Specialty Plastic Films Market Update, Analysis, Forecast, 2019-2025
Specialty Plastic Films Market
size is projected to witness higher gains mainly due to rising product demand
from food & beverage and pharmaceutical industry in the forecast timeframe.
Growing population mainly in Asia Pacific will trigger food & beverage
industry and thereby likely to make subsequent positive impact on the packaging
films demand with special properties. This is due to the fact that food &
beverage manufacturer prefer packaging material to extend shelf life of food
with use of low artificial preservatives to improve the salability of the
product.
Specialty plastic films possess
several excellent characteristics including moisture resistance, low
permeability to air, high flexibility, aesthetic value, etc. which makes it
desirable across the aforementioned industries. Additionally, food & beverage
industry manufacturers need to cope with the latest innovations and advancement
and packaging, which contributes significantly to the brand value for
consumers. These trends will contribute significantly to the specialty plastic
films market share in the forecast timeframe. For instance, Indian FMCG sector
which includes food & beverage, healthcare and household & personal
care goods, is expected to witness growth over 5.5% by 2025. These instances
are anticipated to drive the packaging material demand with special properties
and thus likely to trigger specialty plastic films market size by 2025.
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Availability
of several product substitutes in the market is likely to be hinder the overall
growth of specialty plastic films market share in the forecast timeframe.
Additionally, shifting focus of key packaging material manufacturers in the
market towards sustainable products will shift focus on bio-based packaging
material, which will be another factor likely to impede the overall market
growth in the coming years.
Based on
the resin, specialty plastic films market is segmented into polyester, nylon,
fluoropolymer, polycarbonate and others including polyimide, polyolefin, etc.
Polyester specialty plastic film is the most economical packaging film with
superior properties including chemical resistance, dimensional stability, good
tensile strength, tear resistance, etc. Additionally, these films are ideal for
photographic printing, digital printing, screen printing, offset/lithography
printing, etc. which makes them desirable across end-users such as food &
beverage and personal care industry to improve products aesthetic value along
with indicating product specification.
Based on
application, specialty plastic films market is segmented into food &
beverage, pharmaceutical, personal care, electrical & electronics and
others such as construction, transportation, etc. In the pharmaceutical
industry, specialty plastic films are used to manufacture pouches, laminate to
foil, line trays, etc. for packaging drugs and other healthcare products.
Furthermore, these films are widely applicable for packaging personal care
products such as soap, shampoo and several other cosmetic products. Growing spending
per capita income and changing lifestyles in Asia Pacific is a key contributor
to the personal care industry in the region, which will have subsequent
positive impact on the growth of specialty plastic films market size in the
coming years.
North
America specialty plastic films market contributes significantly to the overall
industry share in 2018 and is likely to show positive gains with growing
product demand from pharmaceutical, personal care and food & beverage
industry. Key pharmaceutical players in the region are making substantial
investment in their R&D facilities to innovate advanced products and drugs,
which in turn will propel product demand, likely to drive the overall market
size by 2025. According to International Federation of Pharmaceutical Manufacturers
& Associations (IFPMA), the pharmaceutical industry in the U.S. spent
approximately USD 50 billion in 2017, which expenditure in the pharmaceutical
section indicates positive growth indicators for the market size by 2025.
Some of the key players in the
industry are AkzoNobel, SABIC, DuPont Teijin Films, AEP Industries, Honeywell,
Covestro, Toray Plastics, Berry, Sealed Air, RPC, Jindal Poly and Amcor. Most
of these players are making significant investment to expand its production
capacity to meet the consistently growing product demand from several end-user
industries. For instance, Covstro AG announced about expanding new
polycarbonate films capacity in Thailand in December 2018. This move was
intended to improve the delivery times, increase its market access, and meet
increasing product demand in Asia Pacific.
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Specialty Plastic Films Market Update, Analysis, Forecast, 2019-2025
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Reviewed by GMI
on
August 22, 2019
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