A normal plastic film is a thin continuous plastic membrane made out of polymeric material. In addition, plastic films can be modified using advanced ingenuity depending on its usage. Plastic films are used for packaging goods, create divisions, printed banners and wrapping or binding material. Other applications of plastic film include electrical fabrication, decoration, plastic bags, packaging, labels, photographic film, videotape, construction and other industrial purposes.
Innovative Plastic Film Packaging Solutions are Replacing Conventional Packaging Mediums
Various industries are opting for polymeric raw material characterizing the increasing demand for plastics in recent years. Plastic film is an efficient and cost-effective product, consuming minimum storage space. The product is a highly preferred packaging material. Thus, the demand for plastic film is relatively high from the packaging industry. Innovation and introduction of high end technology for polymer manufacturing is further expected to positively influence the demand for plastic film in near future. Manufacturers are actively focusing on developing sustainable, safer and cost effective products in order to cater the requirements of consumers. For instance, an Australian based company ‘lactote’ has developed a shrink plastic film packaging solution that is highly efficient compared to conventional packaging. The company believes that it’s a next-gen packaging solution, comprehensively meeting various industry criterions.
Leading manufacturers of plastic film across the globe are emphasizing on the development of customer-centric products and product innovation. Manufacturers are also increasingly investing in R&D programs for developing new technologies for manufacturing plastic film. In addition, companies are implementing smart marketing strategies such as acquisitions and mergers in order to expand their market presence globally.
Why Demand for Biodegradable Plastic Films is on the Rise?
Factors such as adoption of advanced methods of manufacturing decorative laminates, replacing of glass and metal by plastic and increasing concerns over environmental degradation are expected to fuel the demand for biodegradable plastic films. Furthermore, growing demand for PP, PVC, and PET decorative laminates and increasing preference for eco-friendly products is translating into higher demand for biodegradable plastic films.
Recycled products are highly promoted by environmental activist all over the world. Governments of various countries are introducing policies that encourage recycling of waste products, especially plastic. For example, Novamont S.p.A. an Italy-based company is jointly working with Barbier Group a prominent plastic film company headquartered in France to develop enhanced home-compostable film.
Similarly, Coca-Cola European Partners plc. has recently collaborated with PET UK and Viridor prominent plastics recycling firms to recycle PET liner waste from the product packaging of plastic bottles. The project involves dispensation of plastic liner that carries labels during the process of manufacturing, prior to their addition to the PET plastic bottles.
Manufacturers in emerging economies are offering a wide range of products. Hence, they offer a variety of plastic films for various industrial applications such as in decoration and packaging. Moreover, growing usage of energy-efficient technologies by manufacturers and increasing demand for biodegradable and sustainable plastic films are additional factors likely to create more opportunities for companies in developing regions.
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Demand for plastic films is expected to gain traction in the near future. In 2015, the global market for plastic films was valued at US$ 65.65 Billion and is anticipated to surpass US$ 68 Billion by 2016 end. The market in Europe is expected to witness a high growth rate in the coming years and expected to account for over 31% value share of the market by 2016 end.