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Micro-Perforated Films Market - Forecast(2023 - 2028)
Micro-perforated Films Market Overview
The Micro-perforated Films Market size is projected to grow at a CAGR of 4.1% during the forecast period 2022-2027 and reach US$1.5 billion by 2027. Micro-perforated films can be categorized into various types which include polyethylene terephthalate, polypropene, polyvinyl films, polyethylene film, cling film and others. The expansion of micro-perforated films is primarily driven by their usage in the agriculture industry. According to the Food and Agriculture Organization (FAO), global agricultural production including wheat and coarse grains is expected to increase by 9% during 2021-2030. An increase in production in the agricultural and pharmaceutical industries is expected to drive the growth of the micro-perforated films market size in the upcoming years. On the other hand, fluctuating prices of raw materials may confine the growth of the market. In 2020, the surge in the COVID-19 pandemic had negatively impacted agricultural production activities as a result of the country-wide shutdown of production sites, shortage of labor and the decline of the supply and demand chain all over the world. This temporarily affected the growth of the micro-perforated films industry. However, a steady recovery in agricultural production activities has been witnessed across many countries around the world since 2021, which in turn, is driving the demand for Micro-perforated Films.
Micro-perforated
Films Market Report Coverage
The
"Micro-perforated Films Market Report – Forecast (2022-2027)” by IndustryARC,
covers an in-depth analysis of the following segments in the Micro-perforated Films Market.
By Type: Polyethylene
Terephthalate Films, Polypropene Films, Polyethylene Film [High-Density
Polyethylene (HDPE) Films, Low-Density Polyethylene (LDPE) Films], Polyvinyl
Films, Cling Films, Polyolefin Films and Others.
By Perforation Method: Hot Perforation and Cold Perforation.
By End-use Industry: Food Industry (Bakery and Confectionery, Dairy
Products, Fruits & Vegetables, Instant Meals, and Others), Agriculture,
Pharmaceutical and Others.
By Geography: North
America (the USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, the Netherlands, Spain, Denmark, Belgium and the Rest of Europe), Asia-Pacific (China,
Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan,
Malaysia and the Rest of APAC), South America (Brazil, Argentina, Colombia, Chile
and the Rest of South America) and the Rest of the World [the Middle East (Saudi Arabia, the UAE,
Israel and the Rest of Middle East) and Africa (South Africa, Nigeria and the Rest of
Africa)].
Key Takeaways
- Polyethylene film held the
largest share in the Micro-perforated Films Market in 2021. Its wide range of
characteristics, along with high flexibility and adaptability made it stand out
in comparison to other types of Micro-perforated Films in the market.
- Food industry held the largest share in the Micro-perforated Films Market in 2021,
owing to the increasing demand for Micro-perforated Films for food packaging
across the world. Micro-perforated films help in sustaining the quality, integrity
and freshness of the packed food, which aids in enhancing the product shelf
life.
- Asia-Pacific dominated the Micro-perforated Films Market in 2021, owing to its increasing demand from the food sector in the region.
- A detailed analysis of strengths, weaknesses, opportunities and threats would be provided in the Micro-perforated Films Market Report.
Figure: Micro-perforated Films Market Revenue Share, by Geography, 2021 (%)
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Micro-perforated Films Market Segment Analysis – by Type
The polyethylene film held the largest Micro-perforated Films Market share of over 22% in 2021, owing to a range of benefits they offer over other types of micro-perforated films. Polyethylene film offers a wide range of properties and benefits such as superior flexibility, higher adaptability along with higher impact and puncture resistance in comparison to polypropene, polyvinyl films and other types of micro-perforated films. Moreover, it offers enhanced protection of the packaged products against moisture and UV rays, as well as excellent resistance to extreme temperatures. Polyethylene film also offers higher elasticity, transparency and excellent breathability. Furthermore, it is extremely lightweight and relatively more economical and cost-effective as compared to other types of micro-perforated films. Hence, all of these benefits of polyethylene film are driving its demand over other types of Micro-perforated Films, which in turn, is expected to boost the growth of the market during the forecast period.
Micro-perforated Films Market Segment Analysis – by End-use Industry
The Food Industry held the largest Micro-perforated Films Market share of over 25% in
2021, owing to the increasing demand for micro-perforated films for food
packaging across the globe. For instance, according to recent insights
published on Interpack in 2020, the global packaging sector, including food
packaging, is expected to grow at an annual rate of 3.5% within the next four
years. According to PMMI (the Association for Packaging and Processing), the
North American food & beverages industry is expected to increase by 4.5%
from 2018 to 2028, with the United States leading the food & beverages packaging sector. Furthermore, recent insights from the Packaging Federation of
the United Kingdom state that the UK packaging manufacturing industry was
valued at GBP 11 billion (US$15.2 billion) in 2020, owing to the increasing
demand for packaging from multiple sectors including its food sector.
