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 2032. Functional films are being steadily commercialized across various industries as they incorporate technologies to improve the functional performance of products on which functional films act as a 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.
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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.
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% of 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
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 a large consumer base.
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Competitive Landscape
Some of the leading players profiled in FMI’s 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 one, characterized by the presence of 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.
Some of the leading companies operating in the market are:
- 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
- Polifilm Gmbh
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