Polymer films with transparent or opaque are known as specialty and high-performance films. The basic raw materials for the production of these films include polyesters, fluoropolymers, and polycarbonates. Packaging, automotive, electrical & electronics, and construction are the major end-use industries of specialty and high-performance films. These films are gaining major traction across industries, mainly due to their high resistance to chemicals, high tensile strength, and high impact resistance.
The Global Specialty and High-Performance Film market size is estimated at US$ 48100 Mn(revenue) and is expected to expand at a CAGR of 5.02% during the period 2023 – 2030.
Growing demand for packaged and frozen food in developed countries
Growing demand for packaged and frozen food in developed countries, owing to rampant growth of end-use industries is expected to provide growth impetus for the specialty and high performance film market during the forecast period. Moreover, rising demand for disposable Food and Beverage packaging such as tetra pack products is projected to provide further traction for market growth. The primary focus of packaged food industry is to improve hygiene to protect the food from UV, sunlight, dust, temperature, and air. Barrier films and UV control films are a few products used in the food and beverages industry. Moreover, it increases the life span of the food and helps to maintain the quality of food for a longer duration of time.
Figure 1. Specialty and High Performance Film Market-Product Type, By 2022
Difficulty in processing
One of the major challenges faced by the Global specialty and high-performance films market is the lack of quality compounders and distributors. A high level of technical expertise is required for compounding or processing specialty and high performance films. The compounding of the specialty and high performance films is much more complex than that of conventional polyamides or any other type of Plastics and requires plastic equipment and setup. It also absorbs moisture during the manufacturing process. Hence, the humidity of the manufacturing plant is to be maintained carefully. It tends to show volumetric shrinkage when cooled, especially for thickness above 6mm.
Specialty and High Performance Film Market Report Coverage
|Base Year:||2022||Market Size in 2022:||US$ 48100 Mn|
|Historical Data for:||2017-2020||Estimated Year:||2023|
|Forecast Period 2023 to 2030 CAGR:||5.02 %||Forecast Period:||2023-2030|
The Dow Chemicals Company, E. I. du Pont de Nemours, Bayer AG, Bemis Company Inc., Evonik Industries, Honeywell International Inc., Eastman Chemical Company, Sealed Air Corporation, The 3M Company, DuPont, among others.
|Restraints & Challenges:||
Increasing population and growing urbanization
Increasing population and growing urbanization in emerging economies such as China, India, Brazil, and the Middle East is leading to a surge in construction activities in these regions. Increasing demand and need for more improved modern commercial complexes and residential buildings with glass exteriors is growing. Moreover, reconstruction and renovation activities in North America and Europe is expected to boost the specialty and high performance film market. For instance, due to global warming, UV rays protection is one of the major challenges for modern glass buildings and complexes. Increasing use of UV rays and sunlight control film is forecasted to drive the film market as per the study conducted by Coherent Market Insights.
Figure 2. Specialty and High Performance Film Market-Region Type, By 2022
Specialty and High Performance Films Market, Segment Analysis by region:
Asia Pacific region dominated the market with the highest revenue share of 47% in 2022. This is attributed to factors such as economic progress, industrialization, and the growth of major end-use sectors. China and India are the major countries contributing to the growth of the specialty chemicals market in Asia Pacific. The demand for additives in the region is influenced by food and beverages, personal care and cosmetics, and pharmaceutical applications in the respective industries. China, India, and Japan are the key manufacturing countries in the region, with China as the global manufacturing leader which also leads to product market growth.
Global Specialty and High Performance Film Market - Impact of Coronavirus (Covid-19) Pandemic:
The COVID-19 outbreak affected several industries due to lockdowns, business shutdowns, and supply chain disruptions, which in turn affected the specialty and high performance films market. There was a mixed impact of the pandemic on the specialty and high performance films market. Initially, owing to lockdowns and business shutdowns, manufacturers faced raw materials and labor shortages, which affected their production and supply. Additionally, end-use industries of specialty and high performance films such as packaging and transportation industries shifted drastically in the food area as the pandemic shuts down restaurants and foodservice outlets. Consumers will thus continue to move to grocery purchases, for which packaging demand will rise. Consumers’ wishes to stockpile and their panic purchases of food, beverages, and home-care necessities have accentuated this trend. But demand for nonfood and premium-good packaging is being hit as stores are required to close and as consumers start to cut back on their spending.
Major players in the global specialty and high performance film market include The Dow Chemicals Company, E. I. du Pont de Nemours, Bayer AG, Bemis Company Inc., Evonik Industries, Honeywell International Inc., Eastman Chemical Company, Sealed Air Corporation, The 3M Company, DuPont, among others.
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