Specialty and high-performance packaging films: Key market research findings
- APAC to dominate the market geographically
- Ready meals segment to be the dominant shareholder in the market
- Key vendors – Amcor, Covestro, Dow Chemical, DuPont, Honeywell, and Sealed Air
Technavio’s market research analysts predict the global specialty and high-performance packaging films market to grow at a CAGR of more than 6% between 2016 and 2020. The unique properties of specialty and high-performance films will augment their demand from various industries and will subsequently drive growth in the market during the estimated period. These films exhibit several properties like heat resistance, gas, and aroma barrier, high tensile strength, puncture resistance, durability, unique surface properties, and lighter packaging. These films are easy to print on and can improve the brand value of the products enclosed in them. At present, APAC accounts for more than 38% of the total market share and will dominate the global specialty and high-performance packaging films market until the end of the forecast period. Consolidation in the specialty and high-performance packaging film industry and the key players shifting their operating bases to developing nations such as India and China to gain competitive advantage are the fundamental driving forces behind the growth of the market in this region.
The new market research report from Technavio presents a breakdown and analysis of the specialty and high-performance packaging films segments based on application.
“The shift from on-shore to off-shore locations is the latest trend in the specialty and high-performance packaging films. In this market, vendors are increasingly shifting to off-shore locations owing to the availability of low-cost labor, reduced operational costs, and improved customer services. Taxation and government regulations, supply chain costs, and exchange rates are some other significant factors that vendors take into consideration while shifting to their businesses to these locations,” says Sharan Raj, Lead Analyst, Transportation & Logistics, Technavio Research.
The ready meals segment dominated this market during 2015 and accounted for almost 41% of the total market share. Ready meals include pasta, noodles, soups, and sauces and are mainly consumed by working professionals due to their busy lifestyle. The majority of the demand for ready meals comes Europe, especially the UK. Polyethylene and polypropylene are the two types of films that are primarily used for the lamination of ready meals. An increase in the populace’s demand for ready meals during the forecast period is expected to contribute to the growth of this segment.
The key vendors in the market include Amcor, Covestro, Dow Chemical, DuPont, Honeywell, and Sealed Air. The global specialty and high-performance packaging films market is highly competitive and is characterized by rapid technological transformations. Since the market has the presence of both well-diversified global and regional vendors, the regional players find it difficult to compete with them in terms of product features and price.
A more detailed analysis is available in the Technavio report, Global Speciality and High-Performance Packaging Films Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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