The latest market report published by Credence Research, Inc. “Polypropylene Packaging Films Market: Growth, Future Prospects, and Competitive Analysis, 2019 – 2027” the Polypropylene Packaging Films market was valued at US$ 21.6 Bn in 2018 and expected to reach US$ 34.7 Bn by 2027 at a CAGR of 6.1% throughout the forecast period from 2019 to 2027.
Growing inclination towards flexible packaging solutions coupled with rising food and beverage sector especially in developing regions are having a positive influence on the demand for polypropylene packaging films market. Polypropylene films offers a combination of benefits including recyclability, optical clarity, ease of conformance, light weight and low costs among others. The rising environmental concerns globally and increasing awareness among people to use sustainable and recyclable packaging solutions are also contributing towards the growth of the polypropylene market. Manufacturers are shifting to produce and are investing heavily to increase production of polypropylene packaging films in order to meet the growing demand from various end-use industries. Additionally, flexible packaging industry is growing rapidly as it increases the shelf life and food safety among others of which polypropylene packaging films is a segment.
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Market Insights
“Increasing demand of cost effective packaging will spur revenue growth during the forecast period”
The global polypropylene packaging films market is estimated to register moderate growth. This can be associated with the rapid urbanization coupled with rising disposable income and demand for packaged food and medicine especially in the emerging nations such as China, and India among others. Growth in these nations is anticipated to impact the market in a positive way and amplify the market growth. Additionally, the rising demand of the film can be associated with the demand to increase the shelf life of product which in turn is boosting the market growth.
Moreover, availability of sustainable packaging solutions aids in increasing application for polypropylene packaging film which is proliferating the polypropylene packaging films market growth. However factors such as availability of substitutes such as polyethylene are factors anticipated to hinder the growth of the polypropylene packaging films market.
Industrial Developments
- In February 2019, Amcor Limited launched Genesis, a new in-store recyclable laminate solution. It targets a wide range of segments, including fresh fruits and vegetables, frozen food, dried fruits, nuts, confectionery, chilled goods, and pet food. The product is adaptable to a variety of packaging types and is appropriate for certain medical, home, and personal care markets.
Key Market Movements
- In 2018, the global polypropylene packaging films market was valued US$ 21.6 Bn and is projected to grow to US$ 34.7 Bn by 2027 expanding at a CAGR of 6.1%.
- Based on application, the market is classified into bags & pouches, laminations, tapes, labels, wraps, and others.
- Out of these wraps segment is leading the market with major contribution in the revenue share. This can be associated with increasing adoption of polypropylene packaging films especially in the food & beverages segment.
- Asia Pacific region is anticipated to dominate the market during the forecast period. This can be associated with rapid urbanization, growing per capita income, and need for food on the go.
List of Companies Covered:
- Toray Plastics, Inc.
- Cosmo Films Ltd.
- Vacmet India Ltd.
- Irplast S.p.A
- Polinas Plastik Sanayi ve Ticaret AS
- Profol Kunststoffe GmbH
- Taghleef Industries L.L.C.
- Thai Film Industries Public Company Ltd
- Oben Holding Group S.A.C.
- Rowad National Plastic Co., Ltd.
Browse the full report at https://www.credenceresearch.com/report/polypropylene-packaging-films-market