Global Box And Carton Overwrap Film Market - 2021-2028
Box And Carton Overwrap Film Market Overview
The box and carton overwrap film market size was worth US$ XX million in 2020 and is estimated to reach US$ XX million by 2028, growing at a CAGR of XX % during the forecast period (2021-2028).
Box and carton overwrap films are essentially used to offer efficient options for transport and protection against accidents and rough handling. The films create highly efficient barriers for wrapping around the wide range of packaging formats in food & beverages, cosmetics, electrical & electronics, logistics, tobacco and other industries. The films also aid in building the brand value of the product with high printability. Even box films that are not printed presents an improved look to the package.
The most common materials shrink wrap is made from are PVC, PET, polyethylene, and polypropylene. Polypropylene and polyethylene wrap is most often used for more complex shrink wrapping applications. PVC shrink wrap is used within the retail packaging industry.
Box And Carton Overwrap Film Market Dynamics
The global box and carton overwrap film market growth is driven by rising demand for recyclable packaging solutions and manufacturers focusing on convenient packaging design.
Rising demand for recyclable packaging solutions
The rising demand for recyclable packaging solutions is expected to boost the demand for the box and carton overwrap film market. There is an important shift in the packaging industry to promote the recyclability of product packaging and examine ways of reducing the carbon footprint of packaging. Being a significant part of that process, the overwrap film manufacturers are shifting to a recyclable film range that aids the circular economy and diminishes the use of fossil-based packaging while decreasing carbon footprint.
For example, in 2020- Innovia Films has launched a transparent overwrap film, Propafilm OFR, designed for the overwrapping of cosmetic boxes. The company has manufactured film with unique formulation with scratch and alcohol resistance. This innovative film is chlorine-free, which makes it 'recycle ready' in countries with the support to recycle polypropylene films. Moreover, introducing bio-plastic material in the packaging industry will fuel the demand for recyclable packaging solutions.
Environmental impacts associated with overwrap films
The box and carton overwrap film market is impacted by environmental impacts associated with it. The non-recyclable materials used in overwrapping films such as PVC and PVDC end up in landfills, releasing a highly toxic chemical called dioxin. Moreover, even if the plastic wrap is manufactured from the recycled material, it becomes costlier than using virgin materials.
Various companies have been eliminating or reducing the use of overwrap films in boxes and cartons. For instance, In Europe, Lipton is working to produce fully recyclable packaging by eliminating the plastic overwrap on all its cartons. The initiative will help in reducing 1,000 tonnes of plastic every year. These scenarios are hindering the market growth for hindering the market growth. Although, with increasing awareness, various companies have shifted towards the use of recyclable plastics in the packaging industry.
COVID-19 Impact Analysis
Due to the pandemic, stakeholders across the box and carton overwrap films industry have seen a notable impact as all the production work, factories and other activities were closed. The box and carton overwrap films have been adversely impacted as it was used for packaging of cosmetics, electrical & electronics and food & beverage products. With the outbreak of COVID-19, these industries growth have been declining, which is impacting the box and carton overwrap film market. For instance, several beauty-product outlets were shut down and new openings are likely to be delayed for at least a year. Consumers are spending less on beauty products than usual, which will negatively impact the packaging industry. The global beauty industry revenues had fall 20 to 30% in 2020. However, the market is expected to recover after the pandemic, with sectors aiming to work with higher production rates to recover from the incorporated losses.
Box And Carton Overwrap Film Market Segment Analysis
By material, the box and carton overwrap film market is classified into polypropylene (PP), polyethylene (PE), Polyvinyl chloride (PVC), Polyethylene Terephthalate (PET) and others.
The polypropylene(PP) box and carton overwrap film market is expected to grow at the fastest CAGR during the forecast period (2021-2028)
The polypropylene box and carton overwrap film are expected to hold the largest market for the box and carton overwrap film market in the forecast period. Polypropylene Overwrap films are less expensive pound for pound than polyethylene of the same gauge. The films are suitable in various applications including general overwrap, cigarette overwrap, cosmetic box overwrap and others. The polypropylene overwrap is further categorized into OPP and BOPP films, which are an excellent choice for overlapping cartons and boxes. The films are available in various thicknesses and features like flavor and aroma barrier, high seal strength and printability on both sides.
Various leading companies have been focusing on polypropylene films due to their high demand over others. For instance, in 2021- Innovia Films has launched its Encore range of Polypropylene packaging films. The film performance is equivalent to fossil-based equivalent, making it suitable for high-speed horizontal overwrap and overwrap applications.
Box And Carton Overwrap Film Market Geographical Analysis
Asia-Pacific region holds the largest market for the global box and carton overwrap film globally
Asia-Pacific region holds the largest market share for the box and carton overwrap film market globally and is expected to continue its dominance in the forecast period. The increasing production rate and sales of food & beverage, cosmetics and tobacco products are fueling the demand for box and carton overwrap solutions in the market. For instance, the market value of China's cosmetic products is valued at US$ 42 billion, and it is anticipated to hold the largest market in the next five years. Also, the region holds a significant market for the tobacco industry as well.
Due to the high potential in the market, most of the top leading companies of box and carton overwrap films are based in Asian counties, helping in strengthening the market demand. For instance, In 2020- SRF Ltd has announced the setting up of a second BOPP Film Line & Metallizer at Indore, India. The company plans for 60,000 MTPA additional capacity is at an outlay of US$ 58.10 million (Rs. 424 crores) in its new faculty. Also, In 2019- SRF Limited will set up a new BOPP film line in Thailand through its subsidiary SRF Industries. The newline will cost around US$ 50 million (Rs 350 crore).
Box And Carton Overwrap Film Competitive Landscape
The box and carton overwrap film market is moderately competitive with the local player's presence followed by the global companies, contributing to the major share in the market growth. In addition, some of the key players contributing to the growth of the market are Innovia Films, Cosmo Films Limited, UFlex Limited, Futamura Group, Form Plastic Company Inc, Irplast S.p.A, Sibur International GmbH, Taghleef Industries Group, Treofan Group, Jindal Films Limited and others. The major players are adopting various new strategies to dominate the market, such as launching new products, acquisitions and collaborations, which are contributing to the growth of the box and carton overwrap film market globally.
Overview: Uflex Limited is one of India's largest flexible packaging companies and an emerging global player. The company offers end-to-end solutions across over 140 countries. UFlex produces over 68,000 TPA of BOPP films on its three State-of-the-art lines. These films are available in thickness range of 8 - 75 microns and are available in plain, heat-sealable, metallisable, matte, pearlized, cavitated, overwrap, white opaque and specialty film grades variety.
Product Portfolio: The Company manufactures a wide range of flexible packaging films like BOPET films, CPP films, BOPP films, Metalized films, AIOX coated films and Special Effects films for numerous industry sectors across the world.
Key Development: In 2021, Uflex Limited has announced a domestic and international expansion for its packaging Films with increasing demand globally. The new lines will be added in South India with a production capacity of 63,000 TPA.
The global box and carton overwrap film market report would provide access to an approx: 77 market data table, 77 figures and 180 pages.
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