Asia-Pacific Plastic Wrap Market is Expected to Grow a CAGR of 5.20%

report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographical expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.Data Bridge Market Research analyses that the plastic wrap market is expected to reach USD 9,643.13 million by 2030, which is USD 6,428.24 million in 2022, registering a CAGR of 5.20% during the forecast period of 2023 to 2030.

Increasing penetration of e-retail is a major factor which is likely to enhance the market growth globally. Moreover, the demand for the packaged will grow because the world population is anticipated to surge from 7.3 billion in 2015 to 9.7 billion in 2050, which is projected to increase the demand for plastic packaging such as plastic wrap. Furthermore, “polyethylene (PE)” is expected to be the fastest growing material segment because it is becoming popular as a substitute of PVC owing to the increasing environmental concerns with the chloride which has associated with PVC plastic wrap.

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Some of the major players operating in the plastic wrap market are:

AVPack Plastic Manufacturers (South Africa)

Suzhou Yuxinhong Plastic Packaging Co., Ltd. (China)

Shenzhen Chengxing Packing & Material Co.Ltd (China)

Shenzhen Bull New Material Technology Co., Ltd (China)

DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.

The increasing demand for stretch film dominated the growth of the global market owing to augmented demand for load stability and product protection. Moreover, the stretch film allows the maintenance of stack-shaped loads that cannot be loaded in a straight square configuration. For instance, Coveris has improved stretch film’s production capability and strengthened the technical capabilities at the 5-layer Agri extrusion line in the Austria. This organization advances and extends the plastic wrap volume with this extension. Therefore, increasing demand for stretch film will likely to generate lucrative and ample opportunities for the market growth during the forecast period.

Asia-Pacific Plastic Wrap Market Scope and Market Size

The market is divided into stretch, shrink, metallized, twist, release, and other types of films based on type. Stretch films are the dominant product on the market in 2020 as a result of increasingly strict laws on the use of single-use, non-biodegradable plastics for packaging.

The market is divided into polypropylene (PP), polyethylene (PE), polyvinyl chloride (PVC), polyethylene terephthalate (PET), ethylene-vinyl alcohol copolymer (EVOH), ethylene-vinyl acetate (EVA), nylon, and other categories based on the materials used. In 2020, polyethylene (PE) material will rule the market due to a rise in demand for the material and the ease with which polyethylene can be produced from raw materials.

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Growth and expansion of e-commerce sector

The robust growth and expansion of the e-commerce sector is expected to drive the market’s growth rate during the forecast period. E-commerce companies prefer flexible and lightweight packaging solutions to decrease the cost of the product transportation. The increasing online shopping for daily fresh foods, electronic gadgets, FMCG products as well as clothing is expected to shoot the demand for the plastic wrap in the market.

Plastic Wrap Market Country Level Analysis

Plastic wrap is analysed and market size information is provided by country type, material, feature, processing type, transparency, hardness, distribution channel and end-user.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries.

Plastic Wrap Market Regional Analysis/Insights

The plastic wrap market is analyzed and market size insights and trends are provided by country, types, materials, feature, processing type, transparency, hardness, distribution channel and end-user.as referenced above.

The countries covered in the Asia-Pacific plastic wrap market report are Japan, China, India, South Korea, Australia and New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific.

China dominates the Asia-Pacific plastic wrap market in terms of market share and revenue. This is mainly owing widespread growth in the demand of packaged food products and improvement in exporting capabilities in this region. China leads the market due to high consumption and production of stretch films globally. The growth is mainly accounted for owing to increasing business growth and customer awareness regarding these plastic wraps in this region.

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