All plastics emit some fumes. It's called "outgassing", and it's the leftover solvents that didn't quite evaporate during the manufacturing process. Ever notice that "Distinctive" smell when you open a new shower curtain, or similar product? The higher the temperature, the more the product will outgas. The lower the quality control of some manufacturing processes result in higher solvent retention also. Some like vinyl, PVC, and PET (most of the vinyls) keep thier suppleness and pliability thru solvent retention.
Some materials outgas more than others. Vinyls and PVCs are more prone than most. I've never used it before, but I'd bet money that Panda Film is pretty fragrant when you first unroll/unpack it.
Toxic? Pretty much. There is a host of carcinogenic materials in most plastics, styrene and benzene being at the top of the list. I'd wait a few days for the worst to get out before hanging out in a Panda Film tent.