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Plastics packaging film and sheet manufacturing market will hit $123 billion in 2020, report says

The plastics packaging film and sheet manufacturing market will grow from US$97.9 billion in 2016 to US$123.7 billion by 2020 with a compound annual growth rate (CAGR) of 6.0% for the period of 2016-2020, a new report from Trends Market Research says.

“Global plastics packaging film and sheet manufacturing market is currently in a very crucial phase of transformation,” the report said. “There is mounting pressure to reduce costs, improve quality and satisfy customers as it has been moving from a provider-driven model to a consumer-driven model. At the same time, emerging markets, rapid urbanization, rising population and income levels, and growing consumption of processed foods, poultry, meat and agricultural and pharmaceutical products is driving the demand for plastics packaging film and sheet products. These factors are, in turn, generating demand for plastics packaging film and sheet to meet high expectations.”

The market for plastics packaging film and sheet manufacturing reached a value of nearly US$97.9 billion in 2016, the report said, and is expected to grow at a compound annual growth rate (CAGR) of 6.0% to nearly $123.7 billion by 2020.

“The market for plastics packaging film and sheet manufacturing is somewhat fragmented with a few large players dominating the market, the report continued. “Major players in the market are Dow Chemical, Amcor Ltd., Berry Plastic Corporation, Sigma Plastics Group, among others. PE accounted for the largest share of the market for plastics packaging film and sheet manufacturing in 2016 at 71%. The highest growth is projected to come from BOPET, which is forecast to grow at a CAGR of 8.8%.”

Asia Pacific is the largest market for plastics packaging film and sheet manufacturing, accounting for 43% of the global market. It was followed by North America and Western Europe. Going forward, the Middle East is expected to witness the fastest growth in the plastics packaging film and sheet manufacturing market, estimated at a CAGR of 8.7%, followed by Asia Pacific, expected to grow at a CAGR of 8.4%.

“China is the largest market in terms of value and is driving the market for plastics packaging film and sheet manufacturing. India and China are expected to have the fastest growth, growing at a CAGR of 10.9% and 5%, respectively,” the report said.

The market is challenged by restraints such as reduction in free trade and growing environmental concerns over plastics, the report also noted.

“Socio-economic factors such as rising disposable income in many developed and developing countries and busy lifestyles has led to an increase in the demand for packaged and frozen foods, and food and beverage products globally,” the report said. “Global industry leaders and large organizations see an expanded role for market consolidation, investment in developing economies, and recycling and waste management in the plastics packaging film and sheet manufacturing industry.”

The global plastics packaging film and sheet manufacturing market is growing due to increased consumption of processed foods, poultry, meat and agricultural and pharmaceutical products, the report said. The growth is also stimulated by increased demand from end user industries such as food and beverage products, cosmetics and pharmaceuticals, which will drive the plastics packaging film and sheet manufacturing market.

“The market for plastics packaging film and sheet manufacturing is fragmented with a few large players, dominating the market,” the report said. “Major players in the market include Dow Chemical, Amcor Ltd., Berry Plastic Corporation, Sigma Plastics Group, and others.”

Visit More Information: https://www.trendsmarketresearch.com/report/sample/12235