According to a new report published by Allied Market Research, titled, "Polyethylene Films Market by Technology, Material, Type and Application: Global Opportunity Analysis and Industry Forecast, 20172023," the global polyethylene films market was valued at $70,465 million in 2016, and is projected to reach $90,911 million by 2023, growing at a CAGR of 3.6% from 2017 to 2023. The linear low-density polyethylene (LLDPE) segment accounted for nearly half of total market in 2016.
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Polyethylene is a thermoplastic that possesses properties such as toughness and high tensile strength. Due to low melting point, it is used in packaging industry to heat seal the packages. These characteristics vary with the basic polyethylene parameters of density/crystallinity, molecular weight, and molecular weight distribution.
The market witnesses a strong demand owing to acceleration in manufacturing output majorly in countries of Asia-Pacific. Growth in applications of polyethylene films in food packaging coupled with growth of food & beverage industry is expected to boost the market growth. Other factors that drive the polyethylene films market demand include innovations leading to development of flexible packaging products which are rapidly enhanced among the food & beverage applications. In addition, the use of polyethylene films as a substitute to glass and metal also contributes to market growth. However, fluctuating costs of raw material and stringent regulations across Europe, which forbid the use of plastic films in the agriculture industry are some factors expected to hamper the growth of the market during the forecast period.
In 2016, the LLDPE segment accounted for nearly half of the total market share, in terms of volume. The excellent high strength and source reduction capabilities have jolted the market growth, including pouches for food products and food packaging Furthermore, LLDPE films are moisture and grease resistant, which boosts the growth of the market. Increase in substitution of low density polyethylene films (LDPE) by LLDPE films owing to desirable cost advantage also fuels the market growth.
Key Findings Of The Polyethylene Films Market:
- In terms of value, the cast film extrusion segment is anticipated to exhibit the highest growth rate of 2.9% from 2017 to 2023.
- Asia-Pacific is anticipated to lead the market in 2023 and is projected to grow with a CAGR of 3.9%, in terms of value.
- The stretch films segment occupied nearly half of the total market in 2016.
- Brazil occupied nearly half of the total LAMEA polyethylene films market in 2016.
- In terms of value, Japan is expected to grow at a CAGR of 4.8%.
In 2016, Asia-Pacific accounted for nearly half of the total polyethylene films market, and is expected to continue this trend, owing to wide availability of raw materials and robust product demand in food packaging applications.
The major companies profiled in the report include AEP Industries, Amcor Ltd., Berry Plastics Corporation, Dupont Teijin Films, Exopac Holdings Corporation, Jindal Poly Films, Sealed Air Corporation, Hilex Poly Co LLC, Innovia Films Ltd., and Ampac Holdings.