Global Sustainable Films for Packaging Market to Reach $276. 2 Billion by 2031. Global Sustainable Films for Packaging Market Overview The global sustainable films for packaging market was estimated at $140.
New York, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Sustainable Films for Packaging Market - A Global and Regional Analysis: Focus on Material, Applications, and Region - Analysis and Forecast, 2022-2031" - https://www.reportlinker.com/p06319805/?utm_source=GNW
0 billion in 2021 and is expected to reach $276.2 billion by 2031, growing at a CAGR of 7.0% during the forecast period 2022-2031. The growth in the global sustainable films for packaging market is expected to be driven by an increasing focus on the circular economy and the growing awareness of its environmental benefits among end users and consumers. However, the lack of recycling technology and the high cost of raw materials are some key restraining factors for the market.
Market Lifecycle Stage
The global sustainable films for packaging market is in a growing phase. New trends, such as the development of bioplastics, are further expected to provide opportunities for the market to grow in the coming years.
With an increased worldwide focus on the circular economy, the shift toward eco-friendly industrial practices is increasing, thereby creating demand for sustainable products. The shift is more prominent in the food and beverages industry in regions such as Europe and North America.
Impact of COVID-19
The COVID-19 pandemic had a huge impact on the global sustainable films for packaging market.It altered the market in both positive as well as negative ways.
During the COVID–19 pandemic, sectors that help meet necessities, such as providing food and supplies to consumers securely, were increasingly disrupted.
Segmentation 1: by Application
• Food and Beverage
• Consumer Goods
• Personal Care
• Consumer Electronics
Among different sustainable films used for packaging in end-use applications, the food and beverage segment is expected to be the largest application during the forecast period 2022-2031.
Segmentation 2: by Material Type
• Polypropylene (PP)
• Polyethylene (PE)
• Polyethylene Terephthalate (PET)
• Others (PLA and Cellulose)
Among different types of materials, the polyethylene segment led the market in 2021 and is estimated to lead the market during the forecast period 2022-2031 as well.
Segmentation 3: by Region
• North America - U.S., Canada, and Mexico
• South America - Brazil, Argentina, Chile, and Rest-of-South America
• Europe - Germany, France, Spain, Italy, and Rest-of-Europe
• Asia-Pacific and Japan - Japan, India, South Korea, Australia, and Rest-of-Asia-Pacific and Japan
• Middle East and Africa - U.A.E., Saudi Arabia, South Africa, Egypt, and Rest-of-Middle East and Africa
Europe led the sustainable films for packaging market in 2021 and is anticipated to uphold its dominance throughout the forecast period.
Recent Developments in Sustainable Films for Packaging Market
• In February 2022, Sealed Air increased its recyclable barrier display film portfolio to improve recyclability across European food supply chains. The company launched two new low-density polyethylene (LDPE) mechanical recycling and chemical recycling compatible Cryovac Brand Eco BDF films, namely, Eco BDF20M and Eco rBDF20M.
• In April 2022, ProAmpac announced the launch of its latest ProActive Recyclable R-2000S, which is made up of recyclable polyethylene material.
• In June 2021, Amcor plc launched AmPrima PE Plus ultra-clear and heat resistance films. The AmPrima PE Plus product uses raw materials which are ready for recycling processes and manufacturing. These films are easy-to-recycle and are effective at reducing carbon footprints.
• In November 2021, Rani Plast made significant additional investments to boost production capacity for recycled packaging film. Furthermore, the new lines would cut production waste, increase packaging film quality, and allow the company to employ other raw materials, such as recycled plastic granules.
Demand – Drivers and Limitations
Following are the demand drivers for the global sustainable films for packaging market:
• Growing Government and Industrial Initiatives to Reduce Plastic Waste
• Increasing Demand for Mono-Material Plastic Packaging
The market is expected to face some limitations too due to the following challenges:
• Lack of Technological Advancement around Recycling
• High Cost and Inadequate Production of Bio-Based Raw Materials
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader understand the different types of materials available for sustainable films for packaging and their potential globally. Moreover, the study provides the reader with a detailed understanding of the different sustainable films for packaging applications in industries such as food and beverages, pharmaceutical, personal care, consumer goods, and consumer electronics.
Growth/Marketing Strategy: Business expansion, partnership, collaboration, and joint venture are some key strategies adopted by key players operating in the space.For instance, in February 2022, Sealed Air increased its recyclable barrier display film portfolio to improve recyclability across European food supply chains.
The company launched two new low-density polyethylene (LDPE) mechanical recycling and chemical recycling compatible Cryovac Brand Eco BDF films, namely, Eco BDF20M and Eco rBDF20M.
Competitive Strategy: Key players in the global sustainable films for packaging market analyzed and profiled in the study involve sustainable packaging film providers.Moreover, a detailed competitive benchmarking of the players operating in the global sustainable films for packaging market has been done to help the reader understand how players stack against each other, presenting a clear market landscape.
Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Some prominent names in this market are:
• Amcor plc
• Rani Group
• Innovia Films
• Berry Global Inc.
• UFlex Limited
• TORAY ADVANCED FILM CO., LTD.
• Pregis LLC
• Constantia Flexibles
• Sealed Air
• Transcontinental Inc.
• Bleher Folientechnik GmbH
• ePac Holdings, LLC.
• Cosmo Films
• North America
• South America
• Rest-of-South America
• Middle East and Africa
• Saudi Arabia
• South Africa
• Rest-of-Middle East and Africa
• Asia-Pacific and Japan
• South Korea
• Rest-of-Asia-Pacific and Japan
Read the full report: https://www.reportlinker.com/p06319805/?utm_source=GNW
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