New York (US), June 12, 2023 (GLOBE NEWSWIRE) -- Functional Films Market Overview
According to Market Research Future (MRFR) analysis reports predict that the "Functional Films Market Research Report Information By Product Type, End Use Industry and By Region – Market Forecast Till 2032”. functional films market size is projected to escalate from USD 25.8 billion in 2022 to USD 27.7 billion by 2032, growing at a 0.80% CAGR during the forecast period (2023-2032)
Functional films are used in UV and coating equipment in electrical, media, automotive, logistics, solar energy, industrial, and aerospace industries. In food packaging, functional films are used to protect food items against contamination & adulteration in various processes, from food processing to transportation, storage, and distribution, at optimal cost with a minimum environmental impact on the packed food commodity.
Functional films used in food packaging preserve the food quality, improve safety & nutrition aspects, and enhance the shelf-life. Recent advances in the fabrication of biopolymer-based films, such as biodegradable, active, and intelligent packaging films, influence the market demand.
Functional films are extensively used in the electrical and electronics industry for their excellent electrical & mechanical properties, such as high moisture barriers, low dielectric constant, controllable thermal coefficient of expansion, and high-frequency & non-halogen flame-retardant characteristics. Due to their excellent dielectric and low moisture absorption properties, these films suit a multilayer stack-up process.
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The demand for Printed Circuit Boards (PCBs) is continually rising due to the high-speed transmission devices required in smartphones, automobiles, and electronics. Functional films are used to manufacture flexible circuits and to laminate rigid printed PCBs. The market needs high-frequency PCB material, which is expected to grow with 5G technologies, to push the market's growth.
Key Companies in the Functional Films market include
- LG Chem
- Sumitomo Chemical
- Kangdexin
- Eastman
- Nitto Denko Corporation
- Samsung SDI
- Bayer
- Toray Industries
- SKC
- SEKISUI
- Toppan
- 3M
- Honeywell
- Mntech
- CCS
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 27.7 Billion |
| Compound Annual Growth Rate (CAGR) | 0.80% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Dynamics | Rising demand for optical film in various applications such as automobile car displays, television, desktop & laptop computers, smartphones, tablets, and signs & advertising display boards and advances in technology in the field of portable and smart consumer products |
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Industry Trends
Functional films are extensively consumed in automotive & transportation, packaging, medical devices, and other industries. The increasing demand for functional films in the burgeoning automotive, food & medical packaging, renewable, printing & packaging industry fosters market growth predominantly. Besides, the widening scope of functional film applications would create novel growth opportunities for market players. Conversely, the high cost and low-weld properties of functional films are anticipated to act as a growth impeding factor for the market growth during the forecast period.
Segments
The functional films market is segmented into product types, end-user industries, and regions. The product type segment is sub-segmented into optical, coating, adhesive, and reflection films. Of these, the optical film segment accounts for the largest market share, witnessing extensive use in a variety of industrial applications.
Optical films can alter the light's characteristics transmission, such as absorption, projection, polarization, scattering, and phase shift. Electronics, automotive, and other display applications use polarizing, diffusion, and holographic materials. With advances in the ADAS and electronics industries, optical films are anticipated to perceive increased demand in the following years.
The end-user industry segment is sub-segmented into automotive, food & medical packaging, renewable, printing & packaging, and other industries. Among these, the renewable segment accounts for the largest market share, headed by growing numerous photovoltaic (PV) applications and deployments of PV systems. In renewable, functional films act as simple alternatives to big silicon wafers.
Besides, films used in solar applications can obstruct sunlight and lower its intensity. Due to their exceptional capacity to absorb, deflect, and form barrier layers, functional materials are extensively used in solar systems. Further, by regions, the functional films market is segmented into the Americas, Europe, Asia-Pacific, Middle East & Africa, and rest-of-the-world.
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Regional Analysis
The Asia-Pacific region dominates the global functional films market, driven by rapid industrialization garnering enormous demand from end-user industries. Increasing demand from the packaging industry, particularly in India, Taiwan, and South Korea, has made Asia-Pacific the largest consumer of functional films for lamination purposes. Besides, burgeoning sectors, such as electrical & electronics and automotive & transportation foster the regional market growth, consuming a considerable amount of functional materials.
Europe and North America are equally strong markets for functional films. Increasing consumption of functional materials in various applications, including packaging, pharmaceutical, electrical, and others, drive huge growth in these markets. Moreover, well-established automotive sectors in these regions foster functional film use. Furthermore, the flourishing medical devices industry, especially in Germany, accounts for the large consumption of functional materials.
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Competitive Analysis
The functional film market appears highly fragmented and competitive, with several big and small players. Though large companies have great geographical proximity, the entry of several new companies will pose stiff competition for them. Emphasizing new product development initiatives, and geographic expansion, functional films market manufacturers incorporate strategic initiatives such as mergers & acquisitions, collaborations, expansion, and technology launches.
For instance, on Mar. 01, 2023, Lufthansa Technik and BASF announced a joint development of the functional surface film AeroSHARK for commercial aircraft. The design of the new functional surface film is inspired by Shark Skin to improve fuel efficiency and reduce CO2 emissions. The film modeled on the microscopic structure of shark skin will be applied to the aircraft's outer body.
AeroSHARK consists of millions of ribs imitating the properties of shark skin to optimize aerodynamics at flow-relevant points of the fuselage or the engine nacelles aircraft. As a result, less fuel is required, leading to annual savings of about 400 tons of kerosene and over 1,200 tons of CO2. The Lufthansa Group will be the world's first airline company to equip about 20 long-haul aircraft with aerodynamic sharkskin film.
In another instance, on Mar. 15, 2023, Kett US, a testing instruments manufacturer, announced that its multi-functional coating test instrument could ensure the reliable performance of industrial coatings applied to substrates like metal, plastic, glass, and composites. Modern analytical instruments are used in adhesion, peel, and wear measurement applications. To ensure quality, coating formulation manufacturers rely on various testing methods to determine resistance to friction, peel, wear, and scratches.
Players leading the global functional films market include Sumitomo Chemical, LG Chem, Kangdexin, Nitto Denko Corporation, Eastman, Samsung SDI, Toray Industries, Bayer, SKC, Toppan, SEKISUI, 3M, Mntech, Honeywell, and CCS, among others.
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