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Mylar Market Expected to Reach $20.4 Billion by 2031—Allied Market Research

 
2022
Mylar Market

Report Code : A31643

quote The global mylar market is expected to witness high growth potential in coming years due to its extensive use in labels, bags & pouches, laminates, and others. Besides, the surge in demand for mylar in packaging is propelling the mylar market growth during the forecast period. However, non-biodegradable nature of mylar is anticipated to hinder market growth. Nevertheless, rising demand for mylar tapes is expected to offer lucrative growth opportunities for the mylar market quote

Yerukola Eswara Prasad - Manager
Materials and Chemicals at Allied Market Research

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According to a new report published by Allied Market Research, titled, “Mylar Market," The mylar market size was valued at $10.7 billion in 2021, and is estimated to reach $20.4 billion by 2031, growing at a CAGR of 6.9% from 2022 to 2031.

Mylar is a plastic material that is used in helium-filled balloons, solar filters, space blankets, protective plastic coatings, and insulators. Mylar, a stretched polyester film, is utilized in a variety of applications including space blanket material, emergency blanket material, foil balloons, and Mylar tags and equipment labels.

It is used in the food sector to manufacture flexible packaging and lids such as dairy lids, roasting bags, and coffee foil pouches. Mylar is employed as an electrical and thermal insulator, as well as a reflective substance and as a decorative material. It may be found in a variety of products, including musical instruments, transparency film, and kites.

Key factors driving the growth of the global mylar industry is majorly attributable to its wide applications in various industries such as labels, bags & pouches, laminates, and others. Also, the increase in demand for mylar in packaging is driving the market growth during the forecast period. Mylar packaging is constructed of many layers of laminated food-grade plastic and metal. It acts as strong light, moisture, and oxygen barrier, protecting the contents of the bag. High-quality pouches are ideal for keeping a variety of food goods. Food with a moisture level of 10% or more can be preserved in mylar bags for months or years. Mylar takes around 2-4 hours for an oxygen absorber to seal bags as rapidly as possible.

However, non-biodegradable nature of mylar is projected to restrain market growth. On the contrary, surge in demand for mylar tapes is expected to offer ample growth opportunities for the mylar market. Mylar tape is generally used for reflective shielding, industrial and graphic arts, ornamental trim, automobile trim, nameplates, and displays. For optimal attaching to a variety of surfaces, the film is covered with an aggressive, long-lasting acrylic adhesive system. It has a shelf life of 12 months when stored at 21°C (70°F) / 50% relative humidity away from direct sunlight and is used for joining and sealing industrial pipe insulation seams and connectors. It is used as an electrical barrier in capacitors and motors, as a thermal barrier in cable tapes, as a supporting carrier in magnetic tapes, and as a physical barrier in protective coatings.

The mylar market is segmented into application, end-use industry, and region. On the basis of application, the market is classified into labels, bags and pouches, laminates, and others. On the basis of end-use industry, the market is categorized into food & beverages, cosmetics & personal care, electrical & electronics, pharmaceutical and others. Region wise, the mylar market share is studied across North America, Europe, Asia-Pacific, and LAMEA.

The key players profiled in the study include BCW Diversified, Inc., CS Hyde Company, FINE PACKAGE CO., LTD., Grafix Plastics, IMPAK CORPORATION, Jarrett Industries, Protective Packaging Corporation, RH Nuttall, Tekra Corporation, and Uline Company. The players in the market have been actively engaged in the adoption various strategies such as acquisition, product launch and expansion to remain competitive and gain advantage over the competitors in the market. 

COVID-19 Analysis:

  • COVID-19 pandemic had a positive impact on mylar packaging which is mainly used to store items like white rice, wheat, flour, beans, sugar, and oats are all suitable dry items to store in mylar bags.
  • According to the State of the Flexible Packaging Industry, the expansion of the mylar packaging market in the U.S. is mostly owing to increased demand from the e-commerce retail industries in countries such as China, India, Japan, and South Korea. As a result, the packaging sector is becoming increasingly important in the post-COVID-19 era. The rising need for moisture-resistant packaging has a substantial impact on the mylar market.

Key Findings of The Study:

  • By application, the bags and pouches segment was the highest revenue contributor to the market.
  • By end-use industry, the food and beverage segment dominated the mylar market in 2021.
  • By region, Asia-Pacific was the highest revenue contributor, growing with a CAGR of 7.2%.
  • China was the highest revenue contributor, growing with a CAGR of 7.4%.

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quote Mylar Market by Application (Labels, Bags and Pouches, Laminates, Others), by End-use Industry (Food and Beverage, Cosmetics and Personal Care, Pharmaceuticals, Electrical and Electronics, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031 quote

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