The estimated market size for the global specialty film market in 2024 is USD 22.9 billion. It is expected to jump from this to USD 28.8 billion by 2034. The forecasted market progress is sluggish, at a CAGR of 2.30%. However, due to various assertive market forces, the subject market estimates a better growth rate than the historical period.
The food industry’s substantial growth is the subject market’s primary driver. It is identified that the growing industry demands wrapping and packaging films. This describes the necessity of good wrapping films that can fulfill the industry’s demand. Hence, this drives the market under consideration.
Consumers prefer packaged food, which surges the demand for foils and packing material. This makes food storage and transportation easier, creating lucrative market expansion opportunities for the subject market. Also, the availability of packaging films helps the market to come in demand. Therefore, this is another crucial market driver for the subject market.
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Compounding and processing are two critical challenges faced by the specialty film market. Lack of expertise and skills in this particular area weakens the production, which affects the market growth.
Due to the increasing market space of E-commerce platforms as distribution channels, the demand for safety films as a protective layer for goods has been increasing. Thus, the demand for such packaging films surges, effectively driving the market.
The use of polyethylene material has been rising, which upsurges the market. It is identified that the easy usability, strength, and durability of polyethylene have helped it to become closer to consumers. Therefore, this market segment has been one of the key drivers for the subject market.
Key Takeaways from the Market Study
- Based on the product category, the specialty film market is governed by shrink films. The segment secures 29.7% of the market.
- The Indian market forecasts moderate growth and leads the Asia-Pacific region. The estimated CAGR for the market is 5.1%.
- Spain leads the European market. It focuses on delivering energy-efficient solutions. This approach estimates a CAGR of 2.4% for the market.
- Based on the material used, polyethylene is the most widely used material due to its differentiated properties. The market segment holds 27.8% of the market space.
“The growth of developing economies fuels the growth opportunities for several businesses in the specialty film market, which causes the market and various key market segments to grow,” Says Future Market Insights (FMI).
Competitive Landscape
Many competitors govern the competitive space in the global specialty film market. They expand in the market using numerous strategies, like product differentiation, diversification, and innovation. The following are some of the key market developments made by organizations:-
- In February 2018, Berry Global Group, Inc. acquired Clopay Plastic Products Company, Inc. This helped innovate and differentiate the organization’s product line and secure a strong market position.
- In March 2023, Koninklijke DSM N.V. launched Digital SalmoFan, a newly introduced technology by the business. This process innovation expands the market expansion opportunities for the business.
- In March 2024, The Mondi Group invested in slitting instruments. A niche was created due to these initiatives in the market.
Key Companies Profiled:
- Bemis Company
- Koninklijke DSM N.V.
- The Mondi Group
- Borealis AG
- Amcor Ltd.
- Sealed Air Inc.
- Selenis Portugal S.A.
- Saudi Arabia Basic Industries Corporation (SABIC)
- Bischof + Klein SE & Co.
- 3M Company
More Valuable Insights Available
Future Market Insights offers an unbiased global specialty film market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
The valve positioner market is segmented based on material (polyethylene (PE), polyethylene terephthalate (PET), polyamide (PA), polypropylene (PP), polyvinyl chloride (PVC), polyvinylidene chloride (PVDC), ethyl vinyl alcohol (EVOH) and polycarbonate (PC)), product (shrink films, conductive films, safety & security films and anti-fog films), and end use (food & beverages, cosmetics & personal care, agriculture, building & construction, pharmaceuticals, electrical & electronics and automotive parts) across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and the Middle East and Africa).
Specialty Film Market – Key Segments
By Material:
- Polyethylene (PE)
- Polyethylene terephthalate (PET)
- Polyamide (PA)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Polyvinylidene Chloride (PVDC)
- Ethyl Vinyl Alcohol (EVOH)
- Polycarbonate (PC)
By Product:
- Stretch Film
- Shrink Film
- Conductive Film
- Safety & Security Film
- Anti-fog Film
By End Use:
- Food & Beverages
- Cosmetics & Personal Care
- Agriculture
- Building & Construction
- Pharmaceuticals
- Electrical & Electronics
- Automotive Parts
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- The Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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