by Industrial films are polymeric films used in various industrial applications like transportation, building & construction, protective packaging, industrial packaging, agriculture, and others. These films offers advantages like durability, strength, versatility, and cost-effectiveness. With growing industrialization, there is increasing demand for industrial films from various end-use industries.
The global Industrial Film Market is estimated to be valued at US$ 39.48 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trend in the industrial film market is growing demand for biodegradable and sustainable films. With rising environmental concerns, manufactures are focusing on developing bio-based and biodegradable industrial films using materials like polylactic acid (PLA) and polyhydroxyalkanoates (PHA). These eco-friendly films breaks down completely without leaving behind any toxic residues. Furthermore, introduction of novel technologies for production of specialty films with advanced properties like ultra-high barrier, durability, strength and versatility is also fueling the market growth.
SWOT Analysis
Strength: Industrial films exhibit excellent durability, chemical resistance and mechanical strength which make them ideal for packaging applications. Their high tensile strength allows them to withstand stresses during manufacturing, distribution and use.
Weakness: Industrial films are more expensive than conventional packaging materials such as paper and paperboard. The availability of substitutes such as glass and rigid plastics can also act as a restraint.
Opportunity: Increasing demand from food packaging and construction industries is expected to drive market growth. Growing use of industrial films for safety and branding applications will provide new opportunities.
Threats: Stringent environmental regulations regarding disposal and recycling of plastic films pose a threat. Volatility in raw material prices can increase production costs.
Key Takeaways
The Global Industrial Film Market Size is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing demand from the food packaging industry. Rapid urbanization and changing lifestyles are fueling the growth of processed and packaged food industries worldwide which favors market expansion.
North America dominated the industrial films market in 2022 owing to well-established end-use industries such as packaging, construction, and automotive. However, Asia Pacific is projected to exhibit the fastest growth during the forecast period. Expanding middle-class population, rising disposable incomes, and growth in e-commerce are some factors propelling the demand in the region.
Key players operating in the industrial film market are Toray Plastics, 3M Company, Dupont Teijin Films, Eastman Chemical Company, SKC Co. Ltd., Solvay Group, Kolon Industries, The Chemours Company, Jindal Polyfilms, Polyplex, and Cosmo Films Limited. Players are investing in R&D to develop innovative product varieties with enhanced properties. New product launches, acquisitions, and expansions are some of the strategies adopted by leading companies to gain a competitive edge
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
