Cling Films Poised to See a 5.8 Percent Compound Annual Growth Rate by 2028
May 29, 2018
The cling films market is expected to grow at a 5.8 percent compound annual growth rate between 2018 and 2028, according to market research firm Future Market Insights. The market was worth $1.045 billion in 2017 and is expected to rise to a valuation of $1.924 billion by the end of 2028.
Cling films have long been used for packaging ready-to-eat foods, so the bulk of the demand for them comes from the global food and beverages industry. But technology may change that.
“Several companies across the globe are working on advanced technology that will help them cut through the general product portfolio and expand their customer base,” says Future Market Insights. “For instance, recently, Arm, a British semiconductor and software design organization partnered with a Cambridge-based company, PragmaticIC, for developing an ultra-thin electronic gadget that can be easily printed on super-flexible plastic. This smart-wrap is capable of carrying some data about the product and the location of the products. The sensor in the smart film allows tracking of the product lifecycle from the factory to the retail outlet to ensure the authenticity of the product.”
The market is segmented by material type––polyethylene, biaxially oriented polypropylene, polyvinyl chloride, polyvinylidene chloride, and others. The market is also divided by thickness––up to 9 microns, 9 to 12 microns, and above 12 microns––as well as end use, including food, healthcare, consumer goods, industrial, and other.
“Leading restaurants across the globe, as well as food and beverage stores, are identifying the advantages associated with the use of cling film as more people are using them on a day-to-day basis,” says Future Market Insights. “Most companies are manufacturing cling films and supplying these at wholesale prices to retail outlets, hence making these films available to end customers at affordable rates. Intensifying urbanization in emerging economies such as India and China has led to the growing adoption of on-the-go food products, especially by the working population. Cling films are extensively as an effective material for the packaging of ready-to-eat food products, hence boosting growth in demand across the global food and beverages industry.”