Market Size – USD 25.39 Billion in 2018, Market Growth – CAGR of 4.7%, Market Trends – The advent of environmentally friendly packaging materials.
The global barrier films market is forecast to reach USD 36.88 Billion by 2026, according to a new report by Reports and Data. Barrier films are materials used for the packaging of goods. These goods need to be protected not only from contaminants like gas and moisture but also insects and spillage. They also offer insulation and offer certain properties like their lightweight nature, robust build, and uncompromising effect on the substrate. They are flexible and printable and hence makes them available for a wide array of applications.
The market for barrier films is influenced by the rising demand for convenient food products, the evolution of environment friendly chemicals required by food and beverage industries, and development of packaging industries, which require large protective films. Apart from edibles, these packaging products are used in pharmaceutical industries and for toiletries. They are also in high demand from the agricultural industry where the transportation of goods is very important.
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The afore-mentioned factors collectively create drivers for the market growth while factors such as derogatory effects of barrier films pose limitations in the market. These unfavorable factors include the susceptibility to deformation and degradation, along with the inconsistent market prices for raw materials used in production. These factors bring in restraints for the market growth, which are being overcome with further research in the field along with higher commercialization of these products in the general consensus.
The population of Asia Pacific has been shifting towards the youth, and the young population is dependent highly on the packaged food and beverage industry. The developing countries are looking at China and India as global market leaders. The requirement is not only restricted to a single industry but also spread across a vast spectra with the likes of agricultural, as well as, electronics industry both of which are booming in this region These countries consists of over 35% population across the globe and application of packaging films in this region will grow with a very high rate.
Further key findings from the report suggest
- The polyethylene segment is expected to observe the highest CAGR of 5.5% during the forecast period. Films of this material helps in the protection of shelf products from oxygen degradation. Oxygen degradation causes undesirable smell, taste, and color. This increases the shelf life of products and hence customer acceptability of the shelved goods.
- Inorganic Oxide Coatings have been seen to have held a market share of 8% in the year 2018. These coatings prevent corrosion of the substrate. These coatings can be applied with or without electrical support and serve as a better protector than paints.
- Moisture protection barrier films are set to witness a CAGR of 4.9% during the forecast period. These films are used in the manufacturing of drugs that are to be ingested and also for the packaging of water sensitive products. They are dissolved rapidly once ingested and also increase the shelf life of the products.
- Asia Pacific is forecasted to observe the highest CAGR of 5.1% during the forecast period. Countries like India, Japan, and China are quickly catching up with the growth in the barriers films market. The advent of packaged food and beverage industries because of the urbanization in the lives of the residents of this region shall propel the market growth here.
- Key participants are 3M, Honeywell International Inc., Eastman Chemical Company, Alcan Packaging, Fraunhofer-Gesellschaft, Centre for Process Innovation Limited, Beneq, Toppan Printing Co. Ltd., Sigma Technologies Int’l. LLC, and General Electric Company, among others.
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For the purpose of this report, Reports and Data have segmented into the global Barrier Films Market on the basis of contaminant type, material type, end-users, and region:
Contaminant Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Oxygen and Other Gas
Material Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Polyethylene Terephthalate
- Organic Coatings
- Inorganic Oxide Coatings
End-Users Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Food & Beverage Packaging
- Pharmaceutical Packaging
Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- North America
- Asia Pacific
- Latin America
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