Plastic packaging film market estimated to grow 4.1%p.a.

Valuation of $55.7bln for the flexible mono-material plastic packaging film market in 2023 with annual growth for the next five years.

The market report from USA -based testing company Smithers, The Future of Mono-Material vs Multi-Material Packaging to 2028, shows that in 2023 total consumption of mono-material plastic packaging films will reach 24Mt and will reach 30Mt in 2028.

Across the same period, volume demand for multi-material packaging is predicted to increase at 3.6%, driving consumption from 10.4Mt to 12.4Mt.

Mono-material films are said to be fully recyclable as all layers are made of the same type of plastic, which makes sorting easier and leads to cleaner recycling streams.

According to the report, Asia-Pacific is the largest consumer of mono-material plastic packaging film, with a projected 2023 consumption share of 51.3%.

The company has been examining 11 end-use applications and pharmaceuticals, personal care and fresh-food were forecast to have the highest gains for mono-materials over the next five years.