NEWARK, Del, March 07, 2024 (GLOBE NEWSWIRE) -- According to a Future Market Insights (FMI), the industrial film market is expected to witness a CAGR of 5.9% through 2034. The market is expected to reach a valuation of US$ 62.0 Billion in 2024 and US$ 110.0 Billion by 2034. The market's growth is driven by several factors, including the expansion and modernization of industries worldwide, which are increasingly turning to functional and protective films to ensure the safety of equipment, materials, and products during manufacturing, storage, and transportation processes.
The growing demand for efficient packaging solutions in the e-commerce sector also propels significant growth, particularly for shrink, stretch, and pallet wrapping applications. Developing high-performance industrial films with enhanced properties, such as strength, durability, and chemical resistance, is a key driver of market expansion. Technological advancements in material science have enabled the production of films that cater to diverse industry needs and applications, including weatherproofing, UV protection, and thermal insulation.
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The market is witnessing a growing emphasis on sustainability, prompting industries to adopt eco-friendly packaging materials, including recyclable and biodegradable industrial films, in compliance with stringent regulatory standards.
The industrial film market is experiencing significant growth in emerging economies, particularly in Asia-Pacific and Latin America, undergoing rapid industrialization and urbanization. This growth is driven by increasing demand for industrial films across various sectors, including construction, agriculture, and packaging. The preference for durable and weather-resistant films in construction projects and the adoption of customized film solutions tailored to specific requirements further contribute to market growth.
Market saturation, raw material price fluctuations, and regulatory complexities challenge the market's continued expansion. The dominance of linear low-density polyethylene (LLDPE) in the market ensures reliable and efficient packaging solutions for industries worldwide, solidifying the industrial film market's prominence.
Key Takeaways from the Market Study:
- The linear low-density polyethylene (LLDPE) segment is expected to rise at a 5.8% CAGR through 2034.
- The transportation segment is expected to lead the market by end use, expanding at a 5.6% of CAGR through 2034.
- The industrial film market in the United Kingdom is predicted to rise at a 7.1% CAGR through 2034.
- The industrial film market in South Korea has the potential to increase at a 6.8% CAGR through 2034.
- The industrial film in Japan is projected to inflate at a CAGR of 6.3% through 2034.
- The industrial film in China is anticipated to develop at a CAGR of 6.2% through 2034.
- The industrial film in the United States is estimated to rise at a whopping 6.1% CAGR through 2034.
“Advancements in material science and manufacturing technologies result in innovative film formulations that offer superior performance and versatility for various industrial applications. Infrastructure development, particularly in emerging economies, creates new opportunities for industrial film usage in construction, transportation, and other sectors,” – opines Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape:
Major companies in the industrial film market are strategically expanding their global reach through mergers and acquisitions, partnerships, and geographic expansions. These companies are leveraging their technological expertise and product innovation capabilities to penetrate new markets and strengthen their presence in existing ones. Conducting a market comparative analysis is crucial for guiding companies' growth strategies by providing insights into market dynamics, competitor positioning, and emerging trends.
Through comprehensive market research and analysis, companies can identify growth opportunities, assess competitive landscapes, and make informed decisions to capitalize on market trends and gain a competitive edge in the global industrial film market.
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Key Players Operating in the Market:
- TOYOBO Co. Ltd
- DuPont de Nemours Inc.
- TEKRA, MURAPLAST d.o.o.
- Transcendia Vecom
- ishakha Polyfab Pvt Ltd
- Klöckner Pentaplast
- Dow
- Soretrac (UK) Limited
- Hypac Packaging Pte Ltd.
- Peiyu Plastics Corporation
- AVI Global Plast
- Verstraete IML
- Berry Global Inc.
- Bemis Company, Inc
- Jindal Poly Films
- Mitsui Chemicals, Inc.
- PLASTIC SUPPLIERS, INC.
- WINPAK LTD.
- Polifilm GmbH
- Avery Dennison
- DIC CORPORATION
Recent Developments:
- Industrial Opportunity Partners acquired Raven Engineered Films in April 2022 for advanced technological innovations in polymer film and sheeting solutions.
- Mitsubishi Chemical Holdings Corporation completed the acquisition of Nakai Industrial Co. Ltd. in May 2021 to enhance film coatings production capabilities.
- INDEVCO Plastics Longview, LLC unveiled new recyclable industrial films and bags containing up to 50% recycled resin in February 2021.
- Bemis Company Inc. inaugurated a new facility within Amcor in September 2019 to expand packaging innovation globally.
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Industrial Film Market Segmentation Analysis:
By Type:
- Linear Low-Density Polyethylene (LLDPE)
- Low-Density Polyethylene (LDPE)
- High-Density Polyethylene (HDPE)
- Polypropylene (PP)
- Polyethylene Terephthalate (PET)
- Poly Vinyl Chloride (PVC)
- Polyamide
- Others
By End Use:
- Transportation
- Construction
- Industrial Packaging
- Agriculture
- Medical
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa (MEA)
- Europe
About the Industrial Automation Division at Future Market Insights:
The industrial automation team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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