Market Overview:
Functional films refer to thin polymer-based films that provide enhanced functionality to improve product properties. These films offer advantages like protection from mechanical damage, moisture, oxygen, and other environmental factors. They are widely used in industries like food & beverages, pharmaceutical, construction and electrical & electronics.
Market key trends:
One of the major trends in the functional films market is the rising demand for barrier films. Barrier films help block oxygen, moisture, UV rays, and other environmental contaminants from passing through packaging materials. They increase the shelf life of products and provide robust defence against external elements. The food & beverage industry widely uses barrier films for packaging various products like chips, coffee, frozen foods etc. to prevent spoilage. The growing packaged food sector globally is fueling the demand for barrier films in packaging applications.
Segment Analysis
The Functional Films Market Share is segmented by material type, end user industry and function. Based on material type, the market is segmented into metals, oxides, polymers, and others. Among these, the polymers segment dominated the market in 2022 and is projected to maintain its dominance during the forecast period. Polymers such as polyvinyl butyral, polyester and polyethylene terephthalate are widely used as functional films owing to their good mechanical properties, durability and versatility.
Key Takeaways
The global functional films market is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing demand for films that impart specific properties to materials/products across various end-use industries.
Regionally, Asia Pacific dominated the global market in 2022 and is projected to exhibit the fastest growth during the forecast period. This is attributed to the presence of emerging economies like China and India with growing manufacturing and construction industries in the region. The market in developing countries of Asia Pacific is expected to boost the demand for functional films during the forecast period.
The global functional films market size is expected to reach US$ 9.53 Mn in 2023. Key players operating in the functional films market are 3M, Toray Industries, Inc., Nagase & Co. Ltd., Eastman Chemical Company, and Tatsuta Electric Wire & Cable Co., Ltd. 3M is one of the prominent players offering a wide variety of functional films under its portfolio to serve various end user industries. Toray Industries is another leading player offering specialty films catering to industries like electronics, transportation, construction and healthcare.
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https://perfectinsights.blogspot.com/2023/11/the-functional-films-market-is.html
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