Mar 31, 2020 (AB Digital via COMTEX) -- High Barrier Packaging Films Industry Overview
Market Research Future (MRFR), in its recently published research report, asserts that the global high barrier packaging film market 2020 is booming and expected to grow exponentially over the review period, recording a substantial market valuation and a healthy 6.2% CAGR in the forecast period.
Drivers and Restraints
Packaging applications for food are expected to account for a key share of the barrier film market. This can be attributed to the rising trend of down-gauging, which has supported the shift from rigid to flexible packaging. Strong incentives from retailers, producers, and consumers to increase product shelf life and reduce wastage of packaging material, along with the increasing preference for fresh foods, such as fruits, meat, vegetables, and seafood, have augmented the demand for barrier films.
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Furthermore, Pharmaceutical and medical products make up one of the significant markets for high barrier films. This market is anticipated to rise at a strong pace, based on augmented healthcare expenditure and new drug formulations that require higher barrier packaging. PET is anticipated to witness an increase in use, due to its ability to be metalized by vapor deposition of metals, which further improves the barrier against oxygen, water vapor, and aroma loss, which will consequently drive the market demand. LCP (liquid crystal PET) is an emerging PET film for high gas barrier applications. Consumers are focusing on convenience and purchase grab-and-go products rather than bulk buying; this is resulting in the growing demand for packaged food. The trend of grab-and-go food and snacks is motivating the demand for barrier film packaging solutions in the food industry.
The major market players operating in the global market as identified by MRFR are Amcor Limited (Australia), Bemis Company, Inc. (U.S.), Printpack Inc. (U.S.), Ampac Packaging LLC (U.S.), The Mondi Group (Austria), Huhtamaki Group (Finland), Sealed Air Corporation (U.S.), Berry Plastics Corporation (U.S.), Linpac Packaging Limited (U.K.), Coveris Holdings S.A. (Luxembourg), Constantia Flexibles Group GmbH (Austria), Wipak Walsrode GmbH & Co. KG (Germany), Sonoco Products Company (U.S.), and Sigma Plastics Group (U.S.).
The global High Barrier Packaging Films Industry has been segmented based on product, material, technology, application and region. On the basis of material, the market has been segmented as polypropylene, bioplastics, polyvinyl chloride, ethylene vinyl alcohol, polyethylene, low-density polyethylene and linear low-density polyethylene, transparent high barrier films, and others. Polyethylene leads the material segment of the market, with the fastest growth, and is anticipated to be the fastest-growing material segment.
On the basis of technology, the market is segmented as multi-layer film, sustainable barrier coatings, Besela barrier film, and others. On the basis of application, the market is segmented as food & beverage, personal care & cosmetics, pharmaceutical, and others. Food & beverages have the highest share, with the fastest growth of all the application segments of the market, and is estimated to be the fastest-growing application segment. The increasing population, along with the growing demand for food and beverages, is motivating the growth of the market. Pharmaceutical application is projected to contribute considerably during the forecast period.
The geographical analysis of the global High Barrier Packaging Films Industry has been conducted in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.
The Asia Pacific is likely to lead the global high barrier packaging film market and is followed by North America. It is projected to be the fastest-growing region in the market. Growing industrialization, and urbanization in developing countries such as China and India, provides a boost to the market. Furthermore, the availability of raw materials and low labor cost, together form a progressive influence on market growth. China accounts for the largest share of the Asia Pacific high barrier packaging film market.
North America & Europe are the other major regions for the market. Growing demand for consumer goods, and packaged food in these regions, drive the growth of the market. Furthermore, rising applications for high barrier film packaging in these regions are also expected to boosts the growth of the market.
Latin America and Middle-East & Africa regions are also poised to witness high growth over the review period, owing to increasing demand from the e-commerce sector.