Industrial Films Market Estimated to Reach $55.8 by 2028 Globally, at a CAGR of 4.4%, says MarketsandMarkets™
Chicago, Oct. 29, 2023 (GLOBE NEWSWIRE) — The Industrial Films Market is projected to grow from USD 44.9 billion in 2023 to USD 55.8 billion by 2028 at a CAGR of 4.4%, as per the recent study by MarketsandMarkets™. The industrial films market is driven by a global surge in industrialization and urbanization. This urban boom inherently drives the demand for industrial films used in construction for applications like surface protection and lamination. Agricultural films, a subset of industrial films, are essential for crop protection and greenhouse applications. As the need for efficient agriculture practices grows, the demand for industrial films grows. The stringent environmental and governmental regulations have reshaped the industrial film market landscape, pushing producers towards innovation and sustainable solutions while navigating the challenges of compliance and evolving consumer expectations.
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234- Market Data Tables
List of Key Players in Industrial Films Market:
- Saint-Gobain (France)
- Berry Global Group (US)
- SKC Co., Ltd (South Korea)
- Toray (Japan)
- Eastman Chemical Company (US)
- 3M Company (US)
- Mitsubishi Chemicals Holdings Corporation (Japan)
- RKW SE (Germany)
- DuPont Teijin Films (US)
Drivers, Restraints, Opportunities and Challenges in Industrial Films Market:
- Drivers: Capitalizing on urban-industrial boom
- Restraints: Adapting to changing regulatory landscape
- Opportunity: Eco-friendly innovations in industrial films
- Challenge: Raw material price fluctuations
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Key Findings of the Study:
- LLDPE film type is estimated to be the largest type of industrial film.
- Agriculture end-use industry to register highest CAGR during the forecast period.
- Asia Pacific is projected to account for the highest CAGR in the industrial films market during the forecast period.
Based on film type, the PP/BOPP films segment is projected to register the highest CAGR during the forecast period. The PP/BOPP films are known for their exceptional clarity, high tensile strength, and resistance to moisture, making them ideal for various packaging applications. They offer a cost-effective solution for manufacturers seeking reliable and visually appealing packaging materials. The versatility of PP/BOPP films is a key driver of their rapid growth. These films are suitable for a wide range of industries, including food and beverages, pharmaceuticals, consumer goods, and textiles. Their ability to provide excellent barrier properties against moisture, gases, and UV radiation further enhances their appeal in packaging perishable goods and protecting products during transportation and storage.
Based on end-use industry, agriculture holds the largest market share in the industrial films market during the forecast period. Plastic films are instrumental in enhancing agricultural productivity and sustainability. Greenhouse films, for instance, create controlled environments that extend the growing season and protect crops from adverse weather conditions. They facilitate year-round cultivation, making them invaluable for horticulture and floriculture. Mulch films, a subset of agricultural films, are widely adopted by farmers for soil management. These films cover the soil around plants, reducing weed growth and conserving moisture. This method not only boosts crop yields but also minimizes the need for chemical herbicides, aligning with sustainable farming practices. The multifaceted applications of industrial films in agriculture, including greenhouse, mulch, tunnel, and silage films, have established agriculture as the largest and most significant market for these films.
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Based on region, Asia Pacific is expected to lead the industrial films market in 2023, with India the fastest market in the region during the forecast period. The rapid industrialization and urbanization in many Asia Pacific countries have fuelled the demand for industrial films. As these economies expand, there is a growing need for packaging, construction, and infrastructure development, all of which rely heavily on various types of industrial films. The region’s booming agricultural sector has also contributed significantly to the demand for industrial films. Agricultural films, including greenhouse films and mulch films, play a pivotal role in modern farming practices. Asia Pacific’s agrarian economies have adopted these films extensively to enhance crop yields, contributing to the overall growth of the industrial film market.
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