Industrial Films Market to Grow with a CAGR of 4.05% through 2028
Growth in
research and development activities is expected to drive the Global Industrial
Films Market growth in the forecast period, 2024-2028.
According to
TechSci Research report, “Industrial Films Market – Global Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”, the Global
Industrial Films Market stood at USD 42.65 billion in 2022 and is anticipated to
grow with a CAGR of 4.05% in the forecast period, 2023-2028. The initiatives
taken by government based on Industrial Films has led to favorable market
conditions for the Global Industrial Films Market. Several factors contribute
to the growth of various Industrial Films products.
Government
initiatives worldwide are increasingly recognizing the critical role of
industrial films, with a particular emphasis on sustainability and diversity.
These forward-thinking initiatives span across different sectors, including
film and media arts, television, and national film industries, and aim to
foster a thriving and inclusive creative ecosystem.
Recently
announced by Chicago's Mayor Lightfoot and the Department of Cultural Affairs
and Special Events (DCASE), this groundbreaking initiative aims to bolster and
revitalize Chicago's TV and film industry. By providing comprehensive support
and resources, including infrastructure development, talent cultivation, and
promotional campaigns, this initiative seeks to position Chicago as a premier
destination for film and television production.
Governments
across the globe are actively supporting their national film industries through
a range of policies and institutions. These strategic initiatives often include
financial backing, such as funding and incentives, to not only ensure the
sustainability of the industry but also to maintain state influence over
cinematic production. By investing in their domestic movie industries,
governments are fostering cultural expression, driving economic growth, and
preserving their unique storytelling traditions.
Demonstrating
their commitment to the growth and development of the domestic movie industry,
the Chinese government has pledged a substantial annual investment of 1 billion
yuan ($163 million). This significant financial support aims to facilitate the
production of high-quality films, nurture talent, and further elevate the
global reputation of Chinese cinema as a powerhouse in the international film
landscape.
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market data Figures spread through XX Pages and an in-depth TOC on "Industrial Films Market”
Extensive
research and development (R&D) efforts have paved the way for numerous
advancements in industrial film technology. These advancements encompass a wide
range of improvements, including the development of exceptionally durable films
that can withstand harsh conditions, films with superior barrier properties
that effectively protect contents from moisture and oxygen, and films with
enhanced aesthetic appeal that cater to the evolving consumer preferences. As a
result, the scope of applications for industrial films has significantly
expanded, leading to a surge in demand across various sectors.
In line with the
growing importance of sustainability in today's world, dedicated researchers
are actively working on developing eco-friendly and biodegradable industrial
films. These innovative films, often crafted from bio-based polymers derived
from renewable sources, possess the remarkable ability to decompose naturally
over time, greatly minimizing their environmental impact. This significant
breakthrough not only fosters market growth but also aligns the industry with
the global sustainability goals, promoting a greener and more sustainable
future for all.
The Global
Industrial Films Market is segmented into material, end user, regional
distribution, and company
Based on its end
user, the agriculture segment held the largest share in the market. In the
field of agriculture, traditional methods have been predominantly employed for
a long time. However, emerging countries are yet to catch up with the
scientific advancements in agricultural practices. Nevertheless, there is a
noticeable increase in the adoption of scientific means in agriculture, as
farmers and researchers alike recognize the benefits they offer. Apart from
agriculture, another significant area where scientific implementation is
gaining traction is transportation and packaging. These sectors have witnessed
a growing reliance on scientific techniques to optimize efficiency and ensure
the safe and effective transportation of goods.
Based on region,
Asia Pacific segment is expected to grow during the forecast period. In the
Asia-Pacific region, industrial growth is soaring at an impressive rate, driven
by factors such as technological advancements, and increasing investments. This
growth is further fueled by the remarkable performance of agricultural exports,
which have experienced a significant surge in recent years. In the financial
year 2019-20, the net agricultural export in the region reached an astounding
2.52 Lakh crores, highlighting the substantial economic impact of this thriving
sector.
Major companies
operating in Global Industrial Films Market are:
- Cosmo
Films Ltd
- DUNMORE
Corporation
- Inteplast
Group Inc.
- Jindal
Poly Films Ltd
- Kolon
Industries Inc.
- Mitsui
Chemicals Tohcello.Inc
- Polyplex
Corp Ltd
- Raven
Industries Inc.
- Toyobo
Co. LTD
- Solvay
SA
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“Growing
application of Industrial Films in various end user industries are key drivers
of the Industrial Films Market. Growth in competitive landscape and presence of
well-established companies in the market who are dedicated to enhance their
productivity of Industrial Films with every passing year are anticipated to
register an impressive growth to Global Industrial Films Market in the forecast
period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based management consulting firm.
“Industrial
Films Market By Material (PE, PP, PET/BOPET, Polyamide, Organic Coating,
Inorganic Oxide Coatings, Others), By End User (Agriculture, Industrial
Packaging, Construction, Medical, Transportation, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”,
has evaluated the future growth potential of Global Industrial Films Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Industrial Films Market.
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