Between 2023 and 2033, the functional films market is projected to grow at a consistent compound annual growth rate (CAGR) of 7.2%. Although the market is expected to be valued at USD 27.09 billion in 2023, it is predicted to surpass a market share of USD 54.29 billion by 2033.
- Advanced packaging solutions, along with the introduction of biocompatible and biodegradable material in functional film production, are leading the market. Furthermore, the long-range of applications such as emulsions, laminations, food and beverages, and packaging industry.
- The use of electronic films on smart devices, such as device lamination, along with the application of its usage on glass, is increasing the demand for functional films demand. Vendors are focusing on delivering reliable, flexible, and protective functional films demand for the end users.
- The latest carbon dot biopolymer-based functional films are being used in antioxidant and food monitoring applications. Its property includes UV-resistant polymeric thin films.
- The advanced flexible hard coat films are also popular in the market as they add scratch resistance, flexibility, and excellent hardness to the product surface.
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Key Points
- The United States market leads the functional films market in terms of sales volume in North America. The market holds a market share of 12.6% in 2023. The market growth is attributed to the restoration of e-commerce, packaging solutions, and innovative functional film solutions.
- The Indian functional films market leads the South Asia market in terms of CAGR with a leading CAGR of 3.8% between 2023 and 2033. The regional growth is attributed to growing awareness among people about the hazardous effects of UV rays coupled with the higher penetration of e-commerce giants in the region. As brands build their warehouses in the region, the requirement for different sorts of packaging has increased.
- The Chinese functional films market on the other side flourishes at a CAGR of 8.2% between 2023 and 2033. The higher foreign investment, center for smart device technologies, and advanced packaging solutions are increasing the regional hold.
- By product type, optical films are leading with a market share of 25.0% in 2023. Its demand is increasing with the widening electronics and electrical circuits market. These films help the electronic circuits against corrosion.
Competitive Landscape
The key players are working to produce functional films that are bio-degradble and nature-friendly. The introduction of electronic film among increasing functional film demand is also driving the competitor’s strategy. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel. The key players in the market are 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.
Recent Market Developments
- Mondi plc has introduced its modern functional films such as high-barrier industrial films for form-fill-seal (FFS), bag-in-box barrier films, and decorative films. The company claims to deliver flexible and protective solutions.
- 3M has launched its pain protection film, blackout film, exterior trim film, and body contrast film. These films cover different applications including automotive, electronics, and food packaging.
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Key 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
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