Global Plastic Films Market Growth Prediction: CAGR of 6% by 2023!

May 25, 2021

The global plastic film market is predicted to grow at a CAGR of over 6% through 2023. The key factors that could drive the market of plastic films are:

  • Consumer demand trends
  • Sustainability
  • Light-weighting
  • Bio-plastics

Moreover, there is a huge demand for plastic films in various end-user industrial segments such as pharmaceutical packaging, consumer goods, and electrical. This demand will further drive the plastic film segment forward.

Plastic films are manufactured from polyethylene resin. They play a crucial role in preserving the safekeeping and freshness of food, beverages, and medicines. They can be combined with materials such as paper and aluminum. They are less than 10mm thick and can be colored or transparent, multilayered or single-layered, and printed or plain.

What’s more, they exhibit amazing properties such as humid resistance, heat resistance durability, puncture resistance, and chemical- resistance. These properties make them perfect for non-food packaging industries. The growing demand for plastic films in the food and beverage segment, and the non-food packaging industry, could very well drive the market upwards.

Asia-Pacific takes the largest market share owing to the multiple end-user segments such as packaging and consumer goods markets in countries like India, Japan, and China. Moreover, the surging demand and consumption of plastic films in countries like Taiwan, and South Korea are also propelling the Asia-Pacific segment forward.

North America is the 2nd largest market, followed by the Middle-East, and Europe. Even the Latin American plastic film market is witnessing huge demand due to the growth of pharmaceutical, construction, electrical, consumer goods, and packaging industries.

In conclusion, the global plastic film market is projected for a rapid growth in the near future and plastics films will continue to find numerous innovative applications across various industries.

About AIPMA’s AMTEC Initiative:

In a bid to elevate the Indian Plastics Industry, AIPMA’s Arvind Mehta Technology and Entrepreneurship Centre (AMTEC) was launched on 16th Feb 2021 in Mumbai. The primary objective of this grand initiative is to help MSMEs in plastics and its application industry in achieving the following:

  • Reduce overall time to design and develop
  • Rapid roll out of products
  • Increase product release speed to the global market
  • Compete with China in the global market

This initiative is bound to drive the Indian plastic market forward and help MSMEs in the plastic industry to boost their production and grow their business.