(MENAFN- PR Newswire) Asia Pacific is the fastest-growing market for packaging films due to its robust economic growth. According to the International Monetary Fund (IMF) the region's economic progress in late 2023 has reached a growth rate of 5.0% for the year. While there have been fluctuations in growth rates, some economies continue to struggle, with price pressures while others face the threat of deflation. The packaging films industry in Asia Pacific is driven by the surge in e commerce and retail sectors leading to an increased demand for packaging solutions. The expanding middle class and urbanization also play a role in boosting the consumption of packaged goods. Additionally, the growth of the healthcare and pharmaceutical industries creates a need for advanced packaging solutions for pharmaceuticals and medical products. Moreover, regulatory pressures aimed at promoting sustainability are spurring the development and adoption of innovative environmentally friendly packaging films.
Key players:
Major companies such as Berry Global Inc. (US), Amcor Plc (Switzerland), RKW Group (Germany), Toray Industries, Inc. (Japan), Mitsubishi Chemical Group Corporation (Japan), Charter Next Generation (US), Mylar Specialty Films (UK), Sealed Air (US), Coveris (Austria), and SRF Limited (India) and other leading companies in this market.
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