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Forecast Period
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2024-2028
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|
Market Size (2022)
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USD 42.65 billion
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CAGR (2023-2028)
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4.05%
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Fastest Growing Segment
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Industrial Packaging
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Largest Market
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Asia Pacific
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Market Overview
Global Industrial Films Market has valued at USD 42.65
billion in 2022 and is anticipated to project robust growth in the forecast
period with a CAGR of 4.05% through 2028. An industrial film refers to a
specific type of plastic that offers exceptional chemical resistance and
adaptability to harsh environments. These films are primarily manufactured
through the extrusion process using various polymer materials such as
polyethylene, polypropylene, polyethylene terephthalate, and polyamide.
Notably, industrial films serve multiple purposes, including enhancing crop
quality and productivity. They achieve this by minimizing soil erosion,
increasing soil temperature, providing essential nutrients, shielding against
harmful UV rays, rain, and wind, as well as suppressing weed growth. Moreover,
industrial films exhibit outstanding waterproofing capabilities, exceptional clarity,
and remarkable durability, making them highly desirable in industries like
automotive, transportation, construction, agriculture, medical, electrical, and
electronics.
The growth of the industrial films market is
primarily driven by the increasing demand in the agriculture industry. This is
mainly attributed to the cost-efficiency of this technology compared to
conventional farming techniques. Furthermore, continuous product innovations,
such as the introduction of near-infrared radiation (NIR)-blocking films,
UV-blocking films, and fluorescent films, have significantly contributed to the
growing adoption of industrial films. The decreasing availability of arable
lands worldwide, coupled with rapid urbanization leading to the adoption of
high-productivity farming practices, has further fueled the market growth.
Additionally, the rising global population and the subsequent demand for food
have created a substantial market for agricultural films.
Another factor driving the market is the widespread
use of industrial films in the production of cover films for electronic
devices. This trend is expected to continue due to the increasing sales of
smart devices. Moreover, the market growth is supported by factors such as the
rising disposable income levels of consumers, extensive research, and
development (R&D) activities conducted by key players, significant
investments in the development of flexible and transparent bi-axial films, and
the growing popularity of smart devices. These factors collectively contribute
to the continuous expansion of the industrial films market on a global scale.
Key Market Drivers
Growing Demand of Industrial Films in Medical
Industry
Industrial films are increasingly being used in the
medical industry for a wide range of critical applications. They play a vital
role in the manufacturing of medical devices, ensuring the highest standards of
quality and safety. These films are utilized in the production and assembly of
various medical devices, including diagnostic imaging devices, blood bags, and
IV bags. By providing a protective barrier against contamination and damage,
industrial films contribute to the longevity and effectiveness of these
essential medical tools.
In addition to medical device manufacturing,
industrial films are extensively employed in the packaging of pharmaceuticals.
Their exceptional properties, such as chemical resistance, thermal stability,
high strength, and durability, make them an ideal choice for ensuring the
integrity and preservation of pharmaceutical products. Whether it's protecting
sensitive medications or safeguarding sterile medical supplies, these films
offer a reliable solution that meets the stringent requirements of the medical
sector.
Another significant application of industrial films
in the medical industry is in the production of protective clothing. Surgical
gowns, gloves, and other personal protective equipment (PPE) used by healthcare
professionals are manufactured using these films. With the increased emphasis on
infection control and preventing the spread of diseases, the demand for
high-quality protective clothing has surged. Industrial films provide the
necessary properties, such as barrier protection and durability, to ensure the
safety and well-being of medical personnel.
The ongoing COVID-19 pandemic has further
underscored the importance of industrial films in the medical sector. The
heightened need for medical devices, pharmaceuticals, and PPE has created a
substantial demand for these films. As the medical industry continues to expand
and innovate, driven by technological advancements, patient safety, and drug
efficacy, the demand for industrial films is expected to grow steadily.
The growing demand for industrial
films in the medical industry is a significant driver of the global industrial
films market. As manufacturers continue to innovate and cater to the evolving
needs of the medical sector, the industrial films market is poised for robust
growth in the foreseeable future. The versatility and reliability of these
films make them an indispensable component in ensuring the delivery of safe and
effective healthcare solutions.
