Having a thickness of 25 um or more, high barrier packaging films are used extensively for providing high oxygen and moisture protection. As per a Transparency Market Research, the global high barrier packaging films market will chart an impressive CAGR (Compound Annual Growth Rate) of 7.8% in the forecast period of 2018-2028. Besides their use in a vast number of industries contribute positively to growth of the market – Food and Packages, Pharmaceuticals, Chemicals.
It is noteworthy that the global high barrier packaging films market is fragmented and notable players in the landscape include mcor Limited (Australia), Bemis Company, Inc., American Pouch, Sealed Air, Ampac Oliver-Tolas, Krehalon, HPM Global, Inc., Flair Flexible, Constantia Flexibles, Janco Inc. Winpak Limited, MULTIVAC, Dupont, Wipak Group, and BERNHARDT Packaging, among others. Players focus on product improvement through innovation and investment in Research and Development. Mergers and acquisitions and partnerships and collaborations are also important strategies that players resort to.
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Food and Beverages Market Generating Demand for High Barrier Packaging Films Market
The demand is rising due to need to provide fresh food with longer shelf-life. As lives get busier, with less time to get down on grocery shopping as often as one would like to in order to consume nutritious food, demand for these barrier films are increasing. Besides, due to rise in disposable incomes, food items are also transported long distances, sometimes across continents. This again generates demand for suitable high barrier packaging films.
Growth in Pharmaceuticals Pushing Global High Barrier Packaging Films Market on an Upward Growth Trajectory
It is worth noting here that as Pharmaceutical market braces itself for expansion and growth, it will too create demand in the high barrier market as composition of the drug to maintain the required form needs superior packaging, and this again requires high-barrier packaging films so active ingredients or critical salts are not lost in storage or transportation, thereby, ensuring efficiency of the drugs.
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It is worth noting here that with the rise of geriatric population and the incidence of chronic diseases, the market is set to see a stellar growth chart. Already, there is a steady pipeline of drugs and biologics and the fact that investment in Research and Development (R&D) is increasing steadily, there would be more demand for high barrier packaging films over the forecast period.
Europe and North America to Hold a Lion’s Share of the Global High Barrier Packaging Films Market
Owing to great demand and presence of prominent market players, Europe will hold a large chunk of market share, followed by North America. Besides, a high disposable income average promotes growth of global high barrier packaging films market. However, it is noteworthy here that the highest CAGR will be charted by the Asia Pacific (APAC) region.