Functional Films Market Estimated to Expand at a Robust CAGR By 2031

The market is gaining momentum, thanks to the expansion of the packaging and plastic industries. Their usage across automotive also is increasing. Functional films can be spotted in automotive displays, car interiors, transmission systems, and lighting.  In the packaging sector, BOPP films are the “go-to” options for lamination and flexible packaging purposes.

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As per FMI, the functional films market is poised to reach US$ 47.17 Mn by 2031. The demand for both optical and coating films is considerably high. Of these, coatings films are expected to emerge dominant, exhibiting 8.7% CAGR over the forecast period.

What are the Historical and Future Prospects for Functional Films Market?

Product differentiation offered by key players is the result of several developments, testing and research being carried out over the years. There has been a consistent demand from the packaging sector, comprising food packaging and medical packaging. With the onset of urbanization and population growth, the demand for films will grow and drive sales of functional films.

New generations of green organic films and coatings are consistently under development to meet the requirements for the food packaging, anti-corrosion, and biomedical applications. In recent years, much more attention has been directed towards materialization and commercialization of the newly synthesized high-performance environmentally friendly films and coatings made of bio-resource polymers.

The impact of the COVID-19 pandemic has been unprecedented on a global scale. The consequences have been far reaching, particularly for film manufacturers as the procurement chain was disturbed. Globally, the polymer industry experienced a sharp decline in 2020. Arguably, the challenge for manufacturers was to maintain the production in tight demand with restrained economic activities.

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Key Takeaways of Functional Films Market Study

• Application across various industries will continue driving functional films market at .2% CAGR through 2031
• The U.S. remains the leading functional films market in North America, accounting for over 68% sales in 2021
• After an insignificant year in 2020, the U.K. market will bounce back, registering a little below 6% y-o-y growth in 2021
• Germany and France will remain key markets. Of these, Germany will remain dominant through the forecast period
• Exceptional growth is likely in Japan, as it continues registering expansion of various end-use industries

Functional films market, like any other sector, is heavily reliant on prevailing trends. Currently, there is high focus on sustainability especially as some of the leading players invest in environment-positive technologies, said a lead analyst at FMI.

East Asia is expected to dominate the functional films global market. The intense activities in the region have stimulated market participants to engage in product innovations and steadily commercialize their products. In East Asia, the large demand owned by various end-use industries including consumer electronics and automotive, is likely favorable to mold the Functional Films market. The market growth is also dependent on various other factors such as raw material availability and large consumption base.

Who is Winning?

Some of the leading companies operating in the functional films market include 3M, Dai Nippon Printing Co. Ltd, Toray industries Inc, SABIC, Covestro AG and Saint Gobain Films.

The functional films market is a highly competitive market dominated global petrochemical and chemical manufacturers and key players who are actively involved in the printing and packaging sector.  Some players are adopting backward integration, directly purchasing petrochemicals and manufacturing films from scratch. The market is also driven by regional players and new entrants who are aggressively involved to build their brand name.

The Tier-1 players hold approximately half the global value share. Drive for product positioning and collaboration are some of the common behavioral trends in the global market.

There is increasing focus on sustainability, especially some of the leading players. For instance, Coveris has built two new extrusion lines at Cheshire-based facility in Winsford, in the U.K. This capacity expansion is intended at supporting the company’s goal to achieve pack positive sustainability.