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Growing Demand of Industrial Films in Packaging Industry
Industrial films play an increasingly critical role
in packaging applications across a wide range of sectors, including the food
and beverage, pharmaceutical, and consumer goods industries. These films offer
exceptional properties, such as high durability, flexibility, and resistance to
moisture, light, and oxygen, making them highly suitable for various packaging
needs.
Within the food and beverage industry, industrial
films are extensively used for packaging a diverse range of products, ranging
from fresh produce to processed foods and beverages. They not only help extend
the shelf life of these products but also maintain their quality and ensure
convenient handling and transportation.
In the consumer goods sector, industrial films find
extensive use in packaging electronics, personal care products, household
items, and more. These films provide reliable protection to these products
during transportation and storage, while also enhancing their overall
presentation.
As the packaging industry continues to evolve, with
an increasing focus on sustainable and efficient solutions, the demand for
industrial films is expected to witness significant growth. Technological
advancements in packaging methods, combined with rising consumer expectations
for product quality and safety, will further drive the demand for these films.
The growing demand for industrial
films in the packaging industry serves as a major driver of the global
industrial films market. With manufacturers continuously innovating to meet the
evolving needs of the packaging sector, the industrial films market is poised
for robust growth in the foreseeable future. This growth will be fueled by the
industry's commitment to sustainability, efficiency, and meeting consumer
demands for high-quality packaging solutions.
Key Market Challenges
Volatility in Prices of Raw Materials
Industrial films, which are widely used in various
industries, are primarily manufactured using a range of polymers. These
polymers include polyethylene, polypropylene, polyester, and polyvinyl chloride.
The choice of polymer used in the production process is crucial as it directly
impacts the properties and performance of the films. For instance, polyethylene
is known for its excellent flexibility and moisture resistance, making it
suitable for packaging applications, while polypropylene offers high clarity
and heat resistance, making it ideal for labels and lamination.
The cost of these raw materials plays a significant
role in determining the overall production cost of industrial films.
Fluctuations in the prices of these polymers can have a profound impact on the
profitability of film manufacturers. These price fluctuations are influenced by
various factors, including changes in crude oil prices, supply-demand
imbalances, trade policies, and geopolitical tensions.
In recent years, the prices of polyethylene and
polypropylene, two key raw materials for industrial films, have experienced
notable volatility. This volatility can be attributed to multiple factors such
as production cutbacks, increased demand, and fluctuations in oil prices. Such
price instability poses a significant challenge for manufacturers, as it makes
cost forecasting difficult and introduces uncertainties in budgeting and
planning processes. Consequently, these uncertainties can lead to reduced
profit margins and discourage potential new entrants from venturing into the
industrial film market.
Additionally, sudden spikes in raw material prices
can compel manufacturers to pass on the increased costs to consumers. This, in
turn, can result in higher product prices, potentially impacting the demand for
industrial films, especially in price-sensitive markets. Manufacturers must
carefully navigate these challenges to ensure the sustained growth and
profitability of their industrial film businesses.
Key Market Trends
Growing Demand of Sustainability and Eco-Friendly
Films
Eco-friendly films, also known as biodegradable
films, are made from environmentally friendly materials such as polylactic acid
(PLA), polyhydroxyalkanoates (PHA), or bio-based polyethylene. These materials
are biodegradable, meaning they break down over time, reducing their impact on
the environment compared to traditional petroleum-based films.
The benefits of eco-friendly films go beyond their
biodegradability. In fact, they often possess similar, if not better,
properties than traditional films. These films exhibit strength, flexibility,
and resistance to moisture and oxygen, making them suitable for a wide range of
applications in industries such as packaging, medical, and consumer goods.
The demand for eco-friendly films is driven by
several factors. There is a growing consumer awareness regarding
environmental issues, leading to a preference for sustainable products. This has
compelled businesses to adopt eco-friendly alternatives, including the use of
biodegradable films in their operations, particularly in industrial
applications.
Governments worldwide are implementing
regulations to reduce plastic waste, thereby promoting the use of biodegradable
materials. For instance, the European Union's Single-Use Plastics Directive
aims to minimize the environmental impact of certain plastic products.
Advancements in technology have made the
production of eco-friendly films more cost-effective, contributing to their
increased adoption in various industries. As a result, the trend towards
sustainability is expected to continue as technology evolves and consumer
demand for eco-friendly products grows.
