The global industrial films market accounted for a value of USD 35.2 billion in 2019. Industrial films market is projected to register growth at a CAGR of 4.1% during forecast period.
COVID-19 has impacted the industrial film market as government has imposed locked in various regions of the world due to which manufacturing plants have to shut o halt its production activities. There is a huge decline in demand from end-users. The supply chain got disrupted due to travel restriction. The market is likely to remain affected in 2020 during forecast period.
For more details, visit: Global Industrial Films Market By Type (High-Density Polyethylene, Polyvinyl Chloride, BOPET, Others), By End-Users (Industrial Packaging, Agriculture, Transportation, Automotive & Others) By Region, Forecast & Opportunities to 2026
The films are used by various end-users to prevent products from damage and deterioration. It also helps in increasing shelf life of the product. There different types of films used by end-users in the market out of which bi-axially films are gaining immense traction as it have superior characteristics. This film can be stretched in both direction of machine. It has various benefits such as transparency, electrical insulation and better stability. This leads to huge demand in bi-axially oriented films. All this factors drives growth in industrial films during forecast period.
On the basis of end-use, the industrial films market is segmented into agriculture, medical, industrial packaging, transportation, construction and others. The agriculture sector accounted for a 25.7% of total market share in 2019. It is estimated to dominate the market during forecast period. The demand for food is increasing constantly with decline in agricultural land. This lead to rise in adoption of advanced cultivation methods to increase productivity with minimum resources. This dives growth in agriculture end- use during forecast period.
Asia-Pacific region is estimated to hold largest market share during forecast period. The population is increasing rapidly in this region and the consumption of food is increasing which leads huge adoption of such films in agriculture sector. The consumption of such films is also increasing in automotive, industrial packaging and construction sector. Indonesia, India, China and Thailand have the highest demand for industrial films. This drives growth in Asia-Pacific region during forecast period.
The key market players in industrial films market are TOYOBO Co., DuPont De Nemours Inc., TEKRA, Taghleef Industries, Muraplast D.O.O, Tanscendia, Mondi, Mitsui Chemicals Tohcello Inc, HiFi Industial Film Ltd., Bogucki Folie, Fujifilm Corporation, Unitika Ltd., Pely-Plastic GmbH & Co., Lintec Europe ltd. and Supreme Mill Stores.
- What are the expected industry trends over the next three to five years?
- Which of the industrial films type is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
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- What are different organic and inorganic strategies implemented by companies to gain increased market share?