The global plastic film market is expected to reach USD 224.88 billion by 2030, at a CAGR of 6.05% from 2021 to 2030. Growing demand for plastic films from the food & beverage industry is expected to drive the market.
Plastic films are primarily used as packaging materials in a variety of industries including food & beverage, healthcare, construction, and automotive. Increasing demand for packaging materials due to the rising consumption of food products along with growing demand for convenience and processed food products is expected to drive the market.
The global food & beverage industry is expected to register a CAGR of 4.3% during the forecast period. Rising consumption of packaged food products, such as ready-to-eat meals, snacks, and frozen food, is expected to drive the market. Growing demand for convenience and processed foods is also expected to drive the market.
Polyethylene (PE) was the dominant material type in 2019, accounting for more than 59.0% of the market, in terms of volume. PE films are used for various applications such as packaging of food products, medical products, and construction materials. Growing demand for PE films from the food & beverage industry is expected to drive the market.
Asia Pacific was the largest regional market in 2019, accounting for more than 39.7% of the global market, in terms of volume. Growing demand for plastic films from the food & beverage industry, construction industry, and automotive industry is expected to drive the market in the region.
Major companies in the market include Berry Global, Inc.; The Dow Chemical Company; Toray Industries, Inc.; Polyplex Corporation Ltd.; and Jindal Poly Films Ltd. These companies are engaged in product launches and collaborations to expand their product portfolio. For instance, in May 2019, Berry Global, Inc. launched a new range of high-barrier films for food packaging applications.
