Global Plastic Films Market: Overview
The plastic film refers to a thin polymeric material, which finds use in a wide array of applications. They are used in landscaping, film stock for movies, photographic film, packaging, building construction, plastic bags, videotape, labels, and electrical fabrication. Of these, the use of plastic films is rapidly increasing in the food packaging sector and has become a popular choice for this industry.
The global plastic films market has been split based on five important parameters. These parameters are the application, product type, decoration, industrial, and region.
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Global Plastic Films Market: Notable Developments
One of the recent market developments that characterize the course of the global plastic films market is as mentioned below:
- In June 2019, Melbourne-based leading packaging company, Amcor Limited, completed its acquisition of the U.S. based flexible packaging manufacturer, Bemis Company Inc. Following this strategic move, Amcor Limited is anticipated to bring on the additional footprint, capabilities, and scale of the acquired company. This move is likely to strengthen the position of Amcor Limited in the global plastic packaging market and generate substantial value for its customers.
Some well-known organizations in the global plastic films market comprise the below-mentioned:
- The Dow Chemical Company
- British Polythene Industries
- Mitsubishi Chemical Holdings Corporation
- Berry Plastics Corporation
- Bemis Company, Inc
- Amcor Limited
Global Plastic Films Market: Key Trends
The following drivers, opportunities, and restraints characterize global plastic films market over the review period, from 2019 to 2027.
Huge Demand for Eco-friendly Packaging Solutions Boosts Market Growth
The plastic films market is likely to be driven by the growing demand from various end use sectors, mainly from the food and beverage segment. There has been a rise in the demand for eco-friendly and bioplastics owing to rising concern over environmental pollution. This adds fillip to the expansion of the global plastic films market. In addition, growing demand for flexible packaging could be observed in the market, thanks to its eco-friendly nature. Augmented demand for decorative laminates is likely to emerge as another growth factor for the market over the assessment tenure.
Growing demand for increased barrier film is likely to generate substantial revenue for the global plastic films market. Plastic films find abundant use in the barrier packaging segment, thanks to its unique properties. Plastic films safeguard the product from permeation of aroma, moisture, water, flavor, light, and oil. With the increased use of plastic films in barrier packaging, the product is able to retain its formulation and quality. Besides, it does away with the possibility of leakage to prevent damage to the product. Barrier films are gaining traction amongst various end use segments, such as automotive, textile, pharmaceuticals, and food. The final products from these industries need additional care for prolonged shelf life and the maintenance of their integrity. Such a factor is likely to influence the growth of the global plastic films market in forthcoming years.
On the other hand, stringent government rule and regulations together with the high cost of raw materials are estimated to obstruct the growth of the market over the assessment tenure. However, speciality and biodegradable films are likely to offer copious growth opportunities for the market in times to come
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Global Plastic Films Market: Geographical Analysis
The global plastic films market has been divided into the significant regions of North America, Asia Pacific, Latin America, the Middle East and Africa, and Europe. Such region-based segments provide a detailed view of the regional markets to help better understanding of the overall market.
Over the tenure of review, Asia Pacific is likely to emerge as a prominent region for the global plastic films market, thanks to the rapidly expanding consumer goods and packaging industry in the region. China is estimated to spearhead the growth of the regional market with India and Japan following closely. Augmented use of plastic films has emerged as the latest trend in the packaging industry of the region, which is estimated to favor the expansion of the market in the region.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.