The demand for sustainability and
eco-friendly films is a significant trend shaping the global industrial films
market. Manufacturers are continuously innovating to meet the evolving needs of
consumers and regulatory bodies. With the increasing adoption of sustainable
films, the industrial films market is poised for robust growth in the
foreseeable future.
Segmental Insights
Material Insights
Based on the category of material, the others segment
emerged as the dominant player in the global market for Industrial Films in
2022. Thinner films can be made from Linear Low-Density Polyethylene (LLDPE)
without compromising on strength, making it an ideal choice for various
applications. In fact, approximately 80% of LLDPE globally is utilized in film
applications, including multi-layer cast stretch film and food packaging.
Additionally, LLDPE finds extensive use in extrusion coating applications,
providing excellent protection for liquid containers, particularly in paper and
paperboard packaging. With its versatile properties and wide range of
applications, LLDPE continues to be a preferred material in the industry.
End User Insights
The agriculture segment is projected to experience
rapid growth during the forecast period. Industrial films play a crucial role
in enhancing crop productivity and minimizing soil erosion, making them
increasingly popular in the agriculture end-use industry. These films not only
protect crops from adverse climatic conditions but also contribute to the
overall sustainability of agriculture practices. In recent years, there has
been a notable surge in the adoption of industrial films in agriculture,
including greenhouse films, mulch films, and silage & stretch films. This
trend can be attributed to the ongoing climatic changes, shrinking arable land
worldwide, and the ever-growing demand for food due to the continuously
increasing global population. As farmers strive to meet the rising food demand
sustainably, the demand for industrial films in the agriculture sector is
expected to continue its upward trajectory.
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Regional Insights
Asia Pacific emerged as the dominant player in the Global
Industrial Films Market in 2022, holding the largest market share in terms of value.
Packaging films made of plastic are generally preferred for their affordability
and lightweight nature. They offer the advantage of extending the shelf life of
products, making them a popular choice in various industries such as medical,
construction, and industrial packaging. Not only do these films provide
functional benefits, but they also add to the visual appeal of the packaged
goods.
In the Asia Pacific region, particularly in China,
India, and Japan, there is a significant production and consumption of
industrial films. These countries play a crucial role in shaping the Industrial
Films Market in the region. However, the Covid-19 pandemic has had a
significant impact on the packaging industry. The self-isolation policies and
disruptions in supply chains have resulted in shortages of supplies and the
cancellation of events. As a result, there is a growing trend among supply chains
to diversify and move away from relying heavily on China for trade and
distribution, seeking more resilient alternatives.
Recent Developments
- In September 2019, Bemis Company Inc. took a
significant step towards expanding its global footprint in packaging innovation
by opening a new center in Amcor, located in the vibrant city of New Albany,
Ohio. This strategic move aims to leverage the diverse talents and resources
available in the region, ultimately propelling Bemis towards new heights in the
ever-evolving industry of packaging solutions. With this expansion, Bemis is
poised to further drive groundbreaking advancements and meet the growing
demands of its customers worldwide.
Key Market Players
- 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
|
By Material
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By End User
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By Region
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- PE
- PP
- PET/BOPET
- Polyamide
- Organic Coating
- Inorganic Oxide Coatings
- Others
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- Agriculture
- Industrial Packaging
- Construction
- Medical
- Transportation
- Others
|
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
|
Report Scope:
In this report, the Global Industrial Films Market has
been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
- Industrial Films Market, By Material:
o PE
o PP
o PET/BOPET
o Polyamide
o Organic Coating
o Inorganic Oxide Coatings
o Others
- Industrial Films Market, By End User:
o Agriculture
o Industrial Packaging
o Construction
o Medical
o Transportation
o Others
- Industrial Films Market, By
Region:
o North America
§ United States
§ Canada
§ Mexico
o Europe
§ France
§ United Kingdom
§ Italy
§ Germany
§ Spain
o Asia-Pacific
§ China
§ India
§ Japan
§ Australia
§ South Korea
o South America
§ Brazil
§ Argentina
§ Colombia
o Middle East & Africa
§ South Africa
§ Saudi Arabia
§ UAE
§ Kuwait
§ Turkey
§ Egypt
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the Global Industrial Films Market.
Available Customizations:
Global Industrial Films Market report with the
given market data, TechSci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
Global Industrial Films Market is an upcoming report
to be released soon. If you wish an early delivery of this report or want to
confirm the date of release, please contact us at [email protected]