“Rising use of polyfilms in packaging, medical, and construction industry verticals will drive market growth potential through 2032,” says a Fact.MR analyst
United States, Rockville, MD, June 13, 2022 (GLOBE NEWSWIRE) -- As of 2022, the polyfilm market stands at a valuation of US$ 131.77 billion and is estimated to increase at a CAGR of 3.5% through 2032. These insights, and much more, are provided in the latest market survey performed by Fact.MR, a market research and competitive intelligence provider.
Rising scope of application for polyfilms in various industry verticals is expected to significantly drive market growth over the forecast period. Rising disposable income of the general population has resulted in increased sales via e-Commerce channels and has subsequently increased the demand for appropriate packaging as well. Polyflim is widely used for packaging purposes for a wide range of products.
However, strict regulations banning the use of plastic products and the strenuous recycling process of polyfilms are expected to restrain market growth to some extent.
Polyfilm manufacturers are focusing on developing new products that are more sustainable and compliant with the new sustainability norms being implemented across the world. Key players in this market are Formosa Plastics Corporation, Garware Polyester Limited, Max Speciality Films Limited (MSFL), Polyplex Corporation Ltd., SRF Limited, and Taghleef Industries SpA.
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Key Takeaways from Market Study
The global polyfilm market is valued at US$ 131.77 billion in 2022.
Over the forecast period (2022-2032), consumption of polyfilm is estimated to increase at a CAGR of 3.5%.
The market is predicted to reach a valuation of US$ 185.18 billion by 2032.
Increasing demand for polyfilm in packaging, rising disposable income, growing use of polyfilm in the medical industry, and advancements in the agriculture industry are expected to be major trends driving polyfilm market growth.
Strict mandates to conserve the environment and the difficult recycling procedures of polyfilm are anticipated to constrain market growth potential to some extent.
The North America polyfilm market is expected to be valued at US$ 58.8 billion by 2032 while expanding at a CAGR of 3.7%.
The agriculture industry accounts for a dominant market share of 28.6%.
The market for polyfilms in China accounts for US$ 18.05 billion in 2022 and is expected to hold a dominant market share of 47.1% in the APAC region by 2032.
The LLDPE segment is estimated to expand at a CAGR of 3.6% over the forecast period.
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Polyfilm manufacturers are increasing their investments in research and development divisions to develop new products that are compliant with current sustainability norms.
Polyfilm manufacturing companies are also expected to focus on the packaging end-use vertical to increase their sales and profits across regions, such as catering to the rising need for flexible packaging solutions.
Market players are also eyeing mergers, acquisitions, and collaborations to increase their market presence and gain a competitive advantage over others.
In March 2022, Jindal Polyfilms, a manufacturer of films based in India, announced that it had signed a pact to sell off 25% stake in its packaging film business to Brookfield Asset Management.
Key Segments Covered in Polyfilm Industry Research
Polyfilm Market by Type :
Poly LDPE Shrink Film
HDPE Poly Film
Other Resin Types
Polyfilm Market by End-use Industry :
Polyfilm Packaging Market
Building & Construction
Other End-use Industries
Polyfilm Market by Region :
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global polyfilm market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market based on type (LLDPE, LDPE, HDPE, other types) and end-use industry (agriculture, packaging, building & construction, consumer goods, other end-use industries), across five major regions (North America, Latin America, Europe, APAC, and the MEA).
About the Chemicals and Materials Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analyzed the chemicals and materials industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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