The medical packaging films 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. Increasing incidences of chronic conditions, growing expenditure on healthcare facilities, surge in demand for bioplastic material, and rising demand for bi-axially oriented films are factors that are projected to drive the growth of the medical packaging films market over the coming years.
The Asia Pacific region is projected to lead the medical packaging market, in terms of both, value and volume, from 2018 to 2023. The Asia Pacific medical packaging film market witnesses a significant growth due to the increased awareness among consumers regarding sustainable packaging and strong industrial base in the region. The market for medical packaging films in the European region is also projected to witness positive growth in parallel to the economy in the region and increasing domestic demand for medical devices and products. Moreover, the increased awareness among masses about reducing packaging waste is further projected to drive the market for medical packaging films in the region.
Amcor (Australia), Berry Global Group (US), DuPont (US), Weigao Group (China), PolyCine (Germany), Covestro AG (Germany), Glenroy (US) and 3M Company (US), and Wipak Group, and Renolit SE (Germany) are leading players operating in the medical packaging films market. These players have adopted numerous growth strategies such as expansions, investments, divestments, new product developments, acquisitions, partnerships, agreements, and joint ventures to increase their market shares and enhance their product portfolios.
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Strategies such as mergers and acquisitions together accounted for the largest share of all the strategic developments in the medical packaging films market between December 2015 and November 2018. Companies such as Amcor (Australia), Berry Global Group (US), DuPont (US), Weigao Group (China), PolyCine (Germany), and Glenroy (US) adopted these strategies to strengthen their product portfolios, expand their market presence, and enhance their growth prospects in the medical packaging films market. Amcor, formerly known as APM-Australian Paper Manufacturers, was established as a paper manufacturing company. Later, the company changed its name to Amcor Limited. The company is a global packaging manufacturer that offers innovative packaging solutions. It operates through two business segments, namely, flexibles and rigid plastics. The flexible segment contributes to a major share in the company’s revenue; it contributed 70.1% of the overall revenue in 2018. The company caters to the food, healthcare, beverage, residential, tobacco, and personal care industries through its broad range of flexible and rigid packaging products.
In September 2018, Amcor invested USD 25 million for upgrading the Madison manufacturing facility. Madison plant manufactures packages for products ranging from food to medical devices to expand its capacity, improve quality, and reduce waste while updating technology.
In August 2018, Amcor Limited announced to acquire Bemis Company, Inc. (US), under which Amcor 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 Berry Global Group is one of the major providers of consumer packaging, engineered materials, and nonwoven specialty materials. It focuses on providing high-quality custom-made solutions. In April 2017, Berry Plastics Group, Inc. changed its name to Berry Global Group, Inc. The company operates through four business segments, namely, consumer packaging, health, hygiene & specialties, and engineered materials. It offers medical packaging films and related products through its engineered material business segment. The company caters to food, beverage, personal care, household chemicals, and healthcare industries through its wide product portfolio.
In August 2018, Berry Global Group adopted inorganic strategies such as acquisitions. The company acquired Laddawn, Inc, which is a manufacturer of 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. The company issued 6.5 million common shares. With the inclusion of new shares, Berry’s stock increased to nearly 129 million shares.
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