The form fill seal films are used in various applications. These films provide high protection to the product and is widely used by the companies for the packaging of their products. The films offer good seal properties and the product is protected when packaged in these films. It is used to pack food, cosmetics, pharmaceutical products and many more. This factor is anticipated to boost the growth of the market during the forecast period.
The chemicals used in the manufacturing of these films are harmful for the humans and as well as for the environment. These films are mostly made of plastic which cannot be recycled and this may ultimately harm the environment to a large extent. It is manufactured from variety of plastic resins that harm the natural resources when dumped. This factor is expected to hamper the growth of the market during the forecast period.
The global form fill seal films market is anticipated to record a CAGR of around 3.9% over the forecast period i.e. 2019-2027 on the back of rising popularity of the FFS technology as a cost effective and contamination-free technology. The market is segmented by material, layer structure, thickness & end users. The market is segmented by material into polyethylene, polypropylene, polystyrene, polyethylene terephthalate, polyvinyl chloride, ethylene vinyl alcohol and others out of which, the polyethylene segment is anticipated to have leading shares on account of being manufactured from a variety of plastic resins. Polyethylene is expected to account for a large share in the market.
The market is further segmented by layer structure into monolayer and multilayer out of which, multilayer segment is anticipated to have leading shares owing to being able to give high protection to the product when packaged with the form fill seal films.
On the basis of thickness, the market is segmented into 25 to 75 micron, 76 to 150 micron, 151 to 225 micron & above 225 micron out of which, 76 to 150 micron segment is expected to witness prominent growth in the market during the forecast period.
The market has been further bifurcated by end user into healthcare & pharmaceuticals, building & construction, agriculture, chemical industry, tobacco, food industry and others out of which, food industry segment is projected to have leading shares on the back of food items needing more protection against leakage and damage. Moreover, large number of food items are perishable in nature. In order to protect them and give them longer life, these films play an important role.
FFS films market is witnessing increased cost savings for complete packaging as compared to other forms of packaging. Huge investment has been made in the latest technologies by the companies so that they can offer best technical and high quality FFS film solutions such as when stored or during transportation, for the various packaging needs.
Our-in depth analysis of the global form fill seal films market includes the following segments:
On the basis of regional analysis, the global form fill seal films market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
North America region is anticipated to have leading shares and to witness a lot of growth potential for the form fill seal films in the near future. Canada is projected to be highly attractive in terms of growth rate while, the U.S. is predicted to remain a prominent area during the forecast period. Europe is anticipated to have significant growth for the market. Asia Pacific region to follow Europe, in terms of volume and value on account of continuous expansion of various end use industries and high penetration of the form fill seal technology. In East Asia, China is projected to be highly attractive market and South Asian region to be the substantial contributor towards the FFS films market and is estimated to surpass other regions in terms of growth rate owing to increase in popularity of the FFS technology in various end use industries and this is expected to generate huge demand and opportunities for the FFS films in the coming years.
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The global form fill seal films market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.