Global packaging industry is growing at a rapid rate. Rising demand for packaged foods and beverages along with various other goods is driving the demand for all the supporting industry. Packaging film market is one of such industries, gaining great momentum with changing scenario in the global markets. Increasing demand from pharmaceuticals and food industry will help this market to gain steady yet impressive growth during the next few years. Advancing technologies and safety and hygiene instructions from global healthcare bodies and governments are a few other factors causing impressive growth in the industry.
Market Trends and Segments in Packaging Films Industry
Industry for packaging films has evolved throughout the years with the use of advanced technologies and materials. When it comes to determination of future prospects for the industry, researchers study the packaged film market by revenue and volume. For effective analysis, the market is segmented on the basis of various factors including packaging requirements for foods and beverages, consumer products, medical and pharmaceutical goods and other products.
The market is also categorized on the basis of the types of packaging materials, into polypropylene, polyethylene, polyester and others including PVC, EVOH, polyamide, PVOH, PVDC and cellulosic. Based on demand across different geographic segments, the industry is divided into four major segments, namely, Europe, North America, Asia Pacific and rest of the world. As mentioned before, growth and challenges for packaging film market depend on the various important industries.
Emerging markets and their rapid development are vital factors to consider while gathering market information for the packaging films industry. Rapid socioeconomic development and stronghold of the packaging industry in Asia Pacific will influence progress in the industry. According to the research, countries like India, China, Brazil, Poland, Turkey, Mexico and such other developing countries are expected to witness strong growth during the forecasting period. Europe and North America on the other hand will gain maturity during the forecasting period.
Rising demand from food packaging market is the greatest driver for the global market. Apart from food industry other markets like pharmaceuticals and consumer goods are also creating better growth prospects for the packaging film market. As a result, the industry will progress at a steady rate from 2013 to 2018. According to the market research reports, the industry is expected to grow at a CAGR of over 4%. According to the estimated values, the market will grow from an estimated 51.2 million MT in 2013 to 63.79 million MT by 2018.