Plastic Films & Sheets Market

Updated on : June 17, 2024

Plastic Films Market

The global plastic films market was valued at USD 140.0 billion in 2023, and is projected to reach USD 182.5 billion by 2028, growing at 5.4% cagr from 2023 to 2028. Plastic films and sheets are versatile materials widely used in both packaging and non-packaging applications. In packaging, they provide a barrier against moisture, oxygen, and contaminants, preserving the freshness of food and extending shelf life. They are also employed in protective packaging, shrink wrap, and flexible pouches. In non-packaging applications, plastic films and sheets find use in agriculture (greenhouses), construction (vapor barriers), and medical industries (sterile packaging), among others, owing to their durability, flexibility, and protective qualities.

Attractive Opportunities in the Plastic Films And Sheets Market

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Plastic Films And Sheets Market Dynamics

Driver: Rapid globalization & urbanization

Globalization and urbanization are pivotal factors driving the escalating demand for plastic sheets and films. As the global population increasingly gravitates toward urban centers, there arises an amplified need for contemporary infrastructure, efficient transportation networks, and a diverse range of consumer products. Plastic sheets and films are integral to these urban developments, serving as essential materials in construction for innovative building solutions, in transportation for crafting lightweight yet durable components, and in consumer goods for efficient packaging and product enhancements. As urban areas continue their expansion and modernization efforts, plastic materials remain indispensable for delivering cost-effective, versatile, and sustainable solutions that align with the imperatives of globalization and urbanization.

Restraint: Limited infrastructure facilities for recycling

Within the plastic sheets and films market, a significant hurdle emerges from the insufficient recycling infrastructure, particularly concerning certain plastics like multilayer films.  Multilayer films, often used for packaging purposes due to their barrier properties and versatility, contain various layers of different plastics, making them technically complex to recycle efficiently. So, this translates into increased operational costs and logistical complexities for plastic film manufacturers and recyclers. The absence of a comprehensive recycling system for multilayer films means that a significant portion of these materials ends up in landfills or incineration, contributing to environmental concerns and potentially exposing businesses to regulatory scrutiny. Moreover, it hampers the industry's sustainability efforts, as recycling is a pivotal component of reducing plastic waste and mitigating its environmental impact.

Opportunity: Untapped opportunities in emerging markets

The growing packaging industry in emerging countries such as Brazil, Russia, India, and China (BRIC), offers immense growth potential in the plastic films & sheets market in the coming years. These markets are characterized by rapid urbanization, industrialization, and a rising middle class, all of which contribute to increased demand for various products and packaging solutions. In 2019, BRIC economies captured around 21% share of the world packaging market. Packaging sales in emerging markets are expected to grow as the demand for consumer goods drives the need for more sophisticated packaging. The increasing disposable income of consumers and the changing lifestyles are also expected to drive the market for plastic films & sheets in emerging nations. Plastic films & sheets are the main packaging materials used in the BRIC nations.

Rural areas in India still have a substantial untapped market for the food packaging industry. Moreover, increasing demand for microwavable food in urban India drives the sales of films & sheets in the country.

Brazil leads the demand for plastic films & sheets in South America. It shows immense potential for growth in the sale of plastic films. Recently, a Brazilian company developed plastic films that inactivate the Coronavirus. In addition, the construction sector in these markets is booming, necessitating extensive use of plastic sheeting and films for applications like roofing, insulation, and cladding. As new infrastructure projects and housing developments continue to sprout, the demand for these materials is set to surge.

Challenge: Vulnerability in raw material cost

Raw material costs and availability, particularly in the realm of petroleum-based polymers, present a persistent challenge in the plastic films and sheets market. The industry's reliance on petroleum-derived feedstocks makes it susceptible to the whims of global oil markets, where price fluctuations can be sudden and substantial. These fluctuations, in turn, directly impact the cost structure of plastic film and sheet manufacturing, putting pressure on profit margins. Additionally, the availability of specific raw materials can be subject to geopolitical factors and supply chain disruptions, further intensifying challenges related to sourcing reliable and cost-effective inputs.

Plastic Films And Sheets Market Ecosystem

Source: Secondary Research, Interviews with Experts, and MarketsandMarkets Analysis

"LLDPE type was the largest segment for plastic films & sheets market in 2022, in terms of value."

