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| Global Industrial Film Market |
The industrial film market is estimated to be valued at US$ 39.48 Bn or US$ 39.48 billion 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 Overview:
Industrial films are used in a wide range of applications across industries
such as transportation, construction, pharmaceutical, and food & beverage
industries. Some key applications of industrial films include protective films,
barrier films, safety & security films, and microporous breathable films.
These films provide properties like durability, moisture/gas barrier, UV
protection, and heat and chemical resistance to industrial products.
Market Dynamics:
Increased usage of barrier films across industries is one of the major drivers
for the industrial film market growth. Barrier films prevent moisture, gases,
aromas or flavors from escaping and extend the shelf life of products. Growing
food & beverage industry is generating high demand for barrier films for
food packaging. Another key driver is high usage of industrial films in
transportation industry. Various protective, barrier, and safety & security
films are used in automotive and aircraft manufacturing. These films provide
properties like abrasion and chemical resistance.
Segment Analysis
The industrial film market is segmented into linear low-density polyethylene
(LLDPE), low-density polyethylene (LDPE), high-density polyethylene (HDPE),
polypropylene (PP), polyvinyl chloride (PVC), biaxially oriented polypropylene
(BOPP), polyethylene terephthalate (PET), nylon, and others. The LLDPE segment
dominates the market and is expected to grow at a high rate during the forecast
period. LLDPE films have high tensile strength, clarity, and resistance to
moisture, making them suitable for various industrial applications such as
lamination, wrapping, and packaging.
PEST Analysis
Political: Stable political environments and supportive government policies and
initiatives regarding industry and manufacturing activities across various
countries are expected to drive the industrial films market.
Economic: Rising GDP, increasing industrial production, and growth in end-use
industries such as food packaging, construction, transportation, and
electronics are fueling market growth. However, high raw material prices may
hamper the market.
Social: Changing consumer preferences toward sustainable and eco-friendly
packaging solutions are increasing the demand for biodegradable industrial
films.
Technological: Advanced manufacturing technologies enabling mass production of
high-quality and efficient films with improved properties like durability and barrier
capabilities are helping expand the industrial films market.
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 end-use industries like packaging, construction,
and transportation.
- The industrial film market size was valued at US$ 39.48 Bn in 2023 and is projected to reach US$ 58.71 Bn by
2030.
- Asia Pacific dominated the global market in 2023 and is likely to maintain
its lead throughout the forecast period. Rapid industrialization and
urbanization along with growth in the building & construction sector in
countries such as China and India are fueling market expansion 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. These players are focusing on new product launches, mergers
& acquisitions, and geographical expansions to strengthen their market
presence.
Read More: https://www.rapidwebwire.com/industrial-film-market/