The industrial film market is estimated to be valued at US$ 39.48 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial films are used in a variety of applications in various end-use industries such as packaging, construction, automotive, and electrical & electronics. In the packaging industry, industrial films are widely used for flexible and shrink wrapping of products. They provide protection from moisture, dust, and microbial attack. Films made from polyethylene and polypropylene are commonly used in food packaging.
Market Dynamics:
The growing demand from the packaging industry is expected to drive the growth of the industrial film market over the forecast period. Packaging films account for more than half of industrial films consumption globally. Growing e-commerce sector and increasing demand for packaged and processed food are fueling the need for flexible packaging, which in turn is propelling the demand for industrial films. Furthermore, increasing construction activities worldwide are also augmenting market growth. However, unfavorable conditions arising due to the COVID-19 pandemic hit various end-use industries and disrupted the supply chains, which hampered market growth in 2020.
SWOT Analysis
Strength: The Global Industrial Film Market features a wide product portfolio backed by continuous technological advancements which helps meet diverse needs of end-use industries. Leading players have strong distribution network across regions offering reliable supply and installation services. Many industrial films also exhibit properties like heat and abrasion resistance making them suitable for demanding applications.
Weakness: Fluctuations in raw material prices can squeeze margins for industrial film manufacturers. Many developing nations still lack proper waste management infrastructure to handle industrial film waste efficiently post usage.
Opportunity: Growing uptake of sustainable films made from bio-based polymers and recyclable resins offers new revenue avenues. The construction sector across Asia Pacific and Middle East is witnessing a boom providing a fillip to vapor barrier film demand.
Threats: Stagnant growth in some macroeconomic environments can negatively impact the offtake of discretionary industrial products. Initiatives towards substitution with new barrier materials pose a threat.
Key Takeaways
The global Industrial Film Market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing demand from construction and transportation industries. In 2021, the market size was valued at US$ 31.48 Billion.
Regional analysis: Asia Pacific dominates the global market with over 35% revenue share in 2021 led by China, India and other developing Asian countries exhibiting over 6% CAGR through strong manufacturing sector growth. North America stands second due to presence of key players and rising construction activities in the US and Canada.
Key players: Key players operating in the industrial film market are Toray Plastics, 3M Company, Dupont Teijin Films, Eastman Chemical Company, SKC Co. Ltd., Solvay Group and Cosmo Films Limited. They have established strong distribution channels and continue investing in innovating specialized film offerings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it