The global high barrier packaging market is expected to witness a CAGR of 4.89% over the forecast period to reach US$6.951 billion by 2024 from US$5.220 billion in 2018. High Barrier Films are packaging materials used to preserve the freshness and quality of a product. These are used to prevent the product from water, moisture, gas or light. The rising demand for customer friendly packaging and increasing demand for products with a longer shelf life is expected to drive the high barrier packaging films market. Further downsizing of packaging is also a factor expected to create opportunities for the market.
The key industries driving the market for high barrier packaging are packaged food and beverages, pharmaceuticals, cosmetics and personal care among others. Furthermore, the growing industrialization and urbanization in developing economies in countries like India and China coupled with the increasing demand for convenience products are expected to boost the market for high barrier packaging films. However, the concerns regarding degradation and environmental concerns owing to difficult recycling are expected to hamper the market growth.
Rising demand for customer friendly packaging.
Increasing demand for products with a longer shelf life.
Rising downsizing of packaging.
Environment concerns due to difficult recycling
Vulnerability to degradation
In August 2018, Amcor Limited (Amcor) and Bemis Company, Inc. (Bemis) announced a definitive agreement under which Amcor will acquire Bemis.
In November 2017, Berry Global Group announced agreement to acquire Clopay Plastic Products Company, Inc., a subsidiary of Griffon Corporation for USD 475 million.
In July 2017, Toray Plastics (America) launched two ultra-high-barrier pet films for extended shelf life and e-commerce application
In June 2016, Amcor Limited completed the acquisition of Alusa S.A a U.S based packaging manufacturer.
The major players profiled in the high barrier packaging films market include Amcor Limited, Sealed Air Corporation, Cosmo Films Ltd., Toppan Printing Co Ltd., Glenroy Inc., Toray Plastics (America) Inc, Berry Global Inc., Uflex Ltd., Jindal Poly Films Ltd., Mondi Group, Winpack Ltd., Dunmore, and Honeywell International Inc.
The high barrier packaging films market has been analyzed through the following segments:
Food and Beverage
Middle East and Africa