Flexible Film Market Size, Share & COVID-19 Impact Analysis, By Raw Material (Polypropylene {BOPP and CPP}, Polyester / BOPET {Thin Film and Thick Film}, and Others), Application (Packaging, Industrial, and Others), and Regional Forecast, 2020-2027

The global flexible film market size was USD 88,702.8 million in 2019 and is projected to reach USD 141,785.7 million by 2027, exhibiting a CAGR of 6.0% during the forecast period. Asia Pacific dominated the flexible film market with a market share of 52.47% in 2019.

Flexible films are manufactured from raw materials, including polyethylene, polypropylene, or polyester. These films are available in thick and thin sizes based on their application. Additionally, these films are resistant to water, chemical, moisture, and provide a cost-effective solution. These benefits make it an ideal choice and surge its demand in packaging, automotive, agriculture, and electronic industries. Moreover, the rising environmental pollution due to the increasing plastic waste has led the manufacturers to develop a sustainable solution. Thereby, the demand for eco-friendly films is rising.

Factors such as the increasing demand for packaging in various industries, including food & beverages, pharmaceutical, and consumer goods and the rising advancement in the films to make them more effective, will fuel the market.       

Increasing Demand for Pharmaceutical and Food Products amid COVID-19 to Fuel Market Growth

The spread of coronavirus has boosted the packaging industry. The increasing hygiene amongst the consumers has raised the demand for packaged food, thereby contributing to fuel the product demand. The rising consciousness amongst the people due to the spread of coronavirus has surged the flexible film demand in the shield and other medical instruments. However, the movement of man and material alike has been affected, and the same has caused disruptions in the supply chain and production of the product. Although the governments in various countries are trying to bring their industries back on track, the market is expected to regularize in the next couple of years.

LATEST TRENDS

Increasing Demand for Eco-Friendly Films to Boost Consumption of BOPP and BOPET

The rising concern of CO₂ emissions, coupled with the increasing pollution from plastics, has shifted the focus of manufacturers towards sustainable solutions that would help to save the environment. Many manufacturers have started producing eco-friendly flexible films such as BOPP (biaxially oriented polypropylene) and BOPET (biaxially-oriented polyethylene terephthalate) based flexible film. The BOPP and BOPET films are biodegradable and offer zero toxicity. They also provide unique shelf appeal, high clarity & graphic reproduction, sealability, and inherent moisture barrier properties. These benefits make BOPP and BOPET a sustainable choice and surge their demand in food & beverage, pharmaceutical, and plastic packaging design applications.

Recently, many companies are planning to add BOPP and BOPET to their product portfolio. For instance, in September 2020, Cosmo Films Ltd. planned to re-commence installing a specialty polyester films line (Biaxially-Oriented Polyethylene Terephthalate) second quarter of 2022-23 in its Waluj plant site at Aurangabad, India. Hence, such an initiative by the companies to manufacture eco-friendly films will boost the BOPP and BOPET film consumption.

DRIVING FACTORS

Growing Requirement for Flexible Film in Packaging Industry to Drive Market Growth

The increasing requirement for these films in the packaging industry will contribute to market growth. The product demand is attributed to its beneficial characteristics such as lightweight, convenient to handle, strong expanding graphic capabilities, and extended shelf life. Such benefits make the flexible packaging industry a sustainable choice when compared with rigid packaging solutions. It helps save space on store shelves, easy to pack & highly portable, and uses less material, leading to cost-saving.

The demand for flexible packaging solutions finds its high adoption in the food & beverage and pharmaceutical industries. In the food & beverage industry, the product is used in packaged foods such as frozen meals, ready-to-eat meals, cake mixes, and snack foods. Similarly, in the pharmaceutical industry, the high utilization of the products can be seen in packaging several drug products such as capsules, powders, and tablets for medical use. Hence, the increasing product demand will help drive the flexible film market growth during the forecast period.

Rising Adoption of Flexible Film in Automotive and Electronics Industries Will Fuel Market Growth

These type of films are gaining immense popularity in the automotive and electronics industries owing to their beneficial properties. The product is highly elastic and resistant to abrasion, impact, and weather. Thermoplastic polyurethane-based films are majorly utilized in the automotive industry. These films are used as paint protection films to protect the car exterior from swirls, mineral deposits, bird droppings, tar, bug splatter, scratches, environmental defects, and acid rain.

In the electronic industry, the consumption of the product can be seen in the rigid electronic devices such as the touchscreen and light management films in LCDs. The increasing concern by the people of the safety & security of their vehicles, coupled with rapid growth in the electronic industry, will boost the consumption of these films. Hence, these factors will propel the market growth during the forecast period.

RESTRAINING FACTORS

Stringent Government Regulation Regarding Plastic Use to Hinder Market Growth

The stringent government regulation owing to increasing CO₂ emission is restricting the adoption of plastics in various applications. The pollution created by plastics impacts the environment and causes harm to animals, humans, and plants through toxic pollutants. Due to these factors, many governments have placed strict regulations. For instance, the UN Government Program (UNEP) started a Clean Seas campaign in over 50 countries that urged the government to impose polymer reducing policies to decrease plastic consumption.

