The market for specialty films is expected to grow at a CAGR of over 5% during the forecast period. One of the major factors driving the market studied is the growing demand for conduction and insulation films. However, hindrances for multilayer film growth are likely to restrain the market’s growth.
- Increasing usage of barrier films in food and pharmaceutical packaging is also likely to boost the demand for specialty films during the forecast period. - The development of technologically advanced materials regarding specialty films is likely to act as an opportunity for market growth in the future. - Asia-Pacific is likely to register the highest growth rate during the forecast period.
Key Market Trends Packaging Industry to Dominate the Market
- The rising use of barrier films in food and pharmaceuticals is driving the market for specialty films in the packaging industry. - The advantages of specialty barrier films, like moisture resistance, very low permeability to air, and flexibility, are expected to drive the demand for barrier films in the packaging segment, especially in food and pharmaceutical packaging. - The growing demand for packed ready-to-eat food products is also one of the key factors that are driving the specialty films market. - In the United States, the total retail value of packaged food increased by 4% in 2018 over the value in 2017 and is expected to increase by 5% by the end of 2019. - Hence, the packaging industry is likely to account for the highest market share during the forecast period.
Asia-Pacific to Witness the Highest Growth Rate
- Asia-Pacific is one of the major regional markets in the global specialty films market and the same is expected to register the fastest growth through the forecast period. - China, which has the largest market for specialty films in Asia-Pacific dominated the market in this region. - In China, the market is expected to register a growth rate of around 7% in the upcoming years owing to the increasing usage of specialty films in end-user industries such as packaging, electrical & electronics, transportation and construction sector. - Rising middle class population, increasing disposable income and changing lifestyle preferences is expected to drive the manufacturing sector in Asia-Pacific region, which, in turn, is expected to drive the specialty films market through the forecast period. - Hence, Asia-Pacific is likely to witness the highest growth rate during the forecast period.
Competitive Landscape The specialty films market is a partially fragmented one, as there are numerous players present in the market. Key players in the specialty films market include Honeywell International Inc, SABIC, Honeywell International Inc, Akzo Nobel N.V., DuPont de Nemours, Inc., and Covestro AG, among others.
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