Surging demand for packaging materials in food industry and by make-up bloggers becomes the prime driving factor in the market.
DUBAI, UAE / ACCESSWIRE / October 13, 2020 / Future Market Insights: The packaging barrier films market hit a valuation of US$ 15,862 million in 2020. When talking about packaging market. Due to the increment in demand for convenient packaging solutions by frozen food companies or requirement for high durability cans, the market is gaining popularity. Demand for flexible solutions or collation shrink films has witnessed a surge in demand lately.
"Availability of wide range of packets, with different qualities and multiple uses of film in face-masks or sheet masks to avoid exposure has given a better angle to the market. Manufacturers are now working on plastics which can be recycled conveniently and are also trying get an insight about the kind of production this market demands," says the FMI Analyst.
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Packaging Barrier Film Market - Key Highlights
- Demand for stand-up pouches is set to surge in cartons and container industry for safety of food quality.
- North America is expected to expand at the highest CAGR among others in the upcoming years with a market share of 29%.
- According to research analysts at FMI, global market is expected to expand at a CAGR of 5.3% through the forecast period.
- Low-density polyethylene accounts for the most lucrative segment in this sector: hence, contributing the most in revenue generation.
Packaging Barrier Film Market - - Driving Factors
- Food and beverage packaging industries like packing meat, poultry etc. require a great deal of convenient packaging solutions to maintain the quality and freshness of food.
- Consumer - attractive packaging format of frozen foods, pharmaceuticals and food & beverage industry has escalated the production and consumption.
- Growing social media presence and make up bloggers use sheet masks and face masks which requires barrier films to keep them safe from exposure, this use is expanding the market.
- Better features and unique modifications like durability and additional strength in packaging solutions done by the key manufacturers is attracting the buyers.
Packaging Barrier Film Market - - Key Restraints
- Recycling issues of these plastic materials is a major challenge in the market.
- Due to manufacturing defects, packets might fail to lock essential aroma and freshness of the foods and beverages.
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Expected Impact on Market by Coronavirus Outbreak
This market might experience considerable pressure due to reduced production. And reduced sales channel. The packaging market has always been in demand and can revive soon to the pre-pandemic position because properly packaged food with quality freshness will gain popularity and social media bloggers require these products in higher number now. But there has also been a reduction in demand due to fluctuating economic condition which thereby affects the presence of raw materials.
Competition Landscape
Key manufacturers are incorporating innovative techniques like bio-based packaging to enhance market growth. Major players of this market include Mondi PlcHuhtamaki Oyj, Winpak Ltd., Atlantis Pak Co. Ltd., Glenroy, Inc., Uflex Ltd., Plastissimo Film Co., Ltd., Bischof & Klein GmbH., Ampac Holdings, LLC, Schur Flexibles Holding GesmbH.
Mnaufacturers are working on collaborations to focus on development of small sized packets. Vacuum packaging, aseptic packaging and atmospheric packaging will gain better traction in the coming years.
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More on the report
FMI's report on Packaging Barrier Films market provides proper segmentation and analysis of market trends and macro-economic factors. On the basis of thickness. Low and linear low-density polyethylene with heat-resistant features is standing in the limelight now showing distribution across Asia-Pacific regions. Historical trends and new strategies taken up by the manufacturers have been accommodated in detail.
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SOURCE: Future Market Insights