According to a study by Future Market Insights (FMI), between 2021 and 2031, the functional films market will be driven by rising applications across various industries, particularly the printing and packaging sector. As more and more industries use technologies to enhance the functional performance of the goods on which functional films serve as a substrate or a barrier, functional films are steadily becoming commercially viable.
The market is expanding as a result of the growth of the plastic and packaging sectors. Their use in the automobile industry is also growing. Automotive displays, car interiors, transmission systems, and lighting are all examples of functional films in use today. The “go-to” materials for lamination and flexible packaging in the packaging industry are BOPP films.
According to FMI, the market for functional films is anticipated to grow to US$ 47.17 Mn by 2031. Both optical and coating films are in very high demand. Coatings films are predicted to dominate this group, growing at an 8.7% CAGR throughout the projection period.
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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 anticipated to lead the global market for functional films. The region’s intense activity has encouraged market participants to develop new items and constantly expand existing product lines. The significant demand from a variety of end-use sectors, such as consumer electronics and automotive, in East Asia is probably helping to shape the market for functional films. The market’s expansion is also reliant on a number of other elements, including the availability of raw materials and a sizable consumer 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.
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Prominent Drivers
- Growing demand for plastic films in the medical industry is expected to drive the functional films demand
- Increasing application of functional films in automotive, packaging, and solar cells industry is sustaining the demand for functional films
- Easy availability of raw materials and low prices of films will continue to improve the growth
Key Restraints
- Stringent environmental and governmental regulations will likely limit the growth of functional films
- Challenges in plastic recycling and volatile prices of raw material might hamper the demand
Competitive Landscape
Future Market Insights has listed some of the prominent market players for the global functional films market which includes Toppan Printing co. Ltd., 3M, Dai Nippon Printing Co. Ltd., Toyo Ink SC Holdings Co Ltd., Gunze Ltd., Toray Industries Inc., SABIC, Panasonic Corporation, Covestro AG, Mondi PLC, Innovia Films, DuPont Films, Saint Gobain and Polifilm GmbH. According to FMI, with the market being hghly competitive, product positioning and collaborations remains core strategies for leading payers.
- For instance, in September 2020, Dunmore announced the launch of a new polyester based scratch resistant antimicrobial film product. This Dun-Shield film offers scratch resistant features, with durable surface and longer shelf life.
- Also, in March 2020, Imaflex Corporation, announced the clearance of its next generation crop protection film, ADVASEAL which is a time-saving and cost effective alternative for soil disinfection.
- Furthermore, in October 2020, Protection Pro, by Madico announced the launch of new antimicrobial screen protection film called Microbe-X.
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Functional Films Market by Segments
Product Type
- Optical film
- Coating film
- Adhesive film
- Conductive film
- Reflection Films
End-use Industry
- Automotive
- Food & Medical Packaging
- Renewable
- Printing & Packaging
- Other Industrial
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia-Pacific
- Middle East & Africa
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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