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Flexible Film Market by Top Key Companies, Industry Key Challenges Due to Coronavirus Outbreak | Fortune Business Insights™

The global flexible films market size is expected to showcase exponential growth by reaching USD 133,760.1 million by 2026 while exhibiting a CAGR of 6.0% between 2020 and 2026. The growth is attributable to the increasing demand for eco-friendly flexible films and the growing demand from the electronics industry globally. This information is published by Fortune Business Insights, in its latest report, titled, Flexible Films Market Size, Share & Industry Analysis, By Raw Material (Polypropylene {BOPP and CPP}, Polyester / BOPET {Thin Film and Thick Film}, and others), Application (Packaging, Industrial, and Others), and Regional Forecast, 2020-2026.” The report further mentions that the market stood at USD 88,702.8 million in 2019.

Market to Thrive amid COVID-19 Backed by Surge in Pharmaceutical & Packaged Food Sales

The global pandemic, COVID-19, is expected to have a positive impact on the market. The growing awareness regarding hygiene and the rising consciousness amongst people to stay healthy is likely to favor the demand for package food products. This is expected to positively affect the demand for flexible packaging films across the globe.

Flexibles films are primarily manufactured by using raw materials such as polypropylene, polyethylene, and polyester. These films are available in the market in several sizes that vary as per the requirement. Additionally, they provide beneficial properties such as high resistance to heat, water, moisture, and chemicals that makes them favorable across several end-user industries.

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What does the Report Include?

The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2020 and 2026. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period.

DRIVING FACTORS

Increasing Demand for Electronics to Augment Growth

According to the latest official data, electronics import in India touched an astounding record of around USD 55.6 billion in 2019. The growing demand for electronics is expected to boost the adoption of advanced flexible films to protect the components from external damage. Moreover, the rising concerns over the adverse environmental effects of high plastic use is driving the demand for eco-friendly alternatives. This is anticipated to surge the demand for polyester-based flexible films that are biodegradable in nature. These factors are expected to contribute to the global flexible films market growth in the forthcoming years.

SEGMENTATION

Packaging Segment Held Largest Market Share in 2019

The packaging segment, based on application, held the largest market share in terms of revenue in 2019 and is expected to showcase considerable growth during the forecast period. This is ascribable to factors such as the increasing adoption of innovative flexible films for packaging solutions across several industrial applications such as food & beverage, automotive, and electronics.

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REGIONAL INSIGHTS

Asia-Pacific to Remain Dominant; Increasing Government Initiative to Reduce Plastic Waste to Favor Growth

Among all the regions, Asia-Pacific is expected to remain dominant and hold the highest position in the global flexible films market. This dominance is attributable to the increasing government initiatives to reduce plastic waste that propels the demand for advanced sustainable flexible films in the region between 2020 and 2026. Asia Pacific stood at USD 46,540.4 million in 2019.

On the other hand, Europe is expected to hold the second position in the market owing to the higher adoption of flexible films in the automotive sector to prevent parts from damage due to high temperature and stretches.

COMPETITIVE LANDSCAPE

Environmental Concerns Propel Market Players to Introduce Eco-Friendly Products

The global flexible films market is fragmented by the presence of major companies that are striving to maintain a stronghold and gain a competitive edge over their rivals. These companies are focusing on introducing eco-friendly flexible films to tackle the environment issues and to further reduce carbon footprint. Furthermore, other key players are adopting organic and inorganic strategies to gain a major chunk of share in the global marketplace.

 

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Industry Development:

June 2020 –  InnovAiT Films unveiled a new series of functional recyclable BOPP-based films, Encore. These films are manufactured by adopting renewable non-food raw materials. This is expected to lead to reduced adoption of fossil-based virgin raw materials.

List of the Companies Profiled in the Global Market for Flexible Films:

  • Mondi Group (Austria)
  • Innovia Films (UK)
  • Amcor Ltd (Australia)
  • Bemis Company, Inc. (US)
  • The Wipak Group (Finland)
  • LINPAC Group (UK)
  • Jindal Poly Films Ltd. (India)
  • Berry Plastics Corporation (US)
  • AEP Industries Inc. (US)
  • Max Speciality Films Limited (India)
  • Polyplex (India)
  • CHIRIPAL POLY FILM (India)
  • Cosmo Films Ltd. (India)
  • Uflex Limited (India)
  • Novus Holdings (South Africa)
  • Flex Films (India)
  • CTP Flexibles (South Africa)
  • AMPAFLEX (South Africa)
  • Others

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