Packaging Films Market Size, Share, Analysis, Trends, Growth, 2032

Packaging Films Industry Prospective:

The global packaging films market size was worth around USD 104.20 billion in 2023 and is predicted to grow to around USD 157.54 billion by 2032 with a compound annual growth rate (CAGR) of roughly 4.70% between 2024 and 2032.

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Packaging Films Market: Overview

Packaging films are an integral part of the global packaging industry. They are used for protecting and packaging a wide range of products, including consumer goods, consumer electronics, food & beverages, pharmaceutical products, medical devices, and others. Among other functions, the primary role of packaging films is to prevent stored items from deteriorating or damaging. It prevents exposure of packaged goods to damaging external factors such as excess humidity, sunlight, and oxygen. Effective packaging is essential to the longevity of any product. It also eliminates the risk of contamination, thus maintaining product integrity during storage, transportation, and distribution.

Currently, the industry for packaging films is filled with several types of films made using different materials. The most frequently used packaging solutions include polypropylene (PP) films, polyethylene (PE) films, polyvinyl chloride (PVC) films, polyethylene terephthalate (PET) films, and multilayer films. The surge in demand for eco-friendly packaging films will generate more growth opportunities during the forecast period. However, the rising concerns over pollution caused by the packaging films sector will limit the industry’s expansion rate.

Key Insights:

• As per the analysis shared by our research analyst, the global packaging films market is estimated to grow annually at a CAGR of around 4.70% over the forecast period (2024-2032)
• In terms of revenue, the global packaging films market size was valued at around USD 104.20 billion in 2023 and is projected to reach USD 157.54 billion by 2032.
• The packaging film market is projected to grow at a significant rate due to the rising e-commerce sector
• Based on the packaging materials, the polyethylene (PE) segment is growing at a high rate and will continue to dominate the global market as per industry projection
• Based on the applications, the food packaging segment is anticipated to command the largest market share
• Based on region, Asia-Pacific is projected to dominate the global market during the forecast period

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Packaging Films Market: Growth Drivers

Rising e-commerce sector to fuel market demand rate during the projection period

The global packaging film market is expected to grow due to the rising use of films in the e-commerce industry. Online sales channels have registered significant growth in the last decade. The e-commerce industry gained higher growth momentum during COVID-19 and since has delivered a stellar performance. The higher revenue in the e-commerce sector is influenced by several interconnected factors. For instance, online sales channels offer ease of shopping. They offer multiple brands and products under one roof. Additionally, most online platforms offer monetary discounts and other incentives during festive seasons and other occasions. In addition to the benefits, companies running e-commerce channels are actively investing in improving overall tool performance and delivering improved or engaging customer experience. The introduction of chatbots, integration of Artificial Intelligence (AI) & Machine Learning (ML), and the launch of several e-commerce platforms will shape the industry’s future during the projection period. In June 2024, Amazon announced its plans to invest more than USD 100 billion in the coming 10 years for the development of new data centers as the company is expected to leverage AI benefits.

Growing use of packaging films in the healthcare and pharmaceutical industry will generate significant growth revenue

Packaging films are critical components of healthcare and pharmaceutical packaging solutions. The industries are heavily regulated with strict policies against faulty or poor packaging. For instance, as per Article 30 of Commission Delegated Regulation (EU) 2016/161, the supply of products doubted to have tampered packaging can be completely stopped in the EU region. The global expansion of the pharmaceutical and healthcare sectors is driven by a surge in the number of patients, a growing geriatric population, and increased efforts to achieve equal distribution of medical care worldwide. According to market research, between 2007 and 2022, the US government spent more than USD 45 million in global health research and development (R&D) along with the production of several drugs and medicines. Similar statistics are observed across the globe resulting in a positive impact on the global packaging films market.

Packaging Films Market: Restraints

Pollution caused by packaging films will limit the industry’s growth rate

The global packaging film industry is expected to be restricted due to the high pollution caused by the materials. The packaging industry is one of the largest environmental polluters. Recent statistics represent the drastic impact of plastic-based packaging films on environmental factors. Films made of plastics are the largest contributors to marine pollution. According to official reports, more than 4.9 trillion pieces of plastic can be found across the ocean. Some of the plastic takes centuries to degrade. Consumers are demanding more responsible and sustainable solutions from companies, thus affecting the production of packaging films.

