Asia Pacific Expected to Remain a Lucrative Region in the Global Ultra-high Barrier Films Market: Transparency Market Research
Transparency Market Research delivers vital insights on the ultra-high barrier films market in its report. In terms of value, the global ultra-high barrier films market is projected to expand at a CAGR of nearly 5.0% during the forecast period 2019-2027.
Ultra-high barrier films physically restrict the passage of any molecules or compounds by creating a barrier. These provide protection from oxygen and moisture ingress. Ultra-high barrier films are defined as films that have a water vapour transmission rate (WVTR) and oxygen transmission rate (OTR) of less than 0.1 cc-mil/m2-atm.
In the ultra-high barrier films market report, TMR proposes that the food end-use segment is expected to drive the ultra-high barrier films market during the forecast period. The demand for processed food & ready-to-eat meals has increased, and ultra-high barrier films have emerged as the ideal option to protect food quality and enhance shelf life, due their superior barrier performance against biological, atmospheric, and chemical contaminants. Such factors are foreseen to create significant demand for ultra-high barrier films during the forecast period.
Presence in emerging economies, continuous expansion of the food end-use industry, increasing popularity of flexible packaging formats, and rising disposable income in the Asia Pacific region can create significant demand for ultra-high barrier films in the coming years. China is foreseen to remain prominent in terms of market share, while India is expected to be highly attractive in terms of growth rate of ultra-high barrier films during the forecast period. ASEAN Countries are expected to follow India in terms of the growth rate of the ultra-high barrier films market during the forecast period. Manufacturers of ultra-high barrier films are eyeing developing countries in the Asia Pacific region to develop new markets and sustain revenue growth.
Europe is a significant shareholder of the ultra-high barrier films market, and is projected to witness substantial demand in the coming years, attributed to the robust growth rate of end-use industries. Increasing consumption of packaged food and consumer favourability towards lightweight, convenient, and superior barrier performance packaging formats are among the factors expected to drive the growth of the ultra-high barrier films market. Germany is expected to remain at the forefront in terms of ultra-high barrier films market share during the forecast period. Italy, France, and the U.K. are together estimated to account for over 1/4 of the European ultra-high barrier films market share, and expected to expand at notable CAGRs during the forecast period.
In North America, a paradigm shift in consumer packaging and high growth rate of end-use industries demanding protective packaging solutions to maintain the quality of the product and prolong its shelf-life have been seen. The robust growth rate of the food end-use industry and the rising demand for adequate flexible packaging is expected to create substantial demand for ultra-high barrier films during the forecast period. The U.S. is expected to be highly attractive in terms of market share, while Canada is expected to be highly attractive in terms of growth rate in the ultra-high barrier films market in the coming years.
The Middle East & Africa (MEA) and Latin America are considerable shareholders of the global ultra-high barrier films market, and are anticipated to be promising regions for the growth of the global ultra-high barrier films market in coming years. Rapidly growing food, beverage, and end-user industries in both regions are likely to represent substantial incremental opportunities for the ultra-high barrier films market. Brazil and GCC Countries are projected to be highly attractive in terms of the ultra-high barrier films market share during the forecast period.
Manufacturers in the ultra-high barrier films market are focusing on capacity expansion and product launches to fulfil the growing demand. They are also channelizing their efforts towards offering cost-effective and high-performance ultra-high barrier films to their customers. Major players in the ultra-high barrier films market are also expanding their reach through mergers and acquisitions.
Key players operating in the global ultra-high barrier films market include Cosmo Films Ltd., Jindal Poly Films Limited, Toray Plastics (America), Inc., Klöckner Pentaplast Europe GmbH & Co. KG, ProAmpac LLC, Treofan Group, Amcor Limited, Celplast Metallized Products Limited, Sealed Air Corporation, Mondi Group plc., Winpak Ltd., Coveris Holdings S.A., Taghleef Industries LLC, Ester Industries Ltd., and ACG Worldwide Private Limited, among others.
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