The global specialty and high performance films market size was USD 32.61 Billion in 2015. Rising demand for high tensile and durable packaging material is expected to drive product demand over the forecast period. Excellent mechanical strength and chemical resistance offered by these films is likely to open new avenues for the product market in construction, food and automotive applications. Growth of flexible packaging industry owing to its rising demand for decorative interiors and food & beverages is likely to have a positive impact on the market growth over the next eight years. Stringent regulations against use of plastic materials coupled with rising environmental concerns are anticipated to pose as a barrier for the industry growth. However, R&D related to the development of bio-degradable and recyclable plastic materials is expected to open new avenues for the market growth over the forecast period.
U.S. Specialty and high performance films revenue, by application, 2013 - 2024 (USD Million)
Rising demand for specialty and high performance films as an insulator in electrical and electronics industry is expected to be a key driver for the market growth. Rising government spending, increasing consumer demand coupled with favorable investment climate in the emerging economies such as China, Taiwan, Japan and India are likely to drive the electrical & electronics sector growth which in turn is expected to have a positive impact on the industry growth over the forecast period.
The industry is expected to experience high industry rivalry owing to the presence of numerous manufacturers with strong foothold in the industry. However, the fluctuating prices of crude oil and naphtha, which are primary raw material for the industry, are likely to affect the market growth over the projected period. Manufacturers are likely to undergo integration across the value chain in order to reduce manufacturing cost, meet rising consumer demand and increase profit margins. Initiatives taken by manufacturers to improve films durability, strength and quality which will meet the consumer demand as well as stringent specifications is expected to propel demand over the next eight years.
The market is segmented on the basis of polymer type as, polyester, nylon, polycarbonate, fluoropolymers and others. The other products include polypropylene, polyamide, polyethylene and engineered thermoplastic. Polyesters are likely to account for the major share in the market and likely to grow at a CAGR of over 6.5% over the next eight years. Polyamide and nylon based films are expected to witness significant growth owing to the excellent thermal stability and flexibility offered by these materials. Growing demand for bio-degradable plastic materials is likely to be a key driver for the product growth over the forecast period.
Barrier films dominated the market share in 2015 and are likely to grow at a CAGR of over 6.5%, from 2016 to 2022. Rising demand for these films in semiconductor insulations and solar PVs is expected to propel demand. Furthermore, these films are used in pharmaceutical blister packaging and food processing industry, which is likely to fuel the demand over the next eight years. The microporous and safety and security films are expected to witness significant growth owing to their rising demand for durable electronics lamination and interior decoration.
Packaging was the largest end-use application for the industry accounting over 65% of the total market. Growing application of flexible and chemically inert material for packaging food and beverages is projected to fuel industry growth. Moreover, with rising consumer awareness for food hygiene and safety is likely to boost demand. Rising application scope of the product in light control and safety films in construction industry is projected to have a positive impact on industry growth. High spending on infrastructure and rapid growth of construction industry in Asia Pacifica and Middle East & Africa is anticipated to augment demand for specialty and high performance films over the forecast period
Asia Pacific dominated the industry and is anticipated to witness substantial growth over the forecast period. The growth can be attributed to growing automotive-aftermarket and automotive industries. With presence of large scale raw material suppliers in the region, the industry in the region is expected to witness alarming growth. Rapid industrialization coupled with favorable government scenario in the region is likely to drive demand. Furthermore, rising demand for processed and frozen food in No
The industry is characterized by high competition and rivalry with low profit margins. The market is highly fragmented with no clear cut majority stake holder. The key players in the market are The Dow Chemical Company, E. I. du Pont de Nemours, Bayer AG, Bemis Company Inc., Evonik Industries, Honeywell International, Inc., Eastman Chemical Company, Sealed Air Corporation and The 3M Company.
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