Industrial Films Market Size To Reach USD 57.48 Billion In 2028: CAGR Of 4.7%
NEW YORK, August 9, 2021 / PRNewswire / – Global Industrial Films Market Size Expected to Reach $ 57.48 billion in 2028 and record a CAGR income of 4.7% during the forecast period, according to the latest report from Reports and Data. The market revenue growth is mainly due to the rapid growth of the global packaging and packaging materials industries. The increasing use of high density polyethylene, low density polyethylene, polypropylene and polyethylene terephthalate films in the food packaging industry is also expected to drive the market revenue growth during the forecast period. The growing need for better convenience and product safety among consumers are other factors currently driving the demand for high barrier packaging films. The demand for industrial films for non-food applications to ensure high barrier packaging, including for pharmaceuticals and cosmetics, has also increased significantly over the past decade.
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The growing demand for sustainable packaging materials to reduce environmental impact is also reflected in the growing popularity of high barrier plastic packaging films. The growing dominance of large retail chains in developed and developing countries is supporting the rapid demand for packaged food and, in turn, driving the demand for high barrier packaging films. The growth of the construction industry and the increase in construction activity in developing countries are other key factors that are expected to drive the demand for industrial films in the building and construction industry at scale. global.
The growing need for less permeable food packaging films to increase shelf life and maintain flavor and freshness is driving the demand for high performance packaging films and solutions. Manufacturers are increasingly investing in the development of more innovative and efficient industrial films for various end-use industries in order to expand their respective product portfolios and generate revenue. TORAYFAN offered by Toray Industries, Inc. is a high strength transparent film with excellent mechanical and electrical properties, and superior resistance to moisture and chemicals. It is widely used for food packaging and for packaging various other materials.
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Some highlights of the report
- In January 2020, Toray Industries, Inc. announced the launch of PICASUS VT, which is the world’s first film with an optical function. The optical function allows light to pass through the front, as it does with glass, and reflect incident light obliquely similar to a mirror. The film uses Toray’s proprietary nano-lamination technology and offers high-precision control of the refractive index of the resin based on a novel optical design.
- Linear Low Density Polyethylene (LLDPE) segment is expected to register significantly stable revenue growth rate during the forecast period. The high toughness of linear low density polyethylene films compared to other films is leading to increasing use in various end use industries. Higher tensile strength and superior impact and puncture resistance of the film has allowed converters to make thinner films without sacrificing strength, reducing costs and saving material.
- Agriculture segment revenue is expected to increase significantly over the forecast period. The increasing use of plastic mulch in the agricultural industry due to benefits such as reducing weed pressure, increasing soil temperature, reducing some pests, conserving moisture , increased crop yields and more efficient use of soil nutrients are some of the key factors driving revenue growth in this segment.
- The industrial films market in Asia Pacific is expected to register a robust revenue CAGR over the forecast period. Major players such as SKC Co., Ltd., Toray Industries, Inc., Mitsubishi Chemical Holdings Corporation, Kolon Industries, Polyplex and Cosmo Films Limited are investing heavily in research and development to expand their product offering.
Some of the major players in the global market include:
- Saint Gobain
- Global Berry Group
- SKC Co., Ltd.
- Toray Industries, Inc.
- Eastman Chemical Company
- RKW Group
- Mitsubishi Chemical Holdings Corporation
- Kolon Industries
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For the purpose of this report, Reports and Data has segmented the global industrial films market on the basis of type, end-use industry, and region:
- Type Outlook (Revenue, Billions USD; 2018-2028)
- Low density polyethylene (LDPE)
- Linear Low Density Polyethylene (LLDPE)
- Polyethylene terephthalate (PET)
- High density polyethylene (HDPE)
- Polyvinyl Chloride (PVC)
- Polypropylene (PP)
- End Use Industry Outlook (Revenue, USD Billion; 2018-2028)
- Industrial packaging
- Health care
- Building construction
- Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America
- a. we.
- b. Canada
- vs. Mexico
- a. Germany
- b. UK
- vs. France
- D. Italy
- e. Spain
- F. Sweden
- g. Benelux
- h. Rest of Europe
- Asia Pacific
- a. China
- b. India
- vs. Japan
- D. South Korea
- e. Rest of the APAC
- Latin America
- a. Brazil
- b. Rest of LATAM
- a. Saudi Arabia
- b. United Arab Emirates
- vs. South Africa
- D. Israel
- e. Rest of the MEA
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