The box and carton overwrap films market is estimated at USD 12.2 billion in 2023 and is projected to reach USD 17.1 billion by 2033. The market is assessed to register a 3.5% CAGR from 2023 to 2033.
The Asia Pacific Excluding Japan region is expected to drive the box and carton overwrap films industry and is estimated to hold a significant market share over the forecast period. According to Future Market Insights (FMI), by 2023, the China box and carton overwrap films industry is projected to reach USD 3.7 billion.
The growth of global box and carton overwrap films is projected to contribute to the growth of the overall flexible plastic packaging market over the forecast period.
Growth Factors for Box and Carton Overwrap Films Industry
Adverse Impact of Overwrap Films on Environment to Pose Market Hinderance
The negative impact of using box and carton overwrap films on the environment might impact the market development of box and carton overwrap films. The non-recyclable materials in overwrapping films like PVDC and PVC eventually accumulate in landfills. This releases an extremely toxic chemical called dioxin.
Even if recycled material is employed for developing overwrap films, the film becomes costlier compared to virgin materials. As a result, many companies are reducing or eliminating the usage of overwrap films in cartons and boxes.
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The overwrapping films market, in particular, and the packaging films market, broadly, is undergoing a vigorous transformation towards a sustainable future. Manufacturers have adopted three key technologies for producing biodegradable overwrap films depending on the material used. These materials include polypropylene, polylactic acid (i.e., corn starch), and cellophane (wood-based).
Innovia Films and Treofan have been marketing overwrap or barrier films manufactured from wood pulp (cellophane) and corn starch (Biophan), respectively. The growing preference of manufacturers and consumers towards the sustainable packaging solution is anticipated to drive the market growth for biodegradable box and carton overwrap films.
Key Highlights from Report
| Market Size 2023 | USD 12.2 billion |
|---|---|
| Market Size 2033 | USD 17.1 billion |
| Value CAGR (2023 to 2033) | 3.5% |
| Particulars | Details |
|---|---|
| H1 2021 | 4.8% |
| H1 2022 Projected | 4.5% |
| H1 2022 Expected | 4.7% |
| BPS Change - H1, 2022 (O) – H1, 2022 (P) | (+) 20 ↑ |
| BPS Change – H1, 2022 (O) – H1, 2021 | (-) 10 ↓ |
Future Market Insights predict a comparison and review analysis for the box and carton overwrap films market. It is principally subjected to various industry factors and a few definite influences regarding environmental concerns.
Some new advances that have taken place in the market include the usage of biodegradable overwrap films for a sustainable future. In May 2022, Innovia invested USD 70 million in new thin-gauge label films to drive the demand for lower resin content materials and to support growing sustainability.
The key reason for market growth includes using these overwrap films in different types of packaging for cosmetics, consumer food products, shipping, and logistics. The use of overwrap films protects the product from moisture and external damage.
The increase in the need for fertilizers and chemicals in end-use industries and the growing demand for biodegradable packaging solutions is expected to boost the market demand for box and carton overwrap films.
The growth in demand from the global chemicals and fertilizers industries majorly drives the market. FMI projects the box and carton overwrap films industry to expand at a 3.5% CAGR in the forecast period, compared to the CAGR of 4.5% registered between 2017 and 2022.
The overwrap films used for boxes and cartons help protect the packaged product from external environmental factors but also help in enhancing the product's appeal. The overwrap films ensure product safety during storage and transportation. The rising utilization of box and carton overwrap films to tightly wrap products, such as perfume boxes, electronics, processed foods, and other consumer products, has driven market growth. The high application of overwrap films also contributed to the growth of the manual overwrapping machine market in the historical period.
