- Growth in demand for biodegradable packaging solutions will drive growth in the formable films market.
- Challenges with recycling of flexible packaging could hinder market growth.
- North America in general, and the United States in particular, should spearhead growth regionally.
Packaging plays an important role for protecting the product from damage or contamination of air, moisture and toxins. The global market of formable films is characterized by manufacturing and supplying formable films for pressure sensitive adhesive applications. Formable films are used for medical packaging applications which provides high barrier properties and high printability, along with good tensile strength and transparency. The demand of formable films is expected to increase on the backdrop of growth in the demand of food industry across the world. Formable films are used in packaging of various end industries across various regions. Formable films are prominently used for food applications in order to enhance the shelf life quality. Formable films with superior barrier performance are demanded for manufacturing of modified atmospheric packaging solutions that help processed food product extend their shelf life and preserve overall food quality. The global market of formable films is witnessing innovation from the product development activities, pertaining to packaging material development, design technology of packaging, and chemical properties of the packaging material. Therefore, the outlook of the growth of the global formable films is expected to remain positive, during the forecast period.
The global formable films market is expected to grow on the backdrop of growth in demand for biodegradable packaging solutions for the products such as food. Formable films have extensive scope of application into cheese and dairy products including films for lidding applications, economic pouches, flow wraps, shrink forms, stand up pouches etc. Functional and physical attributes of flexible packaging solutions are resultant features of material capabilities inbuilt into formable films. Despite the positive factors, there are certain factors which hinder the growth of the global formable films market. Recycling of flexible packaging becomes practically unfeasible due to lack of selection process. Thus, large amount of resins and raw materials employed in the production process of formable films and ultimately flexible packaging solutions remains uncovered. This is the prominent factor which is declining the sale of the global formable films market. Growing preference of flexible packaging solution is expected to create new opportunities of the global formable films market. However in order to spark the consumer interest , many formable films manufacturers are focusing towards the high-quality formable films manufacturing which is expected to create an optimistic outlook for the growth of the global formable films market during the forecast period.
The global formable films market has been segmented as follows –
On the basis of thickness, the global formable films market has been segmented as:
0 microns- 65 microns,65 microns – 100 microns,100 microns – 300 microns & Above 300 microns
On the basis of end use industry, the global formable films market has been segmented as:
Food & Beverage Industry,Pharmaceuticals Industry,Personal Care & Cosmetics Industry & Others
North America is expected to spearhead the growth of the global formable films market during the forecast period. The United States (U.S.A) formable films market is anticipated to account for major market share in the North America region, owing to increase in the consumption of ready to eat meals. Canada is expected to register notable growth of the global formable films during the forecast period. The APEJ region is expected to closely follow the North America region. China remains dominant in terms of market share of formable films market while India is expected to be highly attractive in terms of growth rate of the global formable films market during the forecast period. Western Europe is expected to closely follow the APEJ region in terms of formable films market size during the forecast period. MEA is expected to register sluggish growth of the global formable films market during the forecast period.
Few of the leading players operating in the global formable films market are –
Ulfex Ltd.,Clifton Group,PLASTOPIL,Master Plastics Limited & FlexFilms
Key Industry Development of the global formable films market
Ardagh Group SA acquired certain formable films assets and support locations belonging to Ball Corporation and Rexam PLC. The facilities are located in Europe, Brazil, and the United States.