Specialty and High Performance Film Market to register high demand rate Worldwide: Top manufactures, challenges and Drivers by 2025
Polymer films with transparent or opaque are known as specialty and high performance film. The basic raw materials for production of these films include polyesters, fluoropolymers and polycarbonates. Packaging, automotive, electrical & electronics, and construction are the major end-use industries of specialty and high performance films. These films are gaining major traction across industries, mainly due to their high resistance to chemicals, high tensile strength and high impact resistance.
Growing demand for packaged and frozen food in developed countries, owing rampant growth of end-use industries is expected to provide growth impetus for the specialty and high performance film market during the forecasted period. Moreover, rising demand for disposable food and beverage packaging such as tetra pack products is projected to provide further traction for market growth. The primary focus of packaged food industry is to improve hygiene to protect the food from UV, sunlight, dust, temperature and air. Barrier films and UV control films are few products used in food and beverages industry. Moreover, it increases the life span of the food and helps to maintain the quality of food for a longer duration of time.
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Increasing population and growing urbanization in emerging economies such as China, India, Brazil, and Middle East is fueling leading to surge in construction activities in these regions. Increasing demand for improved and modern commercial complex and residential buildings with glass exterior is growing. Moreover, reconstruction and renovation activities in North America and Europe is expected to boost the specialty and high performance film market. For instance, due to global warming, UV rays protection is one the major challenges for modern glass buildings and complexes. Increasing use of UV rays and sunlight control film is forecasted to drive the film market as per study conducted by Coherent Market Insights.
The global Specialty and High Performance Film market size is estimated at US$ 34.92 billion (revenue) and 10,999.25 kilo tons (volume) in 2016 and is expected to expand at a CAGR of 6.5% in terms of revenue and 5.8% in terms of volume during the period 2017 – 2025.
Polycarbonate has emerged as the fastest growing application area for Specialty and High Performance Film
Polycarbonate segment accounted for the largest market share in 2016, as per Coherent Market Insights analysis. Asia Pacific is the largest market and is expected to witness a CAGR of 7.4% in terms of volume over the forecast period. The primary characteristics of polycarbonate polymer film are high glass transition temperature, high impact resistance, and superior durability. Construction materials, electronic components, automotive, and aircraft are among the largest end users of polycarbonate polymer films. Packaging and transporting of doors & window frames and aircraft components is expected to increase demand for polycarbonate films. Populous economy of Asia Pacific, increasing construction and renovation activities in developing and developed countries, increasing automotive industries, in turn are projected to fuel the specialty and high performance film market growth over the forecasted period.
Asia Pacific, followed by Europe and North America accounted for major share in the global specialty and high performance film market both in terms of revenue and volume in 2016 and the trend is estimated to remain the same over the forecast period. In 2016, Asia Pacific held a share of 39.58% in terms of volume, followed by Europe (25.24%). According to a study conducted by Coherent Market Insights, the global construction market is expected to witness a CAGR of 7.6% from 2017 to 2025 which is expected to create a highly conducive environment for growth of the global specialty and high performance film market.
Competitive Analysis of the Market
Major players in the global 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. In 2012, Eastman Chemical Company and Solutia collaborated to expand Solutia photovoltaic segments.
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