The global Specialty and High Performance Film Market is estimated to be valued at US$ 48.1 Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Specialty and high performance films refers to films that perform functions beyond basic film requirements such as barrier properties, durability, and flexibility. These films provide properties like antibacterial, flame resistant and high strength. They are used in various end-use industries including packaging, automotive, aerospace, electrical & electronics and others.

Market Key Trends:

One of the key trends in the specialty and high performance film market is growing demand from the packaging industry. There is increasing usage of specialty films such as barrier films, shrink films, and conductive films in food & beverage packaging. This is attributed to properties like extended shelf-life, lightweight and printability offered by specialty films. They provide protection from moisture, gases, microbes and other external factors thereby increasing shelf life of products. Various players are focusing on developing innovative and sustainable specialty films for packaging applications which is fueling the market growth.

SWOT Analysis:

• Strength: Specialty and high performance films offer improved product protection, strength and barrier properties compared to conventional plastic films. This makes them suitable for applications across diverse industries.
• Weakness: High cost of production of specialty films compared to conventional plastic films can be a challenge.
  Opportunity: Growing end-use industries like food and consumer goods especially in emerging economies presents an opportunity for market growth.
• Threats: Stringent environmental regulations around plastic waste management and disposal can pose challenges. Volatility in raw material prices also impacts the market.

Key Takeaways:

• The global specialty and high performance film market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing consumption of packaged and processed food. The food industry extensively uses specialty films for packaging various foods to increase shelf life and provide barrier against external agents.
• Regional Analysis: Asia Pacific dominates the market and is expected to continue its lead over the forecast period growing at a highest CAGR. This can be attributed to large population base, rising income levels, and increasing consumption of packaged food in countries like China, India, Japan and South Korea.
• Key players operating in the specialty and high performance film market are The Dow Chemicals Company, E. I. du Pont de Nemours, Bayer AG, Bemis Company Inc., Evonik Industries, Honeywell International Inc., Eastman Chemical Company, Sealed Air Corporation, The 3M Company, DuPont, among others. These players are focusing on new product development and capacity expansion strategies to solidify their market presence.