Linear Low-Density Polyethylene (LLDPE) plastic films and sheets are a prominent choice in various industries. Their exceptional flexibility, durability, and resistance to impact make them ideal for packaging solutions, including stretch wraps, industrial bags, and food packaging. LLDPE films excel in load stability, reducing product damage and ensuring cost-effective transportation. In construction, LLDPE sheets are used as protective barriers and liners. These materials offer a competitive advantage due to their cost-efficiency, sustainability, and adaptability.

"Non-packaging application was the second largest end-use industry for plastic films & sheets market in 2022, in terms of value."

Plastic films and sheets find extensive non-packaging applications in diverse industries. They serve as protective barriers in construction, used as vapor barriers, roofing membranes, and liners. In agriculture, plastic films and sheets contribute to greenhouse insulation and crop protection. In healthcare, plastic films are used for sterile packaging. Automotive and aerospace sectors rely on them for interior and exterior components. These versatile materials provide durability, flexibility, and resistance to environmental factors, making them indispensable for businesses seeking innovative solutions in construction, agriculture, healthcare, and manufacturing industries.

"Asia Pacific was the fastest growing market for plastic films & sheets in 2022, in terms of value."

Asia Pacific was the fastest growing market for global plastic films & sheets market, in terms of value, in 2022. China is the largest market in Asia Pacific. India is projected to witness the highest growth during the forecast period considering of high usage of plastic films and sheets in the region for various application.

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Plastic Films And Sheets Market Players

The key players in this market Amcor PLC (Switzerland), Berry Global Group, Inc. (US), Sabic (Saudi Arabia), Toray Industries, Inc. (Tokyo), Sealed Air Corporation (US), Uflex (India), Toyobo Co. Ltd. (Japan), Jindal Poly Films Ltd. (India), Dupont Teijin Films (US), Oben Holding Group (Peru),.Continuous developments in the market—including new partnership, mergers & acquisitions, agreements, and expansions—are expected to help the market grow. Leading plastic films & sheets manufacturers  have opted for investment & expansion to sustain their market position.

Plastic Films And Sheets Market Report Scope

This report categorizes the global plastic films and sheets market based on type, application, end-use industry and region.

Based on type, the plastic films and sheets market has been segmented as follows:

• LLDPE
• LDPE
• HDPE
• BOPP
• CPP
• PVC
• PES
• PA
• Others

Based on application, the plastic films and sheets market has been segmented as follows:

• Stretch Films
• Shrink Films
• Bags
• Pouches
• Wraps
• Others

Based on end-use industry , the plastic films and sheets market has been segmented as follows:

• Packaging
• Non-packaging

Based on region, the plastic films and sheets market has been segmented as follows:

• Asia Pacific
• Europe
• North America
• Middle East & Africa
• South America

Recent Developments

• In August 2023, Amcor has recently disclosed its strategic move to acquire Phoenix Flexibles, a move aimed at bolstering Amcor's production capabilities within the rapidly expanding Indian market. This move will immediately increase Amcor’s capacity to satisfy continued high demand.
• In May 2023, Amcor, Delterra, Mars, and P&G have collaboratively unveiled a strategic alliance aimed at addressing the issue of plastic pollution in Global South. These prominent international companies will collaborate to expand both upstream and downstream initiatives in support of a circular plastics economy. Together, they are pledging a combined investment of USD 6 million over a span of five years.
• In December 2022, Amcor has officially announced the opening of its state-of-the-art manufacturing plant in Huizhou, China. With a substantial investment of close to USD 100 million, this sprawling 590,000-square-foot facility now claims the title of the largest flexible packaging plant in China, in terms of production capacity. This development significantly bolsters Amcor's capability to meet the increasing demand from its clientele across the Asia Pacific region.
• In May 2023, Berry Global Group, Inc. Peel Plastic Products Ltd., and ExxonMobil have jointly announced a strategic partnership aimed at incorporating International Sustainability and Carbon Certificate (ISCC) PLUS certified-circular plastics into the packaging of household pet food brands. This collaboration harnesses ExxonMobil's ExxtendTM technology for advanced recycling, enabling the conversion of plastic waste into new food-grade packaging materials using a mass balance methodology.
• In May 2023, Sabic has formed a strategic partnership with Estiko Packaging Solutions and Coldwater Prawns of Norway to collaboratively create and deploy an exceptionally sustainable packaging solution for frozen prawns. This innovative pouch is crafted from a multi-layer film, skillfully manufactured by Estiko Packaging Solutions, utilizing Sabic PP QRYSTAL, a circular certified random polymer grade. This particular polymer incorporates approximately 60% ocean-bound plastic (OBP) content.

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