According to a report published by Grand View Research, Inc.; the plastic films and sheets market is estimated to reach a valuation of around USD 157.5 billion by 2025. Increasing demand from application industries along with rising demand for eco-friendly and water-soluble films can propel the market during the forecast period (2014 to 2025). High consumption of sustainable textiles is the major driving factor for the market. The market demand is anticipated a 4% CAGR from 2017 to 2025.
The plastic films and sheets are extensively used in various packaging and non-packaging applications. Packaging applications include food, consumer goods, medical, and others. Satisfactory cost performance returns coupled with flexibility, durability, higher tensile strength, impact resistance, and versatility are considered as crucial factors driving demand for these products in many sectors. These products are available in a variety of forms such as single, multi-layered, printed, non-printed, and in combination with other materials. These products can be widely used in various industries such as construction, agriculture, electrical and electronics, imaging, graphic, and other special applications in tents and outdoor equipment.
The worldwide plastic films and sheets market is segmented on the basis of product, application, and regions. As per product, the market can be categorized into PVC, LDPE/LLDPE, PA, HDPE, BOPP, CPP, and others. Based on application, the market can be classified into packaging and non-packaging.
Full Research Report On Plastic Films and Sheets Market Analysis: https://www.grandviewresearch.com/industry-analysis/plastic-films-and-sheets-market
Geographically, the market can be divided into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Central & South America (CSA).
In 2016, Asia Pacific accounted for 37.5% market revenue share. It is expected to grow at CAGR of 6.7% from 2017 to 2025. Rapid urbanization, improving economic conditions, increasing manufacturing and infrastructure activities are supporting the market growth in the region. Rising domestic demand for packaged foods and beverages in developing countries in the region is likely to have a positive impact on the market.
Growing population, improving standard of living, and established manufacturing base in countries such as China, India, Taiwan, and South Korea have increased the product demand in the region. Increasing consumers purchasing power is boosting demand for consumer and medical products. Increasing agricultural production has spurred the market growth in China. The market in Northwest China is also likely to expand in coming years due to Great Western Development Strategy.
Plastic sheets gels are widely used in agricultural for covering the soil to save water for irrigation purposes. Plastic sheets can save irrigation costs and play a major role in water-scarce areas and supports crops by retaining water for long duration. In addition, the medical industry in developing countries such as China and India is expected to grow over the forecast period due to advancements in science and technology. This will also boost the demand for these products in pharmaceutical packaging in the coming years.
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The CSA market is expected to show significant growth in the years to come. Flourishing industrial sector and increasing gross domestic product (GDP) per capita in countries such as Argentina, Brazil, Peru, Colombia, and others are projected to augment growth. Growing automobile production in these countries as mitigation from the U.S. is likely to act as key factor to improve the economic growth in the region. In addition, rise of construction companies in countries including Peru and Chile is expected to create more opportunities in the market.
Moreover, increasing population, growing disposable income, and rapid urbanization in the Middle East countries like Saudi Arabia are likely to boost food and beverage industry during the forecast period. This is expected to bode well for the market growth.
Prominent players operating in the market include Toray Industries, Inc.; Berry Global, Inc.; British Polythene Industries Plc.; Bemis Company, Inc.; and DowDuPont. Players are making high investments to foster development of newer technologies. Research and development (R&D) activities coupled with the expansion of product portfolio are expected to have a significant impact on the overall competitive scenario during the forecast period. The participants are also adopting several strategies including collaborations and acquisition of raw material manufacturers to improve their competitive edge.
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