CHICAGO, March 24, 2022 /PRNewswire/ -- According to the new market research report "Plastic Films & Sheets Market by Material Type (LLDPE, LDPE, HDPE, BOPP, CPP, PVC, PES, PA), Applications (Packaging & Non-Packaging) and Region (North America, Europe, South America, Asia Pacific and Middle East & Africa) - Global Forecast to 2026", published by MarketsandMarkets, the market size is projected to reach USD 155.1 billion by 2026 from USD 123.8 billion in 2021, at a CAGR of 4.6% during the forecast period.
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The overall increase in demand for plastic films & sheets in food packaging, pharmaceutical & medical packaging, and agriculture are driving the global plastic films & sheets market. The increasing environmental concern and preferences for eco-friendly materials have been driving the demand for biodegradable and water-soluble films. BOPP and BOPET plastic films are also gaining market demand due to their varied applications in food and pharmaceutical packaging.
Based on material type, LLDPE segment is estimated to be the largest market in the overall plastic films & sheets market in 2021.
The LLDPE segment is the largest in the market. The demand for PA film type is projected to increase at a faster rate in the near future. The market for PA film is driven by its clear and printable thermoplastic nature and other properties such as high melting point, exceptional strength & toughness, and good oxygen barrier. It is also scratch, puncture, and flex-crack resistant and does not dissolve or absorb grease, oil, and acidic food.
Based on application, packaging segment is expected to be the largest plastic films & sheets segment in 2021.
Packaging segment is the largest consumer of plastic films & sheets. This segment includes food packaging, pharmaceutical & medical packaging, consumer goods packaging, industrial packaging, and others. Food packaging is the largest application in the packaging segment & is also projected to be the largest application in the forecast. Non-packaging segment includes agriculture, construction, medical & healthcare, and other non-packaging applications such as electronics, automotive, and industrial. Agriculture is the largest application of plastic films & sheets in this segment.
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Based on region, APAC is projected to grow the fastest in the plastic films & sheets market during the forecast period.
APAC is the largest market for plastic films & sheets. This large market share is primarily attributed to increasing demand for plastic films & sheets in emerging economies, such as India, China, Indonesia, Malaysia, Vietnam, Singapore, and Thailand, in the region. Moreover, growth in population, increasing urbanization rate, changing trends, and increasing disposable income are driving the consumption of food, particularly, packaged foods. In addition, growth in industrialization, increasing demand due to changing demographics, and government initiatives to attract business investments in various industries including packaging, construction, pharmaceuticals, industrial, and electronics are also driving the market for plastic films & sheets in the region.
The key players in the plastic films & sheets market include Amcor PLC (Switzerland), Berry Global Group, Inc. (USA), SABIC (Saudi Arabia), Toray Industries, Inc. (Japan), Sealed Air Corporation (USA), Uflex Limited (India), Toyobo Co., Ltd. (Japan), Jindal Poly Films Limited (India), DuPont Teijin Films (USA), and Oben Holding Group (Peru). The plastic films & sheets market report analyzes the key growth strategies, such as new product launches, investment & expansion, divestitures, agreement & collaboration, and mergers & acquisitions adopted by the leading market players between 2019 and 2022.
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