Resin Trends to Watch in the Plastic Film Market Through 2024

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Sep 04, 2020, 10:17 ET

CLEVELAND, Sept. 4, 2020 /PRNewswire/ -- US demand for plastic film is projected to rise 1.1% per year to 16.8 billion pounds in 2024, valued at $23.8 billion, according to a new Freedonia Group analysis. The following resin trends are expected to affect market growth through the forecast period:

LLDPE Will Remain Leading Film Resin Through 2024

LLDPE accounted for 46% of plastic film demand in 2019 based on its low cost, versatility, and good barrier properties, and will remain the leading plastic film resin through 2024. These resins will continue to benefit from growing use of monolayer all-PE film compositions in packaging products to enable recycling after use.

Polypropylene & PET to advance strongly due to rising barrier requirements

Through 2024, polypropylene will see healthy gains due to:

its rising coextrusion with higher value barrier resins for better performing films
increasing use as an alternative to PVC
rising demand for food packaging that offers extended shelf life and single servings

Above average advances are also expected for PET (polyethylene terephthalate), bolstered by rising barrier requirements in food and nonfood packaging applications.

Bio-based resins to experience fastest growth

Though still relatively niche products, bio-based resins are expected to see the fastest growth of the plastic film material types, driven by increasing demand for packaging that is perceived as being sustainable, particularly as more state and local single-use plastics regulations take effect.

PLA is currently the most widely used bio-based resin, but its sustainability is limited because it can only be composted in industrial compositing facilities, can leave behind microplastic pollution, and is not recyclable. Hence, film producers are exploring the viability of other bio-based options, such as PHA.

Want to Learn More?

Plastic Film is now available from The Freedonia Group. Historical data for 2009, 2014, and 2019 and forecasts for 2024 are presented in pounds by market and resin.

About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, and market share information. Studies can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.

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SOURCE The Freedonia Group