The global barrier film market size was US$ 33.1 billion in 2021. The global barrier film market is forecast to grow to US$ 56.6 billion by 2030 by growing at a compound annual growth rate (CAGR) of 6.3% during the forecast period from 2022 to 2030.
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The vital applications of barrier films in packaging products will fuel the growth of the global barrier film market. In addition, the rising trend of down-gauging will significantly contribute to the growth of the global barrier film market during the study period.
Pharmaceutical and medical products are forecast to hold a significant share, owing to the growing demand for novel drugs and increasing healthcare spending. Furthermore, the hectic lifestyle of people and changing food habits will also contribute to the growth of the global barrier film market during the forecast period.
Recycling challenges associated with barrier films may limit the growth of the market. On the contrary, the growing focus towards the development of recyclable and sustainable products will escalate the growth of the global barrier film market. For instance, Amcor unveiled AmLite Ultra Recyclable, its first packaging product made from its sustainable high-barrier polyolefin film, in 2019. Thus, such advancements in barries packaging will drive the global barrier film market forward.
Due to the wake of the COVID-19 pandemic, several governments and private sector businesses have limited the capacity of production. As a result, manufacturers of consumer goods and other products witnessed numerous challenges associated with the unavailability of necessary raw materials. Thus, it hampered the growth of the global barrier film market. However, the demand for frozen and ready-to-cook products increased abruptly. The medical industry also witnessed a sudden surge in the demand for novel drugs, which has been beneficial for the global barrier film market.
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The Asia-Pacific barrier film market is forecast to grow at the fastest rate. The region holds the third-largest pharmaceutical industry after North America and Europe. In addition, the contribution of populated countries like India and China is forecast to offer ample growth opportunities for the barrier film market. Furthermore, the upsurging demand for ready-to-eat food, Ready-to-eat meals (REM), and take-home food items will benefit the Asia-Pacific barrier film market during the forecast period. The growing employment rate and changing lifestyle of the population will also drive the barrier film market forward.
The global barrier film market segmentation focuses on Packaging, Material, End-Use, and Region.
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