Box And Carton Overwrap Film Market Report Scope & Overview:

The Box And Carton Overwrap Film Market size was USD 12.18 billion in 2023 and is expected to Reach USD 16.42 billion by 2031 and grow at a CAGR of 3.8% over the forecast period of 2024-2031.

The increase in demand for recyclable packaging solutions is expected to be a major factor that will boost growth of the Box and Tray Overwrap Film market over the forecast period. Growth of the market for box and carton overwrap films is also expected to be stimulated by concerns related to environment, as well as manufacturers who focus on appropriate packaging design. In addition, the growth of the box and carton overwrap film market is projected to be mitigated by an increase in demand for chemicals and fertilisers end uses around the world. Furthermore, the growth of the packaging and carton overwrap film market in the period to come is further projected to be hampered by disruptions from a number of end use industries.

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Moreover, potential growth opportunities for box and carton overwrap film markets will continue to arise in coming years due to widespread use of boxes and cardboard packaging within the food and beverage industry.

However, the growth of the box and carton overwrap film market in the near future may be hampered by an increase in the need for box and carton packaging solutions from the food and pharmaceutical sectors.

MARKET DYNAMICS

KEY DRIVERS: 

• The demand for box and carton overwrap films is driven by consumer preferences for attractive, durable and convenient packaging.

Packaging with visual appeal and information about the product are frequently favoured by consumers.

RESTRAIN:

• Fluctuating raw material prices, such as polymers and resins used for the production of wrapping films.

The production costs and profit margins can be affected by fluctuation in raw material prices, e.g. polymers and resins used for the manufacture of wrap films. This could make it difficult for manufacturers to plan and keep a steady price on their products, due to unpredictable prices.

OPPORTUNITY:

• A significant opportunity for overwrapping films is presented by the rapid growth of e commerce.

The rapid growth of e commerce, particularly in protective packaging for products delivered directly to consumers, presents a significant opportunity for overwrapping films. A lucrative market niche may be developing packaging solutions that guarantee the integrity of products throughout transit and offer an easy unboxing experience.

CHALLENGES:

• Maintaining Health and Safety Regulations can be challenging

Compliance with specific packaging requirements is a challenge for manufacturers to meet the diverse and evolving regulatory environment, given the complexity of health and safety legislation, particularly in the food and pharmaceutical sectors.

IMPACT OF RUSSIAN UKRAINE WAR:

The world market was adversely affected by Russia's ceramics from Ukraine. The crisis is having a devastating effect on Europe. High oil prices and energy costs are the major reason for this. The price of oil has risen to 112 United States dollars per barrel. Petroleum is the raw material that must be used to make plastic. However, the growth of prices has led to a reduction in total production which is affecting sustainability targets for large companies. Therefore, in order to bring down costs, companies are using traditional packaging methods. Compared with conventional packaging methods, the protection package costs are high.

Compared to the previous years, there has been a decline in imports and exports of electronics and automobiles which have also affected the market. Exports to that country are also negatively affected by the sanctions imposed on Russia's financial and transport sectors. Furthermore, Russia has ceased to engage in trade with over a thousand foreign companies. Russia's imports from East Asia comprise a large proportion of technical products, e.g. machinery, equipment and related parts. An important supplier of technology products to Russia is also the East Asian countries. They're worth about 40% of Russia's imports of machinery, vehicles and almost 60% of ships as well as 67% of imported electric equipment.

Energy products represent around 65% of total EU imports from Russia. Russia has 30 % of the EU's oil and 40% of its gas imports. Russia has accounted for over 70% of their oil imports in Estonia, Poland, Slovakia and Finland.

IMPACT OF ONGOING RECESSION:

The volatility of commodity prices has affected activity, but not year on year, as a result of the economic downturn in the United States and Europe. By the end of 2022, output had declined by 2.1%, reaching a level that companies will be able to meet in a couple of months. The drop in demand of the Personal Care & Automotive sectors, which may result in a 7% decline in sales and will have an impact on plastic bubble packaging, has been caused by the economic downturn.

KEY MARKET SEGMENTS

By Material

• PP

• PVC

• PET

• PE

• Others

By Film Type

• Strech Film

• Shrink Film

By Film Thickness

• Less Than 20 microns

• 20-40 microns

• More Than 40 microns

By Coating Type

• Coated Films

• Uncoated Films

By Sales Channel

• Converter Sales

• Brand Owner Sales

By End Use

• Food

• Beverage

• Automotive

• Shipping & Logistics

• Healthcare

• Personal Care & Cosmetics

• Industrial Packaging

• Electrical & Electronics

• Others

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REGIONAL ANALYSIS:

The Asia Pacific region has the world's largest market share and is expected to maintain its dominance in the coming forecast period for box and carton overwrap films. The demand for boxes and cartons overwrap solutions in the market is driven by an increase in production levels and sales of food & beverage, cosmetics and tobacco products. As an example, in China the market for cosmetics is estimated at US$ 42 billion and it is forecast to have a leading position over the next five years.

In view of the high potential of the market, the majority of the leading producers of box and carton overwrap films are located in Asian countries, helping to increase demand in the market.

REGIONAL COVERAGE:

North America

• US

• Canada

• Mexico

Europe

• Eastern Europe

  • Poland

  • Romania

  • Hungary

  • Turkey

  • Rest of Eastern Europe

• Western Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Netherlands

  • Switzerland

  • Austria

  • Rest of Western Europe

Asia Pacific

• China

• India

• Japan

• South Korea

• Vietnam

• Singapore

• Australia

• Rest of Asia Pacific

Middle East & Africa

• Middle East

  • UAE

  • Egypt

  • Saudi Arabia

  • Qatar

  • Rest of Middle East

• Africa

  • Nigeria

  • South Africa

  • Rest of Africa

Latin America

• Brazil

• Argentina

• Colombia

• Rest of Latin America  

Key Players

Some major key players in the Box And Carton Overwrap Film market are Innovia Films, Berry Global Inc, Cosmo Films Ltd, Uflex Ltd, CCL Industries Inc, Garware Polyester Limited, Smurfit Kappa Group plc, Jindal Poly Films Ltd, Futamura Group, Terichem AS and other players.

Berry Global Inc-Company Financial Analysis

RECENT DEVELOPMENT

• Innovia Films launched a new sustainable PP packaging film, REF30cn, in 2021 in its range of sustainable PP packaging films, Encore.

• Berry Global Inc., in its North American facilities for consumer packaging solutions, food, beverage, and e commerce solutions, announced an investment of US$ 70 million for new multilayer blown film lines.