The Global Specialty and High Performance Films Market was valued at US$ 48100 Mn in 2022. Rising urbanization increases mall culture in cities owing to the packaging and frozen food market demand. Increasing choice for high tensile and high chemical resistance packaging features is estimated to boost the market. Growing construction activities increase modern buildings and complexes with glass exteriors.
The specialty and high performance films are used in doors and window panels of houses for safety purposes in modern glass buildings. Moreover, protection from UV rays, temperature control, and light control characteristics, the specialty and high performance films are anticipated to boost the market growth. Crude oil and natural gas are the primary raw materials used to produce polycarbonate, nylon, polyester, and fluoropolymer. The volatility of crude oil price can hinder downstream industries, which have an indirect impact on the global specialty and high-performance films market.
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.
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Key Trends and Analysis of the Global Specialty and High Performance Films Market:
Increasing population and growing urbanization in emerging economies such as China, India, Brazil, and Middle East is fueling leading to surge in construction activities in these regions. Increasing demand for improved and modern commercial complex and residential buildings with glass exterior 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 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 study conducted by Coherent Market Insights.
Asia Pacific Witnessed a Significant Market Growth
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 global specialty and high-performance films market in Asia Pacific. The demand for additives in the region is influenced by food and beverages, personal care and cosmetics, and pharmaceutical applications. 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.
Key Takeaways of the Global Specialty and High Performance Films Market:
- Asia-Pacific is projected to be the largest region in the global specialty and high performance films market, accounting for around 47% revenue share in 2022. The market in this region is expected to be primarily driven by the rampant growth of end-use industries in China, India, and ASEAN countries. The growing construction, packaging, and automotive end-use industries, rising urbanization, and growing demand for fully furnished homes are some of the key drivers for the specialty and high performance films market in the Asia-Pacific region.
- The market in Middle East is expected to register a significant growth rate over the forecast period. Rise in construction activities along with increasing automotive sales and increasing demand for packaged food is expected to create lucrative growth opportunities for players in this region.
- Packaging is one of the key end-use industries of specialty and high performance films. The food packaging industry in developed regions of North America and Europe is witnessing burgeoning growth, which creates a highly conducive environment for the growth of the specialty and high performance films market. Automotive components, construction components, and food are the key application areas for specialty and high performance films.
- 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.