There is a growing consumer preference for flexible and innovative packaging of food and beverage products to maintain the quality and freshness of the packed products. This is leading to increasing demand for PVDC coated films in the global food and beverages industry as PVDC coated films keep food products fresh and prevent external contamination. The demand for PVDC coated films from the F&B sector is also likely to increase especially in the packaging of meat and meat related products, as these products require adequate moisture barriers and high oxygen, and PVDC coated films offer these features. This surging demand from the F&B industry is creating lucrative opportunities for manufacturers of PVDC coated films, as revealed in a new report by leading research firm Future Market Insights.
According to the research, the global PVDC coated films market is projected to be valued in excess of US$ 12 Bn by the end of 2028. From an estimated valuation of around US$ 7.7 Bn in 2018, this represents a growth rate of 4.7% during the 10 year period from 2018 to 2028. This growth can be attributed to the barrier properties of PVDC coated films and extended shelf life.
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Factors Driving Revenue Growth of the PVDC Coated Films Market
One of the main factors boosting demand for PVDC coated films is their environmentally friendly feature. PVDC coated films have a low environmental impact. Manufacturers need to comply with stringent regulatory laws pertaining to sustainability and are focussed on reducing the carbon footprint. PVDC coated films have low carbon dioxide emission levels as compared to other high barrier films and contribute to the prevention of global warming. PVDC coated films are also low-impact materials and facilitate lower consumption of energy, thereby contributing to energy conservation. These factors are acting in favour of the global PVDC coated films market growth. Another significant driver of growth of the PVDC coated films market is the sustained demand for blister packaging in the pharmaceuticals industry in developed as well as emerging economies.
Global PVDC Market Growth Challenged by Distortions in Film Structure and Shift Towards Alternatives Owing to High Costs
While PVDC coated films help keep food products fresh and extend the shelf life, the presence of chlorine in the chemical composition of PVDC coated films results in the films turning yellow with age, becoming brittle and prone to cracking after a certain period of time. Manufacturers are slowly moving towards better alternatives of PVDC coated films that can keep products fresh for a much longer period of time. Further, PVDC coated films are witnessing a hike in prices, resulting in a cost surge across key end-use industries. The high price point is another factor pushing manufacturers to look for better cost-effective alternatives. PVDC coated films require special flexographic converters to help bond adhesion for the purpose of lamination. This makes it difficult for manufacturers to add their branding and product related information on the packaging film. All these factors are anticipated to restrict revenue growth of the PVDC coated films market to a certain extent.
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Manufacturers of PVDC Coated Films Focussing on Product Innovation and Production Capacity Expansion to Augment Market Share
Manufacturers of PVDC coated films are focussing on R&D to innovate their product offerings by adding additional features that enhance the barrier properties of PVDC coated films, resulting in extended shelf life of perishable food products. Another strategy being adopted by key players in the PVDC coated films market is expansion of the product portfolio and production capacity to meet the demands from key end-use industries. With the emerging markets in the Asia Pacific region offering lucrative growth potential, Future Market Insights recommends that key players in the PVDC coated films market should target the regional markets within the Asia Pacific region to expand their footprint in the PVDC coated films market.