Industrial films are thin plastic sheets or films used in various manufacturing and packaging applications. They provide protection, improve durability and shelf-life of products. Some key properties of industrial films include durability, barrier, clarity, heat resistance and strength. Packaging is the major application area where industrial films are used for wrapping, shielding, containing and extending the shelf life of various products. They are also used in manufacturing sectors such as transportation, construction, agriculture, healthcare and electronics. Industrial films offer advantages such as cost-effectiveness, lightweight, tensile strength and resistance to moisture, chemicals and extreme temperatures.
The global Industrial Film Market is estimated to be valued at US$ 39.48 Bn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the industrial films market is the growing demand from food packaging industry. Industrial films are extensively used for packaging various food products to increase their shelf life. Their barrier properties help block oxygen and retain freshness of food. Properties like clarity allow products to be visible. Another trend is the rising popularity of biodegradable and recyclable films due to growing environmental concerns. Manufacturers are developing bio-based industrial films from renewable resources like plant-based polymers and resins to reduce carbon footprint. Multi-layer co-extruded films are also gaining traction as they provide excellent protection with cost-effectiveness.
Threat of new entrants: The high capital investment and existing regulatory framework pose barriers for new entrants in the industrial film market.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and bundled product offerings from existing players.
Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of alternative raw material sources and price fluctuations.
Threat of new substitutes: Threat from new substitutes is low as industrial films have application-specific properties and serve specialized needs.
Competitive rivalry: The industrial film market features tough competition due to large number of domestic and international players differentiating through product innovation.
The Global Industrial Film Market Demand is expected to witness high growth, exhibiting CAGR of 5.9% over the forecast period, due to increasing demand from the packaging industry.
The Asia Pacific region dominated the global industrial film market in 2023 with a share of over 35%, due to rapid industrialization and growth of the packaging industry in China and India. North America is anticipated to showcase substantial growth over the forecast period.
Key players operating in the industrial film market are Toray Plastics, 3M Company, Dupont Teijen Films, Eastman Chemical Company, SKC Co. Ltd., Solvay Group, Kolon Industries, The Chemours Company, Jindal Polyfilms, Polyplex, and Cosmo Films Limited. Major players are focusing on new product launches, mergers, and acquisitions to expand their market share. For instance, in 2022, Toray Industries acquired Adphos Optical Plastic Company to strengthen its optical film business.
The global industrial film market size for 2023 is valued at US$ 39.48 Bn. Growing food packaging and electronics industry is expected to drive the demand for industrial films during the forecast period.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it