Global specialty plastic films market is expected to gain significant momentum over 2021-2027. This is attributable to the increasing usage of specialty packaging films across a range of industries, including FMCG and biopharma. Likewise, the adoption of fluoropolymer films in medical applications, such as fluid bags, drug containment, and medical liners, to maintain a high level of sanitation will also augment industry growth in the upcoming years. Specialty plastic films refer to thin continuous polymeric materials, which are widely used to hold items, separate areas or volumes, and act as barriers or printable surfaces. In addition, these high-strength films are also deployed in construction and other heavy-duty usage, as well as downgauging of existing applications.
Rapid entry of key specialty film manufacturers into the FMCG business and the emergence of e-Commerce as a key channel for FMCG are the major trends impelling the specialty plastic films market trends. In 2021, Cosmo Films forayed into the customer-facing businesses, such as pet care services and products, household accessories, and laundry sanitizers, with an aim to meet the evolving consumer needs for flexible packaging during the coronavirus pandemic. These factors could boost the demand for specialty plastic films, as they can provide good sealing and prevent product contamination, among other advantages. Moreover, the high investment interest towards the expansion of BOPP film production lines will also contribute to the rising market share over the foreseeable future.
Considering end-user, the specialty plastic films market from the food & beverage segment will depict a strong growth rate through 2027. This is due to the favorable attributes of plastic films, including lightweight and resistance to heat, oil, and contamination, which make them an ideal raw material for use in food-safe packaging. Moreover, a considerable rise in consumption of ready-to-eat and processed foods, particularly during the pandemic, is likely to further bolster the demand for specialty films across the food and beverages industry.
Asia Pacific specialty plastic films industry is projected to account for a commendable share of the global market by 2027, given the steady increase in the number of biopharma companies in countries like China. In addition, the significant expansion of e-Commerce and the rise of industries such as personal care, beauty, and wellness, will further generate growth opportunities for the regional specialty plastic films market in the years ahead.
The competitive landscape of the global specialty plastic films market consists of companies such as Amcor, Jindal Poly, RPC, Sealed Air, Toray Plastics, Covestro, Honeywell, AEP Industries (Berry Global Group), DuPont Teijin Films, SABIC (Saudi Aramco), and AkzoNobel, among others. These companies are focusing on new product launches and business expansions to expand their footprint across the global market. For instance, in October 2020, Covestro AG launched a new production line for polycarbonate films in a large industrial park in Thailand’s Map Ta Phut Industrial Estate. This initiative was taken with an objective to strengthen its position as a market leader and meet the robust demand for plastic film from various sectors in the APAC region.
COVID-19 to Impact Specialty Plastic Films Market Trends:
The ongoing coronavirus pandemic has created challenging situations across all sectors of the economy, including construction. The timely delivery of construction projects was hindered by several challenges like schedule delays, material and equipment shortages, disrupted cashflows, and serious health and safety concerns. These factors may create a negative impact on the specialty plastic films industry applications in the construction sector, given the use of protective films in building components like windows.
Despite the COVID-19-induced disruptions, packaged food sales have witnessed a commendable surge, stemming from rising in-home consumption during the crisis, which could aid the industry recovery over the foreseeable future. According to research activities conducted at the ICB-USP in Brazil, PVC film was found to be capable of eliminating 79.9% of SARS-CoV-2 particles in just 3 minutes, and 99.99% in over 15 minutes, which could further contribute to the rising popularity of specialty plastic films worldwide.