NEWARK, Del, July 18, 2022 (GLOBE NEWSWIRE) -- As per a study by Future Market Insights (FMI), increasing applications across diverse sectors, especially the printing and packaging industry will drive the functional films market between 2021 and 2031. Functional films are being steadily commercialized across various industries as they incorporate technologies to improve the functional performance of products on which functional films acts as substrate or a barrier.
The market is gaining momentum, thanks to the expansion of the packaging and plastic industries. Their usage across automotive also is increasing. Functional films can be spotted in automotive displays, car interiors, transmission systems, and lighting. In the packaging sector, BOPP films are the “go-to” options for lamination and flexible packaging purposes.
As per FMI, the functional films market is poised to reach US$ 47.17 Mn by 2031. The demand for both optical and coating films is considerably high. Of these, coatings films are expected to emerge dominant, exhibiting 8.7% CAGR over the forecast period.
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Key Takeaways of Functional Films Market Study
- Application across various industries will continue driving functional films market at .2% CAGR through 2031
- The U.S. remains the leading functional films market in North America, accounting for over 68% sales in 2021
- After an insignificant year in 2020, the U.K. market will bounce back, registering a little below 6% y-o-y growth in 2021
- Germany and France will remain key markets. Of these, Germany will remain dominant through the forecast period
- Exceptional growth is likely in Japan, as it continues registering expansion of various end-use industries
“Functional films market, like any other sector, is heavily reliant on prevailing trends. Currently, there is high focus on sustainability especially as some of the leading players invest in environment-positive technologies,” said a lead analyst at FMI.
East Asia is expected to dominate the functional films global market. The intense activities in the region have stimulated market participants to engage in product innovations and steadily commercialize their products. In East Asia, the large demand owned by various end-use industries including consumer electronics and automotive, is likely favorable to mold the Functional Films market. The market growth is also dependent on various other factors such as raw material availability and large consumption base.
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Who is Winning?
Some of the leading companies operating in the functional films market include 3M, Dai Nippon Printing Co. Ltd, Toray industries Inc, SABIC, Covestro AG and Saint Gobain Films.
The functional films market is a highly competitive market dominated global petrochemical and chemical manufacturers and key players who are actively involved in the printing and packaging sector. Some players are adopting backward integration, directly purchasing petrochemicals and manufacturing films from scratch. The market is also driven by regional players and new entrants who are aggressively involved to build their brand name.
The Tier-1 players hold approximately half the global value share. Drive for product positioning and collaboration are some of the common behavioral trends in the global market.
There is increasing focus on sustainability, especially some of the leading players. For instance, Coveris has built two new extrusion lines at Cheshire-based facility in Winsford, in the U.K. This capacity expansion is intended at supporting the company’s goal to achieve pack positive sustainability.
Prominent Drivers
- Growing demand for plastic films in the medical industry is expected to drive the functional films demand
- Increasing application of functional films in automotive, packaging, and solar cells industry is sustaining the demand for functional films
- Easy availability of raw materials and low prices of films will continue to improve the growth
Key Restraints
- Stringent environmental and governmental regulations will likely limit the growth of functional films
- Challenges in plastic recycling and volatile prices of raw material might hamper the demand
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Competitive Landscape
Future Market Insights has listed some of the prominent market players for the global functional films market which includes Toppan Printing co. Ltd., 3M, Dai Nippon Printing Co. Ltd., Toyo Ink SC Holdings Co Ltd., Gunze Ltd., Toray Industries Inc., SABIC, Panasonic Corporation, Covestro AG, Mondi PLC, Innovia Films, DuPont Films, Saint Gobain and Polifilm GmbH. According to FMI, with the market being hghly competitive, product positioning and collaborations remains core strategies for leading payers.
- For instance, in September 2020, Dunmore announced the launch of a new polyester based scratch resistant antimicrobial film product. This Dun-Shield film offers scratch resistant features, with durable surface and longer shelf life.
- Also, in March 2020, Imaflex Corporation, announced the clearance of its next generation crop protection film, ADVASEAL which is a time-saving and cost effective alternative for soil disinfection.
- Furthermore, in October 2020, Protection Pro, by Madico announced the launch of new antimicrobial screen protection film called Microbe-X.
Functional Films Market by Segments
Product Type
- Optical film
- Coating film
- Adhesive film
- Conductive film
- Reflection Films
End-use Industry
- Automotive
- Food & Medical Packaging
- Renewable
- Printing & Packaging
- Other Industrial
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia-Pacific
- Middle East & Africa
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Key Market Trends
3.1. Key Trends Impacting the Market
3.2. Product Innovation / Development Trends
4. Key Success Factors
5. Global Functional Films Market Demand (US$ Mn) Analysis 2016-2020 and Forecast, 2021-2031
5.1. Historical Market Value (US$ Mn) Analysis, 2016-2020
5.2. Current and Future Market Value (US$ Mn) Projections, 2021-2031
5.3. Y-o-Y Growth Trend Analysis Read More TOC
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