by The Specialty and High Performance Film Market is estimated to be valued at US$ 48.1 Mn or Mn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Specialty and high performance films are specialty polymers having enhanced properties such as tensile strength, optical clarity, chemical resistance, and adhesion. These films are increasingly used in a variety of applications such as packaging, automotive, construction, medical devices, and electronics. Some key uses of these films include protective films, barrier films, safety & security films, and micro-replicated films. The growing demand from industries such as automotive and electronics is expected to drive the specialty and high performance film market during the forecast period.
Market Dynamics:
The global specialty and high performance film market is projected to witness significant growth over the forecast period owing to increasing demand from the automotive industry. Rapid urbanization and rising disposable incomes in developing countries are driving the sales of passenger vehicles. Specialty films such as acoustic films, thermal control films, and seam sealing films find wide usage in automobile manufacturing. Furthermore, the medical devices industry is expanding at a rapid pace, which in turn is augmenting the demand for specialty films such as breathable films and barrier films that offer protection and extended shelf life to medical products and devices.
Another key driver for this market is increasing demand from electronic products such as smartphones, tablets, LCDs, and OLED displays. Specialty films provide attributes like durability, abrasion resistance, clarity and scratch resistance that help extend product life and durability. Barrier films further aid in protecting electronic components from moisture, oxygen, and other environmental factors, thereby increasing product reliability.
Segment Analysis
The specialty and high performance film market is dominated by barrier films sub segment which accounts for around 35% of the total market share. Barrier films provides protection against oxygen, moisture, aroma and grease. They are widely used in food packaging and pharmaceutical packaging industry owing to their excellent barrier properties. They help extend the shelf life of products.
PEST Analysis
- Political: Any potential trade wars or policy changes affecting key raw material prices can impact the market. However, most governments support sustainable packaging which drives demand.
- Economic: A stable economy favors spending on specialty packaging. However, economic slowdowns may negatively impact demand from industries like food and consumer goods.
- Social: Growing health awareness increases demand for hygienic, peelable and easy-open packaging films. Rising disposable incomes also support demand.
- Technological: Continuous innovations help enhance barrier properties and add functionality. Digital printing technology allows for customized designs and opens new applications.
Key Takeaways
- The global specialty and high performance film market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing demand from food packaging and pharmaceutical industries. The market size for 2023 is estimated at US$ 48.1 Mn.
- North America dominates the specialty and high performance films market currently, owing to strong demand from food packaging industry in the region. Asia Pacific is expected to witness fastest growth due to rising export of food products in countries like India and China. Rapid industrialization and growing disposable incomes in the region will drive market expansion.
- Key players operating in the specialty and high performance film market include The Dow Chemicals Company, E. I. du Pont de Nemours, Bayer AG, Bemis Company Inc., Evonik Industries, Honeywell International Inc., Eastman Chemical Company, Sealed Air Corporation, The 3M Company, DuPont, among others. Most players are focusing on introducing innovative barrier films with added properties like antibacterial, antistatic etc. to cater to changing industry and customer demands.
