Global Specialty Films Market is anticipated to garner a healthy CAGR during the forecast period (2018-2023), Market Research Future (MRFR) reveals in a detailed report.
The Global Specialty Films Market is likely to attain huge demand in the coming years, mainly due to the mounting demand for durable and high tensile packaging material. Specialty films offer excellent chemical resistance and mechanical strength, which is likely to create new growth avenues for the market, especially in the food, construction, and automotive applications. The soaring demand from F&B and decorative interiors have led to the growth in flexible packaging. This has further impacted the Specialty Films Market positively. R&D activities associated with the development of recyclable and bio-degradable plastic materials is considered to propel the market growth.
The Specialty Films Market is anticipated to high rivalry due to the existence of several manufacturers with strong foothold. Moreover, manufacturers across the globe are undergoing integration across the value chain to reduce the manufacturing cost, thereby increasing profit margins and meeting consumer demand. Such factors will stimulate the market in the coming years.
On the contrary, strict mandates imposed on the use of plastic materials and increasing concerns about the environment are predicted to hamper the market growth in the long run.
The Top Players Operating in the Global Specialty Films Market include Madico Inc. (US), Saint-Gobain Performance Plastics (France), Bemis Company, Inc. (the US), Berry Global Inc. (US), Solvay SA (Belgium), SABIC (Saudi Arabia), The Dow Chemical Company (US), Toray Plastics Inc. (US), Covestro AG (Germany), Honeywell International Inc. (US), Amcor Limited (Australia), Specialty Polyfilms Pvt. Ltd (India), Trico Specialty Films (US), and Tufpak, Inc. (US).
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Specialty Films Market: Segmental Analysis
The Specialty Films Market has been segmented on the basis of Material, Type of Film and End-Use Industry.
By Type, the Specialty Film Market is segmented into decorative, barrier, antimicrobial, microporous, protective, and others. Of these, barrier films are likely to gain prominence due to the soaring demand for these films in solar PVs and semiconductor insulations.
By Material, the Specialty Film Market is segmented into fluoropolymer, polyester, polyolefin, polyamide, polycarbonate, and others. Of these, the polyester segment is likely to gain prominence.
By End Use, the Specialty Film Market is segmented into automotive, packaging, aerospace, construction, electronics, food & beverage, personal care and cosmetics, and others. Of these, the food and beverage segment is likely to gain huge prominence and is predicted to remain the largest end user for specialty films in the global market, mainly due to the increased demand for ready-to-eat food items. Also, the packaging industry will gain substantial growth in the coming years due to the increased use of barrier films in pharmaceuticals and food in the packaging industry.
Geographically, the Specialty Films Market spans across North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa.
Considering the global scenario, Asia Pacific commanded the largest market share in 2017. The region will retain its position in the coming years due to the ever-increasing population, coupled with the booming packaging industry in the region. The utilization of specialty films in food packaging is largely encouraged by the growing consumption of packaged food items in the APAC. Specialty films are extensively used as vapor and moisture barriers during construction, which is expected to influence the regional market in the coming years. In this region, Japan, China, and India are the top countries driving the market’s growth.
Europe and North America are gaining prominence in the Specialty Films Market, where the U.S. will lead the market in the region. The extensive use of biodegradable packaging films in and the advancing automotive and packaging industries are likely to influence the market growth in North America.
COVID-19 Study in Detail:
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NOTE: Our team of researchers is studying COVID-19 and its impact on various industry verticals and wherever required we will be considering COVID-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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