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Specialty Films Market Size Expected to Reach a Value of $48.19 Billion by 2026

admin by admin
February 4, 2022
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(EMAILWIRE.COM, February 04, 2022 ) Specialty Films Market size is expected to reach a value of $48.19 billion by 2026 and is set to grow at a CAGR of 5.6% during the forecast period from 2021-2026. The increase in the demand from the packaging industry is one of the significant factors driving the specialty films market. There has been a surging demand from the food packaging industry for films like polyvinylidene chloride, which is one of the modified plastic films that is used as a clear and flexible food wrap. Ethylene vinyl alcohol, a type of copolymer is also widely used for atmosphere packaging in the food packaging industry. Furthermore, specialty films such as fluoropolymers are also used in insulation of wires and polyamides for a wide range of applications in the automobile industry, textile industry, and others. Polycarbonate, a type of polymer is widely used in the optical industry. The increase in demand for various applications and the growth of end-use industries is driving the specialty films market.

COVID-19 impact

During the Covid-19 pandemic, the specialty films market witnessed a sharp decline in growth in terms of production, sales, marketing, and distribution. There were shutdowns and bans across various countries owing to the global pandemic covid-19. The restrictions in the trading activities such as exports and imports across the world hugely impacted the specialty films market. However, the specialty films market saw a considerable amount of growth during the end of the year 2020 and is set to improve further during the year 2021.

Specialty Films Market Segment Analysis – By Resin Type

Polyester segment held the largest share of 38% in the specialty films market in the year 2020. Polyester is widely used in various applications ranging from textiles, automobile, electrical and electronics and various other applications. Polyester provides various advantages such as strength and lightweight, which is increasing the demand for polyester. This is majorly driving the polyester segment in the specialty films market. According to European Association for Textile Polyolefins, the world production of polyester yarns was valued at 40760 tonnes during 2019, at an annual increase of more than 3% from the previous year production. This is one of the main factors driving the demand for polyester segment in the specialty films market.

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Specialty Films Market Segment Analysis – By Product Type

Barrier films segment held the largest share of 43% in the specialty films market in the year 2020. Barrier films are modified plastic films that are used for air tight packing in the food industry. The increase in the demand for packaging food is one of the significant factors driving the demand for packaging in the food industry. According to Food and Agriculture Organization of the United Nations, the world export of food items increased during the year 2020, in spite of the global pandemic. Export of cereals increased to 433 million tonnes during the year 2020 from 423.7 million tonnes during 2019 at a rate of 2.1%; export of wheat increased to 177.5 million tonnes during the year 2020 from 175.1 million tonnes during 2019 at a rate of 1.3%; export of grains increased to 207.9 million tonnes during the year 2020 from 203.7 million tonnes during 2019 at a rate of 2.06%, and export of meat increased to 36985 thousand tonnes during the year 2020 from 36115 thousand tonnes during 2019 at a rate of 2.4%. The increase in the exports of food articles is increasing the demand for barrier films or modified plastic films in the specialty films market.

Specialty Films Market Segment Analysis – By End-Use Industry

Packaging industry held the largest share of 40% in the specialty films market in the year 2020. Specialty films are widely in the food packaging industry for atmosphere packaging. It is also used in various other applications such as consumer good, electronics and other applications. The increase in the demand for safe delivery of product, be it food or electronics, is one of the significant factor increasing the demand for modified plastic films. According to the recent data from World Packaging Organization (WPO), a global organization and regulatory body of the packaging industry, the annual turnover of the global packaging industry crossed the value of US$500 billion during the year 2019. This is further driving the demand for specialty films from the packaging industry.

Specialty Films Market Segment Analysis – By Geography

Asia-Pacific region held the largest share of 42% in the specialty films market in the year 2020. The rapid growth of key-use industries such as food industry, electronics & electrical industry and automobile industry in countries like South Korea, India and China coupled with the increase in the population is driving the specialty films market in the Asia Pacific region. According to International Data Corporation of China, by 2021 the information and communication technology industry of China is projected to reach US$8.1 trillion representing 55% of China’s GDP. This will increase the demand for polycarbonates, which is majorly used in optical fibers. According to Indian Brand Equity Foundation, electronic goods export between April 2020 to March 2021 was valued at US$11.11 billion and for the month of March 2021 it was US$1.40 billion. According to United Nations COMTRADE database, even though during the pandemic in the year 2020, the exports of electrical, electronic equipment in Japan was valued at US$102.55 billion, with only a slight decrease from the previous year. This is increasing the demand for specialty films market in the region.

Specialty Films Market Drivers

Growth of the construction sector

The increase in the growth of the building and construction sector across the globe is one of the significant factors driving the specialty films market. Specialty films like high-performance films are widely used in the construction sector as window films, door sheets, frame sheets and other applications. Therefore, the increase in the growth and number of activities in the building and construction sector is driving the demand for specialty films market. According to the World Bank, the cost of expenditure in the construction industry across the world was estimated to reach US$11.9 trillion in the year 2020, which is an increase of 4.2% as compared to the previous year expenditure. This will further increase the demand for high performance films/specialty films from the building and construction sector.

Growing pharmaceutical industry

The growth in the pharmaceutical industry is contributing to the growth of the specialty films market. Specialty films such as modified plastic films and polyvinylidene chloride is used in the packaging of drugs and medicines in the pharmaceutical industry. According to the latest report published by European Federation of Pharmaceutical Industries and Associations, the pharmaceutical industry is growing and developing in the emerging and developed countries. During the period 2014-2019, the Brazilian pharmaceutical industry increased by 11.2%, Chinese pharmaceutical industry grew by 6.9% and the Indian pharmaceutical industry grew by 11.1%. Furthermore, during the year 2019, 48.7% North America contributed to 48.7% of the world pharmaceutical sales and Europe contributed to 22.9% of the sales. Therefore, the demand from the pharmaceutical industry has been increasing and is projected to increase further.

Inquiry Before Buying @ https://www.industryarc.com/reports/request-quote?id=502931

Specialty Films Market Challenges

Harmful effects of polyester and other films

Polyester and other such specialty films are very dangerous to the environment and the human health. Polyester is said to have caused health deficiencies in humans, which can sometimes also be fateful. Polyester releases chemicals like phthalates into the air or when it comes in contact with human skin. The factories where these films are produced lets out toxins that decreases the air quality and makes it an unpleasant place for living beings to live. This is one of the major factors restraining the growth of the specialty films market.

Specialty Films Market Industry Outlook

Facility expansion, product launch production expansion, investments, collaborations, partnerships, acquisitions and mergers are some of the key strategies adopted by players in the Specialty Films Market. Major players in the Specialty Films Market are Saudi Basic Industries Corporation, Covestro AG, Toray Industries Inc., DuPont Teijin Films, Honeywell International Inc., Berry Global Inc., Trico Specialty Films, Bemis Company Inc., Specialty Polyfilms Pvt. Ltd, Amcor Limited and Tufpak Inc. among others.

Acquisitions/Technology Launches

In June 2019 Amcor Limited acquired Bemis Company Inc. This acquisition facilitated in expanding Amcor Limited’s packaging segment in food, beverage, pharmaceutical, medical, home- and personal-care industry.

Key Takeaways

The Asia-Pacific region held the largest share in the specialty films market owing to an increase in the demand for packaging especially from the food industry and pharmaceutical industry.

The increase in the demand for atmosphere packaging such as ethylene vinyl alcohol from food packaging industry is one of the significant factors driving the specialty films market.

Specialty films such as high-performance films are also used in windows and other applications in the building and construction industry. This is driving the demand for specialty films market.

Though the specialty films market witnessed a decline in the growth during the COVID-19 pandemic. However, the growth of the specialty films market will improve by the next year 2021.

Related Reports:

A. High-Performance Films Market

https://www.industryarc.com/Research/High-Performance-Films-Market-Research-503079

B. Global Polycarbonate Sheets and Films Market

https://www.industryarc.com/Research/Global-Polycarbonate-Sheets-Films-Market-Research-502858

For more Chemicals and Materials Market related reports, please click here

About IndustryARC: IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications market research. Our Custom Research Services are designed to provide insights on the constant flux in the global supply-demand gap of markets. Our strong team of analysts enables us to meet the client research needs at a rapid speed, with a variety of options for your business. Any other custom requirements can be discussed with our team, drop an e-mail to sales@industryarc.com to discuss more about our consulting services.



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