by The Industrial Film Market is estimated to be valued at US$ 39.48 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial films are different types of plastic films that find applications in various end-use industries such as transportation, manufacturing, construction, and aerospace & defense. These films provide protection, insulation, and other benefits that enhance the durability and shelf life of manufactured products. Their excellent mechanical and barrier properties make them useful for industrial packaging of various components and equipment.
Market key trends:
One of the major trends driving the growth of the industrial film market is the rise in global manufacturing activities. According to the United Nations Industrial Development Organization (UNIDO), manufacturing value addition across the world increased from around US$ 6 trillion in 2000 to over US$ 12 trillion in 2020. Rapid industrialization in developing regions such as Asia Pacific and Latin America is increasing the demand for industrial films from various manufacturing sectors. Their use for packaging, lamination, safety masking, and protective coverings is helping accelerate manufacturing and assembly processes. The increasing applications of industrial films in the manufacturing of automobiles, electronics, aircraft, food & beverages, and medical devices among others is expected to boost the demand during the forecast period.
Porter’s Analysis
Threat of new entrants: The Global Industrial Film Market requires large capital investments to set up manufacturing facilities making entry difficult. Bargaining power of buyers: Large buyers like automotive, construction industry have significant bargaining power due to their buying capacity. Bargaining power of suppliers: Major raw material suppliers hold strong position due to limited alternatives. Threat of new substitutes: Although substitutes like woven fabrics exist, films maintain advantage due to properties like strength and durability. Competitive rivalry: Intense competition exists among established players increasing pressure to develop differentiated products.
SWOT Analysis
Strengths: Resistance to chemicals, moisture, and corrosion. Diversified end-use industries. Weaknesses: Initial capital requirements. Price fluctuations of raw materials affect margins. Opportunities: Growth in packaging, construction, automotive sectors. Development of biodegradable and specialty films. Threats: Stringent environmental regulations. Competition from low-cost Asian manufacturers.
Key Takeaways
The global Industrial Film Market is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing demand from the packaging industry. The packaging industry is the largest consumer of industrial films owing to their use in food packaging, manufacturing, distribution and other applications. Regionally, Asia-Pacific dominates the global market and is expected to continue its dominance in the coming years led by China, India, Japan and other developing nations. This can be attributed to rising industrial activities, manufacturing sector growth and easy availability of raw materials.
Key players operating in the Industrial Film Market are Toray Plastics, 3M Company, Dupont Teijin Films, Eastman Chemical Company, SKC Co. Ltd., Solvay Group, Kolon Industries, The Chemours Company, Jindal Polyfilms, Polyplex, and Cosmo Films Limited. These companies account for over 50% of the market share due to their diversified product portfolio and large geographical presence across major markets. The increasing use of specialty films such as barrier, conductive and transparent films has boosted revenue generation of major players.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
