The global cast films market is estimated to expand at a CAGR of 4% in terms of revenue during the forecast period 2020 to 2027. The global cast films market size is projected to reach of around US$ 89 bn by 2027.
The global cast films market is expected to register steady growth during the period of forecast. This growth is expected to be driven by the growing demand for packaged food and inclination towards flexible packaging formats. The food & beverage industry will boost sales, as consumers are inclined towards purchasing products with transparent and label-friendly packaging. Pharmaceuticals, personal care, and electrical & electronics industries will also create new avenues of growth for cast film manufacturers. Market players who will introduce innovative features of cast film packaging solutions to meet the application-specific demand of end users will witness exponential growth in this landscape. Furthermore, adopting new manufacturing strategies to conform to environmental regulations imposed on the packaging industry will become inevitable for manufacturers in order to gain momentum in the market.
Cast films are extruded films, which are capable of exhibiting different properties when blended with different polymer materials. In cast film production, polymer resin is extruded through a linear die and poured onto large diameter chilling rollers. Depending upon the application, these films are used in monolayer & multilayer structures. Multilayer cast films have significantly high barrier properties when compared to single-layer films. Due to this superior barrier property, the demand for multilayer cast films is high in food packaging.
Innovation Centered around Raw Materials
The cast films market grew at a healthy CAGR (Compound Annual Growth Rate) during 2014-2018, reaching a valuation of ~ US$ 60.2 billion in 2018. With their performance benefits over blown films, the demand for cast films is expected to prevail in the coming years. Market players are now competing on the distinguished performance characteristics of cast films by adopting high-performance raw materials.
VRR’s study finds that, polypropylene is the most widely used raw material in the cast films landscape, owing to its superior performance characteristics over other plastics used in cast films. Many market players are also experimenting by using innovative raw materials by combining two different materials to further boost the performance characteristics of cast films.
In addition, sustainability is becoming an important aspect for manufacturers in the cast films landscape, as end users are willing to reduce the carbon footprint of their businesses, and consumers are becoming more aware about the recyclability of plastic-based packaging materials. However, owing to the complexity of packaging formats of cast film-derived packaging solutions, recycling multilayer cast film packaging on a commercial scale is becoming a critical challenge for stakeholders in the cast films market.
Rising Demand for Cast Films in Multilayer Pouches to Define Future Market Trends
The global market for flexible packaging solutions is expanding rapidly, and most of the stakeholders’ actions are determined by consumer product purchasing behavior. The cast films landscape is taking shape based on the same phenomenon, as dynamic factors influencing consumer purchasing decisions are redefining the trends in this market.
Consumers are gradually switching to smaller serving sizes, especially when it comes to food products or beverages, and the demand for lightweight packaging is increasing. With a mounting number of consumers voicing their demand for compact and convenience packaging in products, the applications of cast films in manufacturing compact packaging such as pouches are likely to surge in the coming years.
VRR’s study finds that, in 2018, pouches accounted for ~ 41% revenue share of the cast films landscape, recording a sales of ~13,463 kilo tons. Market players are likely to increase focus on tracking consumers’ changing purchasing patterns to offer more appropriate features of cast films for pouches, and ultimately, to further enhance their sales performance.
Consumer inclination towards transparency while purchasing products, especially food items and personal care products, will have a paramount impact on the emerging trends in the packaging industry, ergo in the cast films market. With the imposition of labeling regulations and growing awareness about the 'clean label' movement, the demand for cast films in see-through packaging solutions, including pouches, is expected to reach new heights.
Multilayer cast film pouches are likely to witness high demand in the coming years, shaping the future trends in the cast films market. Manufacturers are likely to increase focus on applications in the food & beverage industry to design cast film pouches that are aesthetically appealing and can maximize processing efficiencies, to capitalize on this trend.
Asia Pacific to Remain a Top Revenue Pocket for Cast Film Manufacturers
The packaging industry is witnessing burgeoning growth, worldwide. However, the business climate is far more favorable for cast film manufacturers in Asia Pacific. The increasing demand for cast film in packaging solutions in developing countries in Asia Pacific is mainly attributed to the increasing growth of the industrial landscape in this region.
Cast films worth ~ US$ 27 billion were sold in countries in Asia Pacific, including China, India, Japan, Australia & New Zealand, and ASEAN countries, in 2018, accounting for two-fifth revenue share of the global market. With ongoing developments in Asia Pacific’s industrial landscape, cast film manufacturers are adopting new strategies to sync with the evolving needs of the packaging industry in the region.
The adoption of next generation technologies to boost manufacturing efficiencies and production capabilities is expected to emerge as a winning strategy for manufacturers in Asia Pacific. Stakeholders are likely to expand their manufacturing facilities in the region to cater to the burgeoning domestic demand triggered by rising industrial growth.
In addition, the adoption of innovative and high-performance raw materials, including engineered plastics, will remain instrumental for businesses to gain momentum in Asia Pacific’s cast films market. The intensifying competitive landscape will trigger market players to invest heavily in research & development (R&D) to offer high-quality packaging solutions with improved performance of cast films.
Competition Landscape
Some of the key players operating in the global cast films market are
Global Cast Films Market Structure
Cast Films Market by Material
Cast Films Market by Thickness
Cast Films Market by Packaging Format
Cast Films Market by Layer Type
Cast Films Market by End-use Industry
Cast Films Market by Region
The Cast films market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Cast films market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Cast films market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Cast films market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Cast films market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Cast films capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Cast films by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Cast films market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Cast films market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Cast films market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Cast films industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Cast films market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Cast films market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Cast films market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Cast films market. These factors have benefited the growth of the global market for Cast films. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Cast films. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Cast films are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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