Packaging Films Market: Opportunities

Rising use of environmentally-friendly packaging films will generate more growth opportunities

The global packaging films market is expected to be led by the surge in investment for the development and production of environmentally-friendly solutions. Companies and brands are increasingly investing in reducing carbon footprint by investing in developing novel plastics that can easily degrade. Other players are focusing on recycling existing packaging solutions to improve brand value and consumer perception. Reports emerging in March 2024 suggested that several companies operating in the flexible food packaging supply chain have collaborated to develop a new packaging solution made using 50% recycled plastic. A highly advanced recycling process has been employed to achieve this goal. The new polypropylene films were used by food giant PepsiCo for the launch of its popular snack Sunbites in the UK region. In June 2024, researchers at the Fraunhofer Institute for Applied Polymer Research IAP launched a recyclable and flexible plastic film made using polylactide (PLA) bioplastic. Sustainable plastics and derived films will be crucial in determining the industry’s growth trajectory during the projection period

Packaging Films Market: Challenges

Fluctuating in raw material supply and pricing will challenge the market expansion rate

The global industry for packaging films is projected to be challenged by the fluctuating raw material supply. For instance, plastic production has registered changing rates driven by inaccessibility to crude oil and other raw materials. In addition, the pricing of these materials has been dynamic in the last few years. The presence of several other sustainable alternatives will also impact the market growth rate.

Packaging Films Market: Segmentation

The global packaging films market is segmented based on packaging materials, applications, and region.

Based on the packaging materials, the global market segments are polyester, polypropylene, polyethylene, and others. In 2023, the highest growth was witnessed in the polyethylene (PE) segment. It is a highly versatile material and hence has multiple applications. In addition to this, the performance index of polyethylene is superior as compared to its counterparts. However, the environmental impact of PE films is resulting in greater investment toward more sustainable alternatives. PE films take around 500 to 1000 years to decompose.

Based on the applications, the packaging films industry divisions are industrial, consumer products packaging, medical & pharmaceutical packaging, and food packaging, and others. In 2023, the highest growth was registered in the food packaging segment. The growing population has led to increased pressure on the global food & beverages sector. Additionally, regulatory aspects governing food safety and packaging solutions used by food manufacturers are driving the segmental demand rate. Nestle, a leading food company, is currently valued at USD 236 billion.

Packaging Films Market: Report Scope

Packaging Films Market: Regional Analysis

Asia-Pacific is expected to generate the highest growth rate during the projection period

The global packaging films market is expected to be led by Asia-Pacific during the forecast period. China and India will emerge as the key regional market drivers over the projection duration. The regional market is driven by the presence of a large-scale and robust packaging film manufacturing industry. China, for instance, is one of the world’s largest producers of plastic. In 2023, the country produced more than 74.9 million metric tons of plastic, as per official estimates. Additionally, the thriving e-commerce sector along with increased demand for food products in Asian countries are contributing to regional revenue.

North America is projected to deliver significant results in the packaging films industry over the forecast period. Packaging films are widely used in the regional healthcare and pharmaceutical industry. The US and Canada have stringent policies governing the use of product packaging in the healthcare sector. North America is highly influenced by plastic films made of recycled raw materials.

Europe is anticipated to be influenced by the rising demand for environmentally-friendly packaging films. The increased investments in research & development of sustainable films for packaging have improved in the last few years, affected by the region’s vision to achieve net zero by 2050.

Packaging Films Market: Competitive Analysis

The global packaging films market is led by players like:

• Treofan Group
• Mondi Group
• AEP Industries
• Dow Packaging & Specialty Plastics
• Toray Plastics
• Amcor
• Clondalkin Group
• Bemis Company (acquired by Amcor)
• Berry Global
• RKW Group
• Jindal Poly Films
• Sealed Air
• Winpak
• Constantia Flexibles Coveris.

The global packaging films market is segmented as follows:

By Packaging Materials

• Polyester
• Polypropylene
• Polyethylene
• Others

By Applications

• Industrial
• Consumer Products Packaging
• Medical & Pharmaceutical Packaging
• Food Packaging
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa