Global Plastic Films Market to Reach US$142.7 Billion by the Year

Abstract: Global Plastic Films Market to Reach US$142. 7 Billion by the Year 2026 . Plastic films, used for packaging of both food and non-food products, apart from various other plastic products, is the largest sub-sector of the plastics processing industry.

New York, Jan. 18, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Plastic Films Industry” – https://www.reportlinker.com/p01591557/?utm_source=GNW
Apart from packaging applications, plastic films are also used in construction, agriculture, healthcare and other non-packaging application areas. Growth in the global market is being spurred by the surge in demand for biodegradable plastic films along with the growing use of different plastic films like polystyrene, polyethylene terephthalate, high-density polyethylene, cellulose acetate, low-density polyethylene films in various packaging and non-packaging applications. Market growth is likely to be augmented by several factors like advanced decorative laminates; use of plastic as a popular substitute for metal and glass; rising demand for flexible food packaging materials to ensure food safety and hygiene; soaring demand for PVC, PP, and PET decorative laminates; along with consumer shift towards sustainable and environmentally friendly products. Manufacturers in emerging countries are prioritizing product differentiation by offering a range of plastic film types for industrial applications, decoration, and packaging. High growth in food packaging as well as healthcare industries is driving expansion in the plastic straps market, which in turn, is augmenting market growth. In addition, the thriving agriculture sector is also anticipated to drive significant growth in the market. Widespread plastic film usage in the consumer goods sector to package cosmetics, personal hygiene products, household cleaners, shampoo, along with laundry and dish detergents is also likely to spur growth in the market.

Amid the COVID-19 crisis, the global market for Plastic Films estimated at US$108.6 Billion in the year 2020, is projected to reach a revised size of US$142.7 Billion by 2026, growing at a CAGR of 4.6% over the analysis period. LLDPE, one of the segments analyzed in the report, is projected to grow at a 5.2% CAGR to reach US$50.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the LDPE segment is readjusted to a revised 4.8% CAGR for the next 7-year period. This segment currently accounts for a 23.1% share of the global Plastic Films market. Linear low-density polyethylene or LLDPE has effectively replaced high-density polyethylene, cellulose acetate, low-density polyethylene, among other types of films because of its superior tensile strength along with remarkable puncture and impact resistance. LLDPE is popularly used in numerous film applications like general purpose film, agricultural film, stretch…