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Home > Research Reports > Plastic Film Market to Reach $149.9 Billion by 2034, Driven by Demand from Packaging Industry

Research Reports

Plastic Film Market to Reach $149.9 Billion by 2034, Driven by Demand from Packaging Industry

Published by Jessica Weisman-Pitts

Posted on February 28, 2025

5 min read

Last updated: February 28, 2025

Plastic Film Market to Reach $149.9 Billion by 2034, Driven by Demand from Packaging Industry - Research Reports news and analysis from Global Banking & Finance Review

The plastic film market across the globe is expected to experience high growth, with a valuation of US$ 95.6 billion in 2024 and a growth forecast to US$ 149.9 billion by 2034. This growth is largely fueled by the diverse uses of plastic films in multiple industries, such as packaging, construction, agriculture, electronics, and healthcare. The market is likely to register a constant Compound Annual Growth Rate (CAGR) of 4.6% throughout the forecast period.

The global plastic film market is set for significant growth, driven by the rising demand for degradable plastic films. Several factors are expected to contribute to this expansion, including technological advancements in decorative laminates that are transforming industry standards. Additionally, the increasing preference for plastic as a versatile alternative to traditional materials like glass and metal is further fuelling market demand.

The packaging sector continues to be the largest consumer of plastic films with a market share of about 76.4% in 2024. Plastic films' inherent characteristics of versatility, strength, and affordability make them unavoidable in packaging use in industries such as food and beverage, pharmaceuticals, personal care, and consumer goods. E-commerce has further increased the demand for protective packaging materials, and plastic films provide light-weight materials that ensure cost savings in shipping and product protection.

Consumer tastes are trending towards convenience and on-the-go packaging, creating demand for single-serve and portable packaging. Plastic films address these requirements because they are lightweight and help maintain product integrity. Moreover, rigorous food safety and hygiene regulations have driven the use of plastic films with enhanced barrier properties to safeguard perishable items.

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In addition to packaging, plastic films are increasingly finding applications in construction and agriculture. Within construction, plastic films are used as protective coverings and moisture barriers, whereas in agriculture, they are applied for greenhouse coverings and mulch films. The adaptability and protective capabilities of plastic films render them beneficial in these wide-ranging applications.

Regional Highlights:

North America: Anticipated to grow at a CAGR of 5.3%, with the United States commanding a 68.3% market share in 2024.
China: Forecasted to maintain strong momentum with a 5.2% CAGR through 2034.

Material Segmentation:

PET Films: Leading the market with a 36.5% share in 2024, driven by their superior barrier properties and recyclability.

Industry Applications:

Plastic film use in packaging is well-established, but plastic films are used in other industries as well:

Construction: As moisture barriers, vapor retarders, and protective coverings, plastic films increase building lifespan and efficiency.
Agriculture: Used in mulch films and greenhouse coverings, they help in weed suppression, moisture retention in soil, and yield enhancement of crops.
Electronics: Used as insulators and protective coatings in different electronic parts, providing strength and performance.
Healthcare: Used in medical packaging and protective coverings, ensuring sterility and safety of medical devices and equipment.

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Key Players in the Plastic Films Market:

The global plastic films industry is dominated by leading corporations that drive innovation and industry growth. Major players include The Dow Chemical Company, DuPont, Eastman Chemical Company, Evonik Industries AG, Amcor Limited, Berry Plastics Corporation, Griffon Corporation Inc., Mitsubishi Chemical Holdings Corporation, Honeywell International Inc., and Saudi Basic Industries Corporation. These companies play a crucial role in advancing plastic film technologies, enhancing material properties, and meeting the growing demand for sustainable and high-performance packaging solutions.

Recent Trends in the Plastic Film Industry:

The plastic film industry is seeing strategic efforts towards sustainability and innovation:

Evonik Industries AG: With a focus on creating specialty polymer solutions, Evonik develops films with complex properties like high barrier capability and robustness. The organization is also working on bio-based and biodegradable films to contribute to environmental welfare.
Amcor Limited: Amcor is a worldwide leader in packaging and specializes in rigid and flexible packaging solutions. The organization is investing in recyclable and compostable films to support its initiative towards sustainable packaging practices.

All these developments are a testament to the industry reacting to heightened environmental consciousness and demand for green packaging solutions.

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