LONDON--(BUSINESS WIRE)--The global specialty plastic films market is expected to post a CAGR of over 6% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global specialty plastic films market is the increasing demand for packaged food and beverages. Packaging plays a crucial role in the preservation and safekeeping of foods and beverages. Food and beverage manufacturers prefer packaging solutions which mandate the use of low amount of artificial preservatives and can help to extend the shelf life of food. This has led to the growing demand for printed specialty plastic packaging films, mainly to increase the salability of food and beverage products as these films have high strength and rank high on aesthetic appearance. In addition, specialty plastic films offer properties such as resistance to heat, humidity, and gas as well as provide an aroma barrier. Furthermore, the fact that these films resist puncture and offer high durability as well as chemical resistance, makes them an ideal solution for the food and beverages packaging industry. Thus, rising demand for packaging from the food and beverage industry, will boost the specialty plastic films market during the forecast period.
As per Technavio, the increasing adoption of bioplastics will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global specialty plastic films market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global specialty plastic films market: Increasing adoption of bioplastics
The growing environmental concerns and increasing focus on using sustainable practices, particularly in the packaging industry have contributed to the growing popularity of biopolymer-based plastics. In addition, the rising need for waste management has also contributed to the growing use of bioplastics in various applications as these films are manufactured using biodegradable materials. The increasing preference for bioplastics over conventional petroleum-based resins has further led to a significant reduction in overall carbon emissions. The advantages of using bioplastic films have led to the adoption of eco-friendly initiatives by corporates across end-user industries including food and beverage, consumer goods, personal care, and other industries.
“The growing advantages and popularity of bioplastic packaging are expected to compel various packaging manufacturers to shift toward the adoption of bioplastics. Product developments by different polymer manufacturers are also encouraging manufacturers to introduce innovative products to remain competitive in the market. Thus, the emergence of bioplastics is further expected to impact the market growth positively in the forthcoming years,” says a senior research analyst at Technavio.
Global specialty plastic films market: Segmentation analysis
This market research report segments the global specialty plastic films market by end-user (packaging, personal care, electrical and electronics, and others) and geographic regions (APAC, North America, Europe, South America, and MEA).
APAC led the market in 2018, followed by North America, Europe, South Africa, and MEA respectively. The market growth in APAC can be attributed to the rapid growth of end-user industries including the food and beverage and personal care sector which deploy specialty plastic films owing to their advantages.
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Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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