The global polyfilm market is projected to reach USD 167.57 Billion by 2026, at a CAGR of 4.0% between 2016 and 2026. The market is driven by the demand for polyfilms from the food & beverage industry, technological developments plastics, modern retail formats, and the use of greenhouse films in agriculture
Some of the leading polyfilm manufacturers include Jindal Polyfilm (India), Taghleef Industries (UAE), Treofan Group (Germany), SRF Limited (India), and Formosa Plastics (Taiwan). These companies adopted various organic and inorganic growth strategies to improve their businesses and achieve growth in the polyfilm market.
Investments & expansions was a key strategy adopted by major companies to increase their product portfolio and expand their global presence. Companies also focused on investing in advanced and innovative products. Investments & expansions and new product development & launch strategies accounted for 71% of all the strategic developments between 2011 and 2016.
New product development & launch was the preferred strategy among top players, especially the ones based in India. Several players invested in India and China, among other Asian countries, due to the demand of polyfilms from the packaging and agricultural applications in the region. For example, Chiripal Polyfilms (India) invested in polyester chips and BoPET films production unit in Gujarat. Jindal Polyfilm (India) planned to increase its production capacity in Nasik, Maharashtra.
Formosa Plastics Corporation (Taiwan) and Chiripal Polyfilms (India) are the most active players in the global polyfilm market, who have followed the strategy of investment & expansion. These companies together accounted for a share of 60% of the market between 2011 and 2016. Formosa Plastics Corporation (Taiwan) is one of the largest manufacturers of PVC in the world and largest petrochemicals company in Taiwan.
Chiripal Polyfilms (India) is one of the largest manufacturer of BoPET and BoPP films, in India. Most of its products cater to polyfilm end-use industries. This makes it one of the top players, especially in Asia-Pacific. Taghleef Industries (UAE), Cosmo Films (India), and Uflex Limited (India) accounted for a major share of the total developments undertaken in the polyfilm market between 2011 and 2016. As a part of its organic strategy, Cosmo Films (India) is focusing on research & development to develop and launch new products to strengthen its position in the polyfilm market. Many players followed horizontal integration, as they invested and expanded in new regions as well as developed and launched new product to strengthen their portfolio.
Polyfilm Market by Resin Type (LLDPE, LDPE, HDPE, BoPP, CPP, PVC, BoPET, BoPA), End-use Industry (Agriculture, Packaging, Building & Construction, Consumer Goods, Medical) and Region - Global Forecast to 2026
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