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New York, NY, United States, 2017/06/27 - According to the report by Persistence Market Research (PMR), the global plastic films market was anticipated to present absolute $ opportunity of $3,150.3 million in 2016 - PersistenceMarketResearch.com.
In terms of value the global plastic films market is anticipated to register 6.1% CAGR between 2016 and 2024. The report also provides insight on some of the key trends and factors influencing plastic films market.
Rise in demand for plastic films as substitute for metal and glass to drive the growth of plastic films market globally
There has been a rise in demand for plastic films as the substitute for metal and glass, this is the key factor influencing the growth of plastic films market. Moreover, in terms of industrial applications, packaging and decoration plastic films are cheaper as compared to metal and glass options. The significant growth in global plastic films market is attributed to the rise in demand for flexible and hygienic material for food packaging. The shift in consumer preference for eco-friendly products and increasing environmental concerns are expected to drive the growth of plastic films market between 2016 and 2024.
Packaging segment on basis of application to account for the highest share in the global plastic films market
In terms of application, the global plastic films market is segmented into food container, electric and electronic purposes, packaging, blister packs and others including decoration and industrial. Among all these, packaging was anticipated to account for 48.0% value share by 2016 end. It is projected to gain significant market share by 2026 end. Moreover, packaging in terms of volume consumption is estimated to have the highest share during 2016-2024.
The decoration segment is projected to have higher CAGR between 2016 and 2024. However, others segment is anticipated to dominate the global plastic films market in terms of volume and value.
On basis of product type, the market has been segmented into PVC, PP, PE, PET and others including PS, EVA, PA, etc. The highest value share of 29.6% was expected to be accounted by PET segment by 2016 end. However, it is still anticipated to gain maximum market share by 2026 end. The segment is also expected to reach highest CAGR during 2016-2024. Moreover, PET has sustainable properties and is recyclable, thus the demand for PET plastic films is expected to increase.
The report also indicates that PP product type segment is anticipated to have the higher share in terms of volume consumption.
Europe to register 6.7% CAGR in terms of value during the forecast period
In terms of value, Europe is expected to reach 6.7% CAGR during 2016-2024. While the region was expected to have 29.2% volume share by the end of 2016. However, the APAC market is expected to present incremental opportunity of $10.17 billion during the forecast period.
The key players profiled in the report in the global plastic films market include DuPont, The Dow Chemical Company, Eastman Chemical Company, Amcor Limited, Evonik Industries AG, Berry Plastics Corporation, Mitsubishi Chemical Holdings Corporation, Honeywell International Inc., Griffon Corporation Inc. and Saudi Basic Industries Corporation (SABIC). These companies are offering customer-centric and innovative products. The key market players are planning to expand in regional markets through mergers and acquisitions. The companies are also investing in research and development to develop new technologies to meet the rising demand of plastic films.
About Persistence Market Research (PMR)
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