As per the recent market report published by FMI, the box and carton overwrap films industry is anticipated to reach USD 17.1 billion by the end of 2033.
| Duration | Market Analysis |
|---|---|
| Short Term Growth (2022 to 2025) | The market is anticipated to reach USD 13.07 billion by 2025. The rise in online shopping with the boom of eCommerce platforms is projected to propel the use of box and carbon overwrap films. These films are finding extensive applications in confectionery, pharmaceuticals, food, beverages, dairy, electronics, and dairy, among others, for protection and packaging. Globalization, industrialization, inflating disposable income, and surging population are projected to favor the box and carton overwrap films industry growth in the coming years. Increasing demand for these films is projected to influence the automatic carton overwrapping machine market positively. |
| Medium Term Growth (2025 to 2028) | By 2028, the market is estimated to generate USD 14.49 billion. While the demand for the product from end-use industries is predicted to rise due to the flourishing food, beverage, personal care & cosmetics industries, stringent regulations related to the use of plastic films may cause market disruption. This is projected to be reflected in the lower growth rate of the forecast market as opposed to the historical period. |
| Long Term Growth (2028 to 2032) | By the end of 2032, the market is slated to reach USD 16.63 billion. In the long run, the market is projected to be propelled by the surging demand for recyclable packaging solutions. The packaging industry is projected to witness a significant shift to encourage the recyclability of product packaging and ways to reduce the carbon footprint of packaging. As a result, the overwrap film manufacturers are expected to significantly shift to a recyclable film range that promotes a circular economy. |
By region, the Asia Pacific excluding Japan region is projected to generate significant demand for the box and carton overwrap films during the forecast period. Asia Pacific excluding Japan market for box and carton overwrap films, is projected to expand 1.5 times its current market valuation by the end of 2033. This is mainly because of the consistent growth of the food, beverage, and healthcare industries of emerging countries like India and China in the region.
| The United States Market Size (2033) | USD 3.6 billion |
|---|---|
| Estimated CAGR | 2.9% |
| China Market Size (2033) | USD 3.7 billion |
|---|---|
| Estimated CAGR | 5% |
| Germany Market Size (2033) | USD 1.1 billion |
|---|---|
| Estimated CAGR | 1.3% |
| The United Kingdom Market Size (2033) | USD 741.5 million |
|---|---|
| Estimated CAGR | 1.6% |
| India Market Size (2033) | USD 1.5 billion |
|---|---|
| Estimated CAGR | 6.4% |
| Attributes | Details |
|---|---|
| Market Size (2033) | USD 3.7 billion |
| Market Absolute Dollar Growth (USD million/billion) | USD 1.4 billion |
China is projected to dominate the global box and carton overwrap films industry over the forecast period. The China market is estimated to attain USD 3.7 billion by 2033. The market is assessed to register a CAGR of 5% over the forecast period.
The market growth can be credited to the high potential for box and carton overwrap films, leading to the high density of significant companies in the country. As a result, it is strengthening the market demand for box and carton overwrap films. Additionally, a surge in the production and sales rate of food and beverage, tobacco, and cosmetics is a key factor behind the market dominance of China.
| Historical CAGR (2017 to 2022) | 7.1% |
|---|---|
| Forecast CAGR (2023 to 2033) | 5% |
| Attributes | Details |
|---|---|
| Market Size (2033) | USD 1.1 billion |
| Market Absolute Dollar Growth (USD million/billion) | USD 132.1 million |
FMI estimates that Germany is projected to be a significant market for box and carton overwrap films in Europe. By the end of 2033, the market is projected to attain USD 1.1 billion, registering a CAGR of 1.3% over the forecast period. According to the Federation of German Food and Drink Industries (BVE), in 2019, the food and beverage industry was the fourth-largest industry in the country, and the industry turnover accounted for a total of USD 197.05 billion. The extensive applications of box and carton packaging in the food and beverage industry are anticipated to drive the market growth of box and carton overwrap films in Germany.
| Historical CAGR (2017 to 2022) | 1.7% |
|---|---|
| Forecast CAGR (2023 to 2033) | 1.3% |
| Attributes | Details |
|---|---|
| Market Size (2033) | USD 1.5 billion |
| Market Absolute Dollar Growth (USD million/billion) | USD 692.3 million |
In the Asia Pacific region, India is projected to be the second leading market for box and carton overwrap films after China. The market is estimated to reach USD 1.5 billion by 2033, expanding at a robust CAGR of 6.4%.
