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 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.
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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% 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.
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.
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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.
About the Report:
The research report analyzes the total sales of Functional Films on the basis of value (US$ Mn). The market is projected on the basis of factors such as growth of polymer industry, developments in films, end-use industry demand, global GDP growth, industry value added, and government regulations. The scope of the research report includes only new sales of Functional Films.
About Chemicals & Materials division of FMI
The Chemicals & Materials division at FMI offers distinct and pin-point analysis about the chemicals & materials industry. Coverage of the chemicals and materials market extends from commodity, bulk, specialty and petrochemicals to advanced materials, composites, and nanotechnology. The team also puts special emphasis on ‘green alternatives’, recycling and renewable technology developments, and supply-demand trade assessment. Our research studies are widely referred by chemical manufacturers, research institutions, channel partners, and government bodies for developing – ‘The Way Forward’.