Plastic Films Market Growth Is Driven By the Increasing Demand for the Degradable Plastic Films

 

Plastic Films Market

Plastic films are used in a wide variety of applications, such as video tape, photographic film, electrical fabrication, film stock for movies, landscaping, building construction, labels, plastic bags, packaging, decoration, labeling, and industrial purposes, among others. Therefore, with the increasing applications, the demand for plastic films is also increasing with a rapid pace, driving the growth of the plastic films market. There is an increasing demand for plastic films for food and pharmaceutical packaging. For example, in September 2020, SABIC launched a sustainable packaging solution for frozen food which combines a new polyethylene (PE) grade and an innovative film production technology.

Compared to conventional blow PE film solutions, it offers significantly higher throughput and also has potential for down-gauging, making it attractive from a commercial and sustainability standpoint. Different types of plastic materials, such as polyamide (PA), Polypropylene (PP), Polystyrene (PS), Polyvinyl chloride (PVC), Polyethylene terephthalate (PET), polyethylene (PE), etc. are used to make plastic films. Moreover, growing demand for flexible and hygienic food packaging materials is primarily fueling the plastic films market growth. Manufacturers are introducing new and innovative packaging products to meet the increasing demand for food packaging materials, driving the plastic films market growth.

For instance, in February 2021, INDEVCO Plastics launched new recyclable industrial films and bags that contain up to 50% recycled resin. Moreover, in January 2021, the company launched a recyclable Shrink Bundling Film that contains 50% post-consumer recycled (PCR) resin for the beverage and processed food industries. Designed for industrial manufacturers, these films and bags are useable for various applications. As there is an increasing demand for degradable plastic films due to rising environmental concern, manufacturers are focused on launching new and innovative packaging solutions in the market. This in turn is also expected to augment the growth of the plastic films market.

Several governments worldwide have introduced stringent regulations to promote the use of degradable plastic films, as they are sustainable and environmentally friendly. Non-degradable films are hazardous and have negative effects on the environment. Thus, there is an increasing demand for degradable plastic films. However, the high cost associated with the manufacturing of degradable films is expected to hamper the growth of the plastic films market. The cost of the raw materials required to manufacture degradable/biodegradable films is relatively high. Moreover, another major factor that can be a hindrance to the growth of the market is the availability of alternatives such as paper packaging products.


Location: India

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