Global Market for Cling Film to Reach $1.4 Billion by 2023
Growth Attributed to Increased Interest from Food and Stationary Packaging Industries, and Emerging Economies
WELLESLEY, Mass., February 20, 2019 (Newswire.com) - In 2018, the global market for cling film was worth $1.1 billion. A new report by BCC Research, “Cling Film: Technology and Global Markets,” estimates that it will reach a value of $1.4 billion by 2023, indicating a compound annual growth rate (CAGR) of 5.5%.
Cling film is known most for its ability to preserve and store food. But industrial and stationary companies are attracted to its low cost and desirable cling properties, as well. With consistently rising usage from the food industry from both developed and emerging economies, and increasing applications from industrial and stationary packaging industries, the global market for cling film is expanding.
- Market analysis in North America. Demand for cling film is highest in North America, followed by Europe. On the basis of value and volume, North America held respective shares of 35.6% and 32.6% in the global cling film market in 2017.
- Market analysis in Europe. Demand for cling film is the second highest in Europe. On the basis of value and volume, Europe is estimated to hold respective shares of 29.6% and 25.9% in the global cling film market in 2017.
- Cling film type analysis. The cling film market is segmented into three types: PVC, PE and PVDC. In terms of revenue and volume, PVC cling film held the largest share of the global cling film market in 2017, accounting for 87.8% and 86.4%, respectively.
“In the past few decades, the growth of the food packaging industry in emerging economies, such as China, Indonesia, India and others, has created a range of product innovations to satisfy the different packaging requirements of users,” said report author, Kunal Majumder. “During the same period of time, cling film has emerged as a suitable packaging alternative for food and beverages items.”
Asia-Pacific to See Fastest Regional Growth
Demand for different types of cling film varies significantly with respect to their acceptance as a food packaging material in different regions, the product knowledge of users and penetration of its distribution channel. For example, in Asia-Pacific, demand for PE cling film is relatively high as compared to Europe and North America. The relatively low price of PE cling film has increased its attractiveness among Asian customers. In the coming years, the penetration rate of food packaging application of cling film will be much faster for Asia-Pacific as compared to Europe or North America.
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Source: BCC Research