from dust and moisture. Stretch film is a highly elastic plastic film that is used as an over wrap during the shipping process. The flexible nature allows it to be tightly bound without the use of any adhesives over Shrink Films.
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Technology – Segment Analysis
Blown Film Extrusion segment has been the primary market for Polyethylene Films for many years. Blown Film Extrusion is an established process which is used to manufacture a wide range of commodity & specialized plastic films for the packaging industry by using semi-crystalline polymer. Also known as Film Blowing Process, this extrusion process generally comprises extrusion of molten thermoplastic tube and its constant inflation to several times of its initial diameter. This forms a thin, tubular product which may be used directly, or indirectly by slitting it to create a flat film.
Application – Segment Analysis
Food Packaging segment has been the primary market for Polyethylene Films for many years at a CAGR of 5.26%. The main asset of the food industry is polyethylene film packaging. It is eco-friendly and increases customer convenience. Due to this, there is significant competition in the food and beverage market among the players who provide quality products to the consumers. Many retail stores use polyethylene film packaging materials to preserve food and to retain the nutritional value of foods. Growth will continue to trigger producers to expand their production capacities, thereby rising product demand over a forecast period, for polyethylene film packaged foods, including ready to meals, frozen meals, snack and cake mix. The market is expected to grow because of the increasing number of consumers buying food (including fried or chilled foods).
Geography – Segment Analysis
North America dominated the Polyethylene Films Market share with more than 45.23%, followed by APAC and Europe. Owing to growing number of beverage manufacturers and the presence of key players in the region, North America has highest share. Regulations restricting the Government of Mexico to the creation of new production units have led to new production facilities like Takeda, Daiichi Ranbaxy, and Astellas being built. Driving the domestic industry along with favourable Government policy has played a significant role, with demand for the product. In the U.S. consumers are preferring polyethylene film packaging which is light and aesthetically appealing. This will increase the growth rate of polyethylene film industry over the forecast period.
Drivers – Polyethylene Films Market
Increasing usage because of its properties
There are various packaging options in the market, but one of the most commonly used packaging materials is polyethylene. It is the most durable type of plastic available today owing to its properties of chemically resistant and low in cost. Polyethylene or PE is derived from petroleum polymers and can survive any environmental hazards. Polyethylene is leakage proof which means it does not allow water vapor to pass through it. It can be heat sealed, this means the plastic can be wrapped around the product and secured with an airtight seal. Electronic companies use PE for their electronic components as it gives protection from moisture and tampering. Polyethylene is highly versatile and customizable. Along with the protection, it offers a great advertising option to suit the product making it very adaptable. It offers different thickness and clarities as well as various designer colors for a more customized option. PE is durable and resistant to external influences to ensure the content is well-preserved. HDPE a type of PE is puncture resistant, tear resistant and lower in stretching. A common example of this material is grocery bags, trash bags, retail packaging bags, and packaging films.
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Challenges – Polyethylene Films Market
Ban on lightweight plastic bags to improve paper packaging prospects
Paper packaging materials can be reused and recycled as compared to other materials such as metals and plastics. Paper packaging is therefore one of the most environmentally friendly and affordable packaging forms. The growing demand for flexible paper packaging due to increasing consumer awareness of the harmful environmental effects of plastics. In some countries, the ban on lightweight plastic bags is expected to drive the flexible paper packaging market throughout the forecast period.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Polyethylene Films Market. Major players in the Polyethylene Films Market are AEP Industries, Amcor Ltd., Berry Plastics Corporation, DuPont Teijin Films, Exopac Holdings Corporation, Jindal Poly Films, Sealed Air Corporation, Hilex Poly Co LLC, Innovia Films Ltd., and Ampac Holdings, among others.
The market is witness to high demand due to the elastic nature of polyethylene films which allow good toughness films for food packaging and non-food applications to be developed. The demand for polyethylene films is driven by advances in food and drink packaging.
The growth of the global polyethylene film market over the forecast period is expected to fuel demand for more eco-friendly goods. However, certain restrictions on the use of plastics that are non-biodegradable and produced in Europe are anticipated to impede market development.
The biggest investment pocket due to its property of improving product life and catering to rising demand for a longer service life is expected to come with the beverage packaging. In addition, preferred food and drinks, flavors and technological advances combined with cost-effective packaging solutions are some factors that will expand the demand for packaged beverages.
The COVID-19 pandemic and subsequent halt in manufacturing activities shall have an impact on the supply availability of a variety of Polyethylene Films. Furthermore, current disruption in trade shall also gravely impact the availability of stocks in import-dependent countries.
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