Box Making Films Market SWOT & PESTAL Analysis, Russia Ukraine War Impact and Forecast by 2029
The global box-making films market size is expected to gain momentum owing to the increasing demand for reusable and biodegradable during the forecast period. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Box Making Films Market, 2022-2029”. Box-making films are essential for creating efficient packages which help publicize and protect the goods packed. Increasing requirements for biodegradable and reusable packaging bolster the market growth and business expansion. Manufacturers are focusing on convenient packaging incorporating eco-friendly alternatives for packaging.
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Impact of COVID-19 on Market Growth
The chemical industry is highly affected due to the outbreak of the COVID-19 virus. As import/export policies were revised by the government and the global pandemic imposed, production and manufacturing rate was hampered. This affected the market reach and revenue generation rate of the box-making films market to acquire the market position and sustain its performance. During the pandemic manufacturing and production industries were halted which hampered the market development.
By product type, the market is divided into polyvinyl chloride films, polyethylene films, polyethylene terephthalate films, and others. On the basis of end-users, the market is categorized into food, cosmetics, consumer goods, and others. Finally, by geography, the market is segregated into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What does the Report Offer?
The report for the box-making films market includes a comprehensive analysis of advancements in production technologies and current market trends in the box-making films market. New product launches to support industrial expansion and form strategic alliances and partnerships to enhance performance and productivity are highlighted in the report. The report assesses the present and future development of the market by segmenting the target market sectors.
Drivers & Restraints:
Increasing Demands for Recyclable Packaging to Stimulate Market Growth
The global box-making films market growth is expected to grow due to the increasing demands for biodegradable packaging during the projected period. Growing cigarette consumption drives the market as the increasing application of packaging in tobacco and cigarette packaging. However, the lower availability of paper substitutes to create packaging hinders the market reach.
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Demand for Biodegradable Packaging to Promote Growth in the Asia Pacific
The Asia Pacific is expected to hold the largest global box-making films market share during the forecast period. India and China produce around half of the world’s plastic which exhibits market growth. Increasing consumption and production of polyethylene terephthalate results in market expansion. As PET is recyclable it is commonly used as box-making films, this bolsters the market development globally.
In North America, the production of bioplastics is increased due to the regulations imposed by the government regarding plastics combat. This promotes the production of biodegradable and reusable box-making films to propel lucrative opportunities during the projected period.
Manufacturers Focus on Launching New Products to Maintain their Market Position
Key players in the market focus on launching new products for efficient and reliable outcomes. It includes implementing market analysis and developing new products according to the market needs. Also, differentiating the existing product range allows the organisations to improve product quality and gain a competitive advantage in the emerging market. Reducing plastic usage and carbon emission is the major goal to maintain environmental balance.
March 2021: Smurfit Kappa launched ethylene vinyl alcohol film to provide a Bag-in-Box solution. This new launch is customized using 60-micron film to reduce plastic usage for producing packaging bags.
List of Key Players in the Global Market for Box Making Films:
- Aalmir Plastic Industries (U.A.E.)
- Smurfit Kappa (Ireland)
- Plastic Film Corporation (America)
- Uflex Ltd (India)
- Multi-Speciality Extrusions Pvt. Ltd (India)
- CCL Industries Inc. (Canada)
- Avi Vinyls Pvt. Ltd (India)
- Caprihans India Limited (India)
- Toray Plastics Inc. (America)
- Polyplex Corporation Ltd (India)
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