As per Invest India, a National Investment and Facilitation Agency, India ranks third globally in terms of volume of pharmaceutical production. In addition, the country's pharmaceutical industry is estimated to reach a valuation of USD 65 billion by the end of 2024. Healthcare is one of the major end-use industries for box and carton overwrap films. Rising demand for the target product for pharmaceutical packaging applications in the country is projected to boost the market growth.
| Historical CAGR (2017 to 2022) | 8.7% |
|---|---|
| Forecast CAGR (2023 to 2033) | 6.4% |
As per FMI analysis, polyethylene (PE) film is a significant material type in the market. The PE segment is estimated to expand at a CAGR of 3.9% over the forecast period.
The high adoption of polyethylene for overwrap films can be attributed to its low production costs, softness, high clarity, high elongation, and heat seal-ability. These films are typically used for applications where puncture resistance and toughness are crucial.
| Historical CAGR (2017 to 2022) | 5.2% |
|---|---|
| Forecast CAGR (2023 to 2033) | 3.9% |
As per FMI analysis, the polypropylene (PP) segment is projected to grow due to recyclability and the effortless movement of PP in overwrapping machines.
Based on film type, the stretch film is projected to be a significant segment over the next 10 years. The segment is projected to expand at a CAGR of 3.7% over the forecast period. Growing demand for stretch film to enable secure packing and shipping support segment growth. These films have tremendous tension by maintaining packages in place while in transit.
The availability of a wide range of stretch films in different lengths, widths, and thicknesses is projected to aid segment growth. Additionally, the product is easy to clean, retains pristine shine, and is user-friendly, contributing to its adoption among the end-use industries.
| Historical CAGR (2017 to 2022) | 4.7% |
|---|---|
| Forecast CAGR (2023 to 2033) | 3.7% |
Based on end use, industries such as food and beverage are projected to witness high demand for overwrap films. Exporters and manufacturers of food-grade wrapping films are developing products to suit extensive applications in the food and beverage industries. These wrapping films seal and store food items to enhance their lifespan. The focused criteria for manufacturers of these films are reliability and durability.
Food-grade overwrap films are non-toxic for food and beverages. These films protect processed food, dairy products, fresh produce, biscuit overwraps, and chocolate, among other foods, during transit.
Leading box and carton overwrap film manufacturers are dedicated to introducing new products and directing specific end-use industries. Companies in the box and carton overwrap films industry further invest in expanding their geographical footprint and manufacturing capabilities to enlarge their market share.
For instance, in April 2021, Berry Global Inc. announced the investment of USD 70 million for new multilayer blown film lines at its North American facilities for consumer packaging solutions in food, beverage, and e-commerce applications.
In March 2021, Innovia Films introduced a new film, REF30cn, in its range of sustainable polypropylene (PP) packaging films, Encore. The new film can be utilized for both overwrap and flow-wrap applications.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Period | 2017 to 2022 |
| Market Analysis | USD Million/ Billion for Value and ‘000 Tonnes for Volume |
| Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; Asia Pacific; Middle East and Africa |
| Key Countries Covered | The United States, Brazil, Mexico, Canada, the United Kingdom, Germany, France, Spain, Italy, Russia, Argentina, Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand, Vietnam, Australia, Poland, China, New Zealand, Japan, GCC countries, South Africa, others. |
| Key Segments Covered | Material Type, Film Type, Film Thickness, Coating Type, End Use, Sales Channel, and Region |
| Key Companies Profiled | Terichem A.S.; CCL Industries, Inc.; Jindal Poly films Ltd.; Taghleef Industries LLC; Cosmo Films Ltd.; Uflex Ltd.; Smurfit Kappa Group plc; Futamura Group; Irplast S.p.A.; SIBUR International GmbH; Berry Global Inc.; Transcendia Inc.; Garware Polyester Limited; Industrial Development Company sal (Indevco) |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The market is valued at USD 12.2 billion in 2023.
The growth potential of the box and carton overwrap films market is 3.5% CAGR through 2033.
Increasing online shopping and stringent regulation for plastic films are expected to drive product sales.
Growing focus on developing brand value may drive adoption of box and carton overwrap films over the coming years.
Terichem A.S., CCL Industries, Inc., and Jindal Poly films Ltd. are key market players.
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Box and Carton Overwrap Films Market
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