As per a recent study the global packaging films market is anticipated to grow from $144 billion in 2022 to reach $209.7 billion by 2032 at a compound annual growth rate (CAGR) of 3.9% for the forecast period (2022-2032).
With the corona virus pandemic, contact-free, e-commerce platforms are proliferating with consumers the world over giving value to hygiene and quality of packaging. Packaging films molded as bags and sacks, liners, pouches, sachets and stick packs, tapes and labels, tubes, and wraps and rolls have diverse uses in a range of industries including food and beverages; healthcare, homecare, and personal care products; electronics and electrical; and other industrial goods. Food and beverage packaging is the largest consumer of packaging films followed by pharmaceuticals and medical packaging.
The key takeaway for packaging films has been its affordability, general convenience, lightweight, and sustainability. As a preferred packaging solution across several industries, packaging films is propelled to witness growth during the forecast years.
With a dominant market share of 35% in 2021, polyethylene (PE) remains the leading segment. With almost 36% of the market share, the PE film segment accounts for the maximum share of the global packaging film market with the food and beverage industry expected to remain as the top-end user in the packaging films market through 2032.
The food industry’s massive growth in the post-pandemic world with numerous e-commerce platforms offering ‘contact-free, direct to customer delivery’ has resolved crucial logistical issues faced on a large scale due to the unprecedented outbreak of COVID-19. With food sales at its peak in 2021, the packaging film industry contributed 43% of the global market share.
In order to bolster the market and keep it alive, many of the key players are adopting strategies for product innovation to make their products more attractive to their consumers. Manufacturers are also planning to expand their production capabilities in previously untapped markets to cater for the increasing demand for packaging films.
Considering China’s cultural factors and busy lifestyles, demand for diverse packaging solutions is considerably high which accounts for nearly 22% of the global share market in the packaging film industry. Both China and India are anticipated to showcase massive growth in terms of the usage of packaging films. In Europe, Germany holds the lion share in the packaging film’s market, expected to reach $11.3 million by the end of 2032. Other major European markets include France, Italy, and Spain.
World leaders in the industry include Amcor plc (Australia), Ampac Holdings LLC (USA), Berry Global (USA), Huhtamaki Oyj (Finland), Mondi Group (UK), Novolex (USA), Printpack (USA), Sealed Air Corporation (USA), Smurfit Kappa (Ireland), WestRock Company (USA), and Winpak (Canada). Being key manufacturers of packaging films, they continue to focus on producing durable, lighter-weight, and sustainable products incorporating several innovations to make packaging more functional and sustainable.
“We are capitalizing on a range of opportunities and increasing investments in priority segments such as healthcare in our innovative, more sustainable product platforms, which are expected to drive stronger growth, margin expansion, and long-term value creation for all stakeholders,“ explains Amcor CEO Ron Delia.