The Global Packaging Film market to grow at a CAGR of 6.75% over the period 2014-2019.
Packaging films are used in the packaging of F&B, pharmaceuticals, chemicals, and consumer products. Generally, packaging films are made of plastic as it is non-corrosive, light, relatively cheap, and can be molded into a variety of shapes and dimensions, making it a material of choice for packaging. Its inert nature and ability to preserve products for a long period of time makes it a popular choice for packaging in the F&B industry.
Plastic packaging film is also preferred by customers in the F&B industry because of its aesthetic appeal, which aids in promotions. It is used by other industries as well for the packaging of various products such as pharmaceutical products, automotive parts, industrial goods, and other consumer goods.
One key trend upcoming in this market is the usage of green plastic packaging. Growing environmental concerns and a rise in disposable income have increased the demand for biodegradable plastic films. Green plastics are mainly biodegradable, which are easily decomposed by microorganisms, thereby reducing the toxic effect they have on the environment compared to conventional plastics.
According to the report, one of the main factors driving the market is the growing importance of packaging across the globe. Increased spending power coupled with consumers' growing requirements has pushed the growth of the Global Packaging market. Companies use attractive packaging and innovative designs in advertising and marketing campaigns.
Further, the report states that one of the main challenges that the market faces is growing competition from other types of packaging materials. Materials such as wood and paper are gaining popularity among manufacturers and customers because of the various options they provide. The F&B industry prefers using paper substitutes.
The various types of materials used in the manufacture of packaging films are LDPE, HDPE, LLDPE, CPP, BOPP, BOPET, polyamide, PVC, PVDC, cellulosic, PVOH, and EVOH.