Packaging Film Market Size, Share, and Industry Analysis By Material (Polyethylene (PE), Polypropylene (PP), Polyethylene Terephthalate (PET), Polyvinyl Chloride (PVC), Ethyl Vinyl Alcohol (EVOH), and Others), By Type (Stretch and Shrink), By End Use (Food & Beverage, Healthcare, Homecare, Personal Care, E-commerce, Industrial, Electronics & Electricals, and Others), and Regional Forecast, 2024-2032

With its flexible structure, packaging film has transformed the industry in recent years and has found its way into almost all industries. The films provide excellent protection from leakage, air, moisture and dust, have excellent flexibility and can be produced in different colors, transparencies, and thicknesses. Owing to such features, films have wide usage in numerous industries such as food & beverage, industrial, and healthcare, among others. The wide usage of films is contributing to the growth of the packaging film market.

• For instance, in November 2023, Coveris launched MonoFlex Thermoform, thermoforming film packaging, with the development of its recyclable solution. The new film offers a sustainable substitute for non-recyclable materials presently used for thermoforming packaging in food sectors.

The rise in the inclination toward bioplastic packaging film materials due to growing environmental concerns is also projected to boost the growth of the packaging film market. The demand for packaging films is also being driven by the escalating e-commerce industry and a rise in the demand for health and consumer goods products. Furthermore, the demand for convenience products by customers and the growing need from the retail sector for packaged goods with longer shelf lives are enhancing the packaging film sales in the sector.

The strict regulations enacted by the governments of several nations on the usage of single-use plastic to minimize plastic waste are hampering the growth of this market. Moreover, for small and medium-sized businesses, the major initial expenditure needed to purchase cutting-edge technology and equipment for film production is high and might be a barrier to the packaging film market growth.

IMPACT OF COVID-19 ON THE PACKAGING FILM MARKET

The COVID-19 pandemic led to a severe damage to economies and their growth. Several markets have seen negative growth. The COVID-19 epidemic has had a considerable impact on the packaging film market. The pandemic affected both food & beverage industry and the manufacturing industries. It has caused drastic changes in consumer lifestyles. This has led to less consumer spending on the products, negatively impacting the market.

KEY INSIGHTS

The report covers the following key insights:

• Recent Advancements in the Packaging Film Market


• Key Industry Trends


• Regulatory Landscape for the Packaging Film Industry


• Key Industry Developments (Mergers, Acquisitions, and Partnerships)


• Impact of COVID-19 on the Packaging Film Market

Packaging Film Market SEGMENTATION

 ANALYSIS BY MATERIAL

Based on material, the market is segmented into polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PET), polyvinyl chloride (PVC), ethyl vinyl alcohol (EVOH), and others. The polyethylene (PE) segment dominates the packaging film market. PE films are leakage-proof and great for heat sealing, helping to wrap around the product and secure it with an airtight seal. The PE films are lightweight, low-cost, and provide resistance to the outside material. Such features help to bolster the segment growth.

ANALYSIS BY TYPE

Based on type, the market is segmented into stretch and shrink. The shrink films segment holds the largest share in the packaging film market. The films fit around a product and can fit items of many shapes and sizes and hold them in place. The versatility and durability offered by these films are driving the growth of this segment.

ANALYSIS BY END USE

Based on end use, the market is segmented into food & beverage, healthcare, homecare, personal care, e-commerce, industrial, electronics & electricals, and others. The food & beverage segment dominates the packaging film market. The rising consumption of convenience food and the high demand for packaging solutions that offer longer shelf life are fueling the segment growth.

REGIONAL ANALYSIS

The packaging film market has been studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific is the leading region of the packaging film industry. The well-established electronics and electrical industries in the country such as China and the surging number of other industries are the factors driving the regional growth. North America is the fastest-growing region due to increasing demand for packaging films in the food & beverage and pharmaceutical industries.

The Europe market is expected to grow at a significant rate due to the rising trend of flexible packaging coupled with the expanding e-commerce industry. Latin America is anticipated to grow at a moderate rate due to people's increasing disposable income and the surging number of online food outlets. The Middle East & Africa market will witness steady growth. The shifting preferences of people toward packed food and the growing influence of the West on the younger generation will accelerate the regional growth.

KEY PLAYERS COVERED

The report includes the profiles of key players such as Amcor, Mondi, Berry Global, UFlex Limited, CCL Industries, Sealed Air, Sigma Plastics Group, Dow, TOYOBO Co., Ltd, and 3M Company.

KEY INDUSTRY DEVELOPMENTS

• In October 2022, Toppan, a Japan-based manufacturer, expanded its product line by introducing a transparent barrier film market range. Before that, films had difficulty retaining the high moisture of liquid foods.


• In March 2022, Cosmo Films Ltd., one of the global leaders in speciality films for flexible packaging, launched white CCP (Cast Polypropylene) film. These films have a high COF (Coefficient of Friction) and seal strength of around 1,800 gf/inch. These films also resolved the issues of inter-layer slippage.


• In September 2021, Berry Global launched a multilayer bottle for table sauces and condiments to improve convenience and sustainability. The 475ml bottle is manufactured using polypropylene (PP) and is easily reusable. The bottle incorporates a layer of EVOH that provides a barrier to the oxygen and helps increase the products' shelf life.


• In March 2021, Smurfit Kappa launched a light EVOH film for its bag-in-box solution. The size of the film is 60-micron and the solution is based on polyethylene (PE) resin technology that makes the film more resistant and sustainable. It helped Smurfit Kappa to reduce a bag's weight by 16% and curb CO2 emission by 12%.