Medical Packaging Films Market Projected to Grow till US$ 7.1 Billion by 2023 - Global Manufacturers, Industry Size, Applications, Opportunity and Forecast

(EstateNewsWire.com, December 27, 2018 ) The medical packaging films market comprises major manufacturers such as Amcor (Australia), Berry Global Group (US), DuPont (US), Weigao Group (China), PolyCine (Germany), Covestro AG (Germany), Glenroy (US) and 3M Company (US), Wipak Group, and Renolit SE (Germany).

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Study also includes an in-depth competitive analysis of key players in medical packaging films market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the medical packaging films market.

The medical packaging market is projected to grow from USD 5.6 billion in 2018 to USD 7.1 billion by 2023, at a CAGR of 4.87% during the forecast period. The growing demand for medical packaging films and increasing demand for bi-axially oriented films in the healthcare industry are factors that are driving the growth of the medical packaging films market across the globe.

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Polypropylene segment in medical packaging films market is projected to grow at highest CAGR, in terms of value, during forecast period. Polypropylene or PP is a low-cost thermoplastic with high clarity, high gloss, and enhanced tensile strength. It has a higher melting point than PE, which makes it suitable for applications that require sterilization at high temperatures. PP can be metalized, which results in improved gas barrier properties for various applications, where long product shelf life is important.

Asia Pacific medical packaging films market is projected to grow at the highest CAGR from 2018 to 2023, in terms of value. The market in Asia Pacific is projected to witness significant growth due to the increased demand for medical packaging films from highly populated countries such as India and China, as these packaging solutions offer benefits such as cost-savings, sustainability, and safety of packaged products.

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Recent Developments
• In September 2018, Amcor Limited invested USD 25 million for upgradation of the Madison manufacturing facility. Madison plant manufactures packaging solutions for products ranging from food to medical devices, to expand capacity, improve quality, and reduce waste while updating technology.
• In August 2018, Amcor Limited announced its acquisition of Bemis Company, Inc. (US), under which the company would acquire Bemis in an all-stock combination. The transaction is projected to be valued at USD 6.8 billion and is projected to close in the first quarter of 2019. This transaction is aimed at increasing R&D capabilities and expanding geographical presence to cater to the demand for sustainable packaging solutions. Under this transaction, Amcor shareholders would own 71%, and Bemis shareholders would own 29% of the combined company.
• In August 2018, Berry Global Group adopted inorganic strategies such as acquisitions. The company acquired Laddawn, Inc, which manufactures blown polyethylene bags and films. Laddawn also has a strong web and mobile sales platform, which will help Berry Global Group to market its product.
• In January 2017, the company acquired AEP Industries Inc., which is engaged in the production of polyethylene bags since 1970. AEP Industries Inc. product portfolio includes shrink films, poly bags, tubing, sheeting, shrink covers, and construction films.

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