The recycling of plastic materials takes a long time when compared with plastic manufacturing. This is due to its lengthy process of collecting, sorting, shredding, washing, melting, and pelletizing. These are some of the factors that impact the overall demand for plastics. This further reduces product adoption and is anticipated to hinder the market growth.

SEGMENTATION

By Raw Material Analysis

Polyester to be the Dominant Segment in this Market During the Forecast Period

Based on raw material, the market is segmented into polypropylene, polyester, and others.

The polypropylene segment is further classified into BOPP and CPP. Similarly, the polyester/BoPET segment is further bifurcated into a thin film and thick film. Polyester or BoPET segment is expected to experience significant growth in the global market due to the heavy demand for packaging material manufacture. BoPET-based films are usually biodegradable and offer an eco-friendly solution. The material is known for its high tensile strength, chemical & dimensional stability, transparency, and reflectivity properties.

Polypropylene is a low-cost thermoplastic having a high gloss, high clarity, and good tensile strength. The high consumption of the material can be seen in special devices like living hinges, textiles, and the automotive industry. This is likely to drive the segment growth in the forthcoming years.

By Application Analysis

Packaging Segment to Hold Dominant Position

Based on the application, this market is segmented into packaging, industrial, and others.

The packaging segment is anticipated to experience the highest growth during the forecast period. The higher consumption of these films in the packaging industry is attributed to the increasing demand for food packaging with various products such as packaged food, medical equipment, electronic products, and clothes. This is due to its easy to handle, cost-effective, and high transparency properties. Hence, these factors will surge the product consumption for packaging application.

The industrial application includes automotive, agriculture, and electronic industries. The rapid growth in these industries will fuel market growth during the forecast period. The high adoption of the product can be seen in the automotive mirror, personal care, car exterior, mobile & laptop screen, sensors, LCDs, and agriculture sheets that will drive the segment growth.       

REGIONAL INSIGHTS

The market size in the Asia Pacific stood at USD 46,540.4 million in 2019. The growth is attributed to the rising adoption of polyester-based flexible film in packaging applications. Further, the increasing government initiative to reduce plastic waste will surge the demand for BOPP films in this region.

Europe is expected to hold the second position in the market. The high demand for the product to protect the automotive parts from stretches and temperature will boost product adoption in countries such as Germany and France.

The increasing product demand in the electronic industry, mainly in LCDs and sensors, will surge the product demand in North America. Furthermore, the rising research & development activities for product innovation will boost the product demand in this region.

In Latin America, high product consumption can be seen in the agriculture industry to protect the soil from temperature and other external factors.

The Middle East & Africa is anticipated to showcase significant growth due to the increasing demand for packaging of food, pharmaceutical, and textile products.

KEY INDUSTRY PLAYERS

Capacity Expansion and Partnerships for Development of Distribution Network to be Key Strategies of Market Leading Companies

Product innovation and partnerships with distributors to improve the sales network are important strategies employed by market leaders to maintain their market position. Mondi Group is one of the most prominent companies operating in the market. The company is known for manufacturing packaging and paper products. The company has around 100 production sites across more than 30 countries, predominantly in Europe, Russia, North America, and South Africa.

LIST OF KEY COMPANIES PROFILED:

• Mondi Group (Austria)


• Innovia Films (UK)


• Amcor Ltd (Australia)


• Bemis Company, Inc. (US)


• The Wipak Group (Finland)


• LINPAC Group (UK)


• Jindal Poly Films Ltd. (India)


• Berry Plastics Corporation (US)


• AEP Industries Inc. (US)


• Max Speciality Films Limited (India)


• Polyplex (India)


• CHIRIPAL POLY FILM (India)


• Cosmo Films Ltd. (India)


• Uflex Limited (India)


• Novus Holdings (South Africa)


• Flex Films (India)


• CTP Flexibles (South Africa)


• AMPAFLEX (South Africa)


• Others

KEY INDUSTRY DEVELOPMENTS:

• September 2020: Cosmo Films developed a BOPP-based transparent thermal lamination film that is manufactured using an antimicrobial technology that aims to tackle the problems of bacterial infections on packaged items. The new film is effective against a broad range of bacteria and inhibits germ growth owing to its capability to prevent microbial colonization on the surface. With this new launch, the company will offer an eco-friendly solution to the customers. 


• September 2018 – Flex Films, the global film manufacturing arm of Uflex, introduced two new state-of-the-art BOPET Films at its manufacturing center in Kentucky, USA. These films are an ideal choice for products requiring aluminum foil replacement and extended shelf life with a high barrier against oxygen and moisture. With this new launch, the company will meet the increasing consumer need and expand its business within the USA.  

REPORT COVERAGE

The flexible film market report provides a detailed depth analysis of the market and focuses on crucial aspects such as leading companies, raw materials, and applications. Also, the report offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation