Specialty and High Performance Films Market Hit Almost USD 57.26 billion Figure By 2024

Specialty and high performance films market size was USD 32.61 Billion in 2015 and is expected to reach USD 57.26 billion by 2024. Increasing demand for high tensile and durable packaging materials coupled with properties such as chemical resistant is expected to drive the market growth over the forecast period. These films are majorly used in packaging market for food and beverages, construction industries and decorative interiors. Thus increasing demand for these markets is expected to positively affect the market growth of performance films.

Growing need for electronics and solar PV coupled with increasing applications is expected to steer the market growth.These films are extensively used in semiconductors and PV cells Technological innovation and advancements of material films are anticipated to boost the market demand  Specialty & high-performance films are made of engineered and composite plastic materials produced from different polymers including fluoropolymer, polycarbonate and polyester and exhibit exceptional properties such as chemical stability, resistance to heat, high barrier and tensile strength. The major factor that pose a challenge to the market is expected to the fluctuating prices of raw materials including naphtha and crude oil.

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Growing environmental concerns and increasing regulations on the use of plastics is expected to restraint market growth over the next six years.Innovation and development of reusable engineered plastics and increasing demand for biodegradable plastic film is anticipated to generate future opportunities for the industry players. On the basis of polymer type the global market has been segmented into nylon, fluoropolymers, polycarbonate, polyesters, polypropylene, and polyethylene. Polyester film is expected to have the largest share in the market owing to its excellent flexible and thermal properties. Nylon and polycarbonate are expected to be the fastest growing segments in the market. Polycarbonate is a transparent film that can be easily thermoformed and molded. It also provides excellent ink adhesion and is widely being used in graphic, blended and light diffusing films.

 

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Fluoropolymers are expected to have low growth rate over the forecast period due to increasing regulations for halo polymers by environmental protection agency and REACHGrowing demand for bio based materials is anticipated to producenew dynamic product trends in the future. On the basis of applications, the specialty and high performance films has been segmented into Safety and security, Microporous, Barrier, Decorative. Other niche applications include water soluble, Biodegradable, and light control. Barrier is expected to constitute the highest market share owing to increasing demand for these films in semiconductor insulators and solar PV modules. Growing adoption of renewable forms of energy sources such as solar panels to generate electricity is expected to be the driving factor for the market growth in this segment.

Microporous and decorative films are expected to witness high growth rate over the forecast period owing to growing demand for food processing, interior decoration and long lasting electronics lamination are expected to steer the demand of these films over the forecast period. Increasing investments in research and development coupled with growing adoption of biodegradable plastics is expected to form an opportunity for the market growth in the future.

On the basis of end use segment, the global market has been segmented into Automobile, Personal care products, Packaging, Electrical & electronic, and Construction. Other segments include shopping bags and Sportswear. Packaging industry has been the largest end use segment accounting over 65% of the total market share in 2012.Growing demand for flexible packaging in consumer goods and food industry coupled with consumer awareness for better hygiene products is anticipated to steer the market demand of specialty films.

Electrical and electronic industry is expected to witness significant growth rate owing to growing investments in technical and new electronic devices for high and efficient performance. The growing application of light and safety control films in construction industry is expected to achieve anoptimistic outlook on high performance films. Asia Pacific is expected to have the highest share in the global market and is expected to continueits dominance in the next seven years. Increasing manufacturing facilities of automotive industrycoupled with growing electronics manufacturing bases is expected to steer the market growth in this region. Favorable government regulations and presence of key raw material manufacturers of specialty films can be attributed as one of the major factor driving the market.Growing demand for processed and frozen food & beverages in Europe and North America is anticipated to boost market demand for high-performance films.

Key industry players in the market include Dow Chemicals, Bemis Company Inc. Evonik Industries, and Honeywell. Other industry participants are DuPont, Bayer, 3M, Sealed Air Corporation and Eastman. The market is highly fragmented with the presence of many manufacturers competing globally. Overall profitability is expected to be low owing to high industry rivalry Global vendors compete by application development and product differentiation.