The global technical films market is anticipated to reach a valuation of US$ 38.5 billion in 2023, driven by advancements in material science. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 5.3% between 2023 and 2033, and reaching a total valuation of approximately US$ 64.5 billion by 2033.
One of the major factors contributing to the growth of the technical films market is the growing demand for sustainable packaging solutions. There is a rising demand for sustainable packaging solutions, with increasing consumer awareness and environmental concerns. Technical filmss play a vital role in addressing this demand by offering eco-friendly alternatives to traditional packaging materials. The filmss can be designed with recyclable, biodegradable, or compostable properties, reducing the environmental impact of packaging waste. The emphasis on sustainable practices across industries is expected to drive the adoption of technical filmss in packaging applications.
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Industries such as automotive, aerospace, and transportation are increasingly focused on reducing weight to improve fuel efficiency and reduce emissions. Technical filmss are lightweight and offer high strength-to-weight ratios, making them valuable in weight reduction efforts. Aircraft interiors, and transportation infrastructure, manufacturers can achieve significant weight savings without compromising performance, by replacing heavier materials with technical filmss in applications such as automotive components, thereby fueling market growth.
The electronics industry continues to witness rapid advancements, with increasing demand for smaller, more efficient, and high-performance electronic devices. Technical filmss find applications in electronic components such as displays, printed circuit boards (PCBs), and semiconductor packaging. The demand for specialized technical filmss that offer properties like electrical insulation, thermal management, and protection against moisture and environmental factors is expected to grow, as the electronics industry drives miniaturization, enhanced functionality, and performance.
Key Takeaways from the Market Study
- Global technical films market was valued at US$ 36.6 billion by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 2.8%.
- United Kingdom is expected to hold a dominant CAGR of 5.2% during the forecast period.
- By films type, the target segment is expected to constitute a CAGR of 5.2% in 2033.
- On the basis of end-use industry, food & beverage segment is expected to dominate the market with a CAGR of 5.1% in 2033.
- From 2023 to 2033, technical films market is expected to flourish at a CAGR of 5.3%.
- By 2033, the market value of technical films is expected to reach US$ 64.5 billion.
Growing healthcare and medical sector, across the globe is a major factor that is expected to propel the growth of the technical films market in the near future, remarks an FMI analyst.
Competitive Landscape
Recent Developments:
- In 2020, 3M launched a new line of high-temperature polyimide filmss, called 3M™ Polyimide Films Electrical Tape, which offers excellent electrical insulation and thermal resistance properties. The filmss are used in applications that require reliable electrical insulation, such as in the automotive, aerospace, and electronics industries.
- Mondi Group Plc introduced the RetortPouch in October 2021, featuring a high barrier technical films. The innovative mono-material solution from the company offers an ideal packaging solution for various food applications.
- In March 2020, Berry Global Group, Inc., a prominent manufacturer of technical stretch filmss, made a significant investment of around US$ 30 million to expand production capacity in several North American locations. The investment was specifically focused on increasing the production capacity for ultra-high performance stretch filmss, catering to the growing demand in the market.
Competitive Scenario:
- Saudi Arabia Basic Industries Corporation (SABIC),
- Borealis AG,
- Selenis Portugal S.A.,
- Vizelpas,
- Floter Verpackungs Service GmbH,
- HYPAC Packaging Pte Ltd.,
- Bioplast,
- Futamura Chemical Co. Ltd.,
- Polifilm GmbH,
- Perlen Packaging AG,
- HAFLIGER Film Spa,
- Kuhne Anlagenbau GmbH,
- Idealplast Srl and
- Cassioli Srl
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Global Technical Films Market: Aspects Impacting Growth
Expanding demand for packaged food triggering the demand for technical films, sustained growth in building and construction, increasing demand for anti fog films for fresh produce applications, growing inclination towards high performance surface protection material, growing emphasis on manufacturing of smaller pack size barrier packaging and staggering growth in the electronics market are pushing the growth of the global technical films market.
However, lack of competency in manufacturing technology for technical films and non-availability of feed stock coupled with shortage of technological equipment and machinery for flexible barrier packaging are posing hindrances to the global market’s growth.
Global Technical Films Market: Segmental Snapshot
The global technical films market is segmented on the basis of film type, end use industry, material type, thickness type and region.
- By film type, the barrier film segment is estimated to reach a huge valuation of more than US$ 22 Bn by the year-end assessment. The safety and security film segment is projected to grow at a comparatively high-value CAGR of 6.5% during the period of forecast.
- By end use industry, the food and beverage segment is expected to be the largest in terms of market share and is likely to dominate the global market. The building and construction segment is poised to significantly contribute to the market value of the global technical films market.
- By material type, the polypropylene segment is projected to grow at the fastest pace to register a value CAGR of 6.6% during the period of forecast. The polyethylene segment is expected to reflect a high market valuation by the end of the year of assessment.
- By thickness type, 50-100 microns are largely preferred. This segment is expected to have a large market share and is estimated to reach a value more than US$ 17 Bn by the end of 2027.
- By region, Asia Pacific excluding Japan (APEJ) is a highly lucrative regional market presenting huge growth opportunities for technical films. The specialized film market in the APEJ region is anticipated to reach a high market valuation and is projected to grow at the highest rate during the period of forecast.
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Technical Films Market By Category
By Film Type:
- Stretch Film
- Shrink Film
- Barrier Film
- Conductive Film
- Safety & Security Film
- Anti-Fog Film
- Other Technical Films
By Material:
- Polyethylene (PE)
- LDPE
- LLDPE
- Polyethylene terephthalate (PET)
- Polyamide (PA)
- Polypropylene (PP)
- Polyvinyl Chloride (PVC)
- Ethylene vinyl alcohol (EVOH)
- Polyurethane (PU)
- Aluminum
- Polycarbonate (PC)
- Others
By Thickness Type:
- Up to 25 microns
- 25-50 microns
- 50-100 microns
- 100-150 microns
- above 150 microns
By End Use Industry:
- Food & Beverage
- Cosmetic & Personal Care
- Chemical
- Agriculture
- Building & Construction
- Pharmaceutical
- Electrical & Electronic
- Automobile
- Others
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
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