Industrial growth all over the world is contributing to the current scenario of many supporting businesses. Tremendous demand from packaging market and innovative applications from different industrial verticals are creating growth prospects in the plastic films and sheets market. Increasing applications and demand for plastic films and sheets is heartening for the existing manufacturers in this industry. In order to cater to the rising demand, the market is also making efforts towards creating better products that can offer variety in packaging and non-packaging applications. As a result, the market is expected to gain momentum across new regions.
Applications and Demand in Plastic Films and Sheets Industry
Based on applications, the industry is divided into two basic segments, which include non-packaging and packaging applications. The global plastic films and sheets market is segmented on the basis of the types of applications, packaging materials, and demand across different parts of the world.
- Packaging: Consumer goods, food packaging, pharmaceutical and medical products, and others
- Non-packaging: Construction, medical and healthcare, agriculture, consumer goods, and others
- Materials: Polyester, polypropylene, polyethylene, nylon, and others
- Geography: North America, Europe, Asia, and rest of the world
Market Trends and Future Prospects
Strong rise in demand and applications of plastic films and sheets is the strongest driver for the current conditions of the global market. Growth in the packaging industry and upsurge in demand from non-packaging industries are also responsible for the steady growth in the market. Unconventional industries like agriculture are also showing better prospects in terms of demand and revenue. Regions like Asia Pacific are giving better outlook to the industry. As a result, the region is expected to dominate the global plastic films and sheets market. According to the market research reports, the global market will grow at an anticipated CAGR of over 3.4% during the next four to five years.
The plastic films and sheets market is projected to grow from 59.9 million MT in 2013 to 70.9 million MT by the end of 2018. During the forecasting period, food packaging segment is expected to dominate the global industry. In terms of geography, Asia Pacific will continue creating better business opportunities in the market. The untapped industry and growth in application areas within the sub-segments of this region are the strongest market drivers for this segment. North America and Europe on the other hand have fragmented industries, which has restricted overall market share of these regions.