Micro-perforated Films Market Segment Analysis – by Geography
Asia-Pacific held a dominant Micro-perforated Films Market share of around 47% in 2021. The consumption of micro-perforated films is particularly high in this region due to its increasing demand from the food sector in APAC. According to a recent study published on Interpack, China holds the largest market share around the world when it comes to food packaging. The consumption of food packaging in China is expected to increase to 447,066 million in 2023. Likewise, it further states that the Chinese packaging companies such as 3D, SIP and WLCSP alone achieved a revenue of around US$5.88 billion with end packaging. Moreover, according to the Packaging Industry Association of India, the Indian packaging industry was valued at around US$50.5 billion in 2019 and is expected to increase up to US$204.81 billion by the end of 2025. It further states that food packaging is considered to be one of the fastest-growing industries in India and is rising at 22%-25% per year. This is anticipated to propel the growth of the market during the forecast period.
Micro-perforated Films Market Drivers
An increase in agricultural production
Micro-perforated Films such as polyethylene terephthalate, polypropene, polyvinyl films, polyethylene film, cling film and others are commonly used as agricultural films. The use of micro-perforated agricultural films offers a range of benefits such as suppression of weed growth, increased soil temperature, reduced erosion, support of seed germination, acting as a fumigation barrier and offering improved protection to crops against harmful UV rays. According to the Food and Agriculture Organization (FAO), global agricultural production, including wheat and coarse grains, is expected to increase by 9% during 2021-2030. An increase in agricultural production along with the surging pharmaceutical production is expected to drive the growth of the micro-perforated films market size in the upcoming years. On the other hand, fluctuating prices of raw materials may confine the growth of the market. In January 2022, the government of Egypt invested around EGP 6.4 billion (US$413 million) for the continuation of its agricultural project. The project would focus on the production of crops such as wheat, maize, cotton and oil. Thus, an increase in global agricultural production is expected to increase the demand for Micro-perforated Films, owing to their above-mentioned benefits & usage.
Surging pharmaceutical production
Micro-perforated Films are primarily used in the
pharmaceutical industry for the packaging of various capsules, tablets and
other pharmaceutical products. According to the Brazilian Chemical Industry
Association, the production of the pharmaceutical industry in Brazil was valued
at US$16.1 billion in 2021, an increase of 2.6% from US$15.7 billion in 2020. According
to the General Statistics Office of Vietnam, the total pharmaceutical
production in Vietnam was valued at US$3484.5 million in 2020, an increase of
around 7% from US$3255.6 million in 2019. Furthermore, according
to the European Federation of Pharmaceutical Industries and Associations
(EFPIA), the total production of pharmaceuticals including capsules, tablets
and other products in Europe was valued at EUR 310,000 million (approx. US$354,080.76
million) in 2020. Hence,
such surging pharmaceutical production is expected to increase the demand for Micro-perforated Films for the packaging of pharmaceutical products, owing to its
above-mentioned properties. This is expected
to accelerate the growth of the market in the upcoming years.
Micro-perforated Films Market Challenges
Fluctuating prices of raw materials may confine the market growth
Some of the raw materials required for the
production of Micro-perforated Films are obtained from crude oil. As a result, fluctuations in the prices of crude oil may hinder the
growth of the market. For instance, in
2020, the international benchmark for petroleum prices across the world, also
known as Brent crude prices, decreased to US$9.12 per barrel. This was the
lowest record since December 10, 1998. Likewise, in April 2020, India’s Crude
Oil Basket (COB) reached US$19.90 per barrel, which was the lowest record since
February 2002. During the first 11 months of the year 2020-21, the average
annual price of India’s COB was around US$42.72 per barrel, which decreased by
30% more than the average COB price in 2019-20. In this way, such uncertainty
regarding the price of crude oil may affect the prices of raw materials that
are used in the production of micro-perforated films. Thus, such instability
and fluctuating prices of raw materials may limit the growth of the Micro-perforated Films industry during the forecast period.
Micro-perforated Films Industry Outlook
Technology launches, acquisitions and increased R&D activities are
key strategies adopted by players in the Micro-perforated
Films Market. The top companies in the Micro-perforated Films Market are:
- Bollore Group
- Aera
- Dhwani Polyprints Private Limited
- Helion Industries
- HEXIS S.A.
- Jiangyin Bairuijia Plastics Science & Technology Co., Ltd.
- Mondi
- Penguin Plastics
- Specialty Polyfilms Pvt. Ltd.
- Ajover S.A.S
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