SEATTLE, March 31, 2020 (GLOBE NEWSWIRE) -- Functional films are high strength adhesives films that are widely used to enhance functionality and novel properties of the substrate on which it is applied. Functional films have a broad range of application across electronics & semiconductor, flat panel display (FPD), energy, construction, automotive, healthcare/pharmaceutical and packaging industry. Functional films possess excellent properties such as heat-resistance, water-proof, scratch resistance, and also offer easy printability. Thus, these films also protect the substance from damages as well as offer an aesthetic look to the products as these films is also used for the decorative purpose. Furthermore, they are also used in the solar cell market in order to enhance the properties of the solar cells.
The global functional films market was estimated to account for slightly lesser than US$ 24.3 billion, in terms of revenue in 2018 and is predicted to grow at a CAGR of 4.8% during the forecast period (2019 to 2027).
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Drivers:
Growing demand for the functional film from the healthcare and pharmaceutical industry for the packaging of medical products is expected to fuel the market growth of functional films. Moreover, expanding the medical packaging industry coupled with the technological advancement in the medical packaging system is expected to foster the market growth of functional films over the forecast period. The functional film plays a critical role in the development of the medical product by creating high-quality pharmaceutical products.
Growing demand for the optically functional film for controlling the reflection and penetration of light is expected to augment the market growth over the forecast period. It is widely used in monitors, televisions, and mobile phones. Out of which, television segments have emerged as the largest application area due to rising demand for larger size displays. Moreover, the smartphone segment is also gaining huge traction due to the increasing need for the infiltration of smartphones.
Market Opportunities
The growing market of the conductive film due to the rising demand for wearable consumer goods is expected to provide immense growth opportunity to the market of functional films. Factors such as flexibility, slenderness, minimal reflection, and robustness are some of the major factors fueling the demand for conductive films across the aforementioned applications and this is expected to propel the market growth of functional film over the forecast period.
The booming water-soluble film market around the globe will favor the market growth of functional films. Water-soluble films are widely used in the small dose packaging of water treatment chemicals, detergents, agrochemicals products, and dyes as it offers easy-of-use and prevents human contact with the packaged products. Thus, the growing water-soluble film market is expected to fuel the market growth in the near future.
Market Restraints
Increasing replacement of LCD screens with active matrix organic light-emitting diode (AMOLED) screens is expected to hamper the adoption of optical functional films. Thus, this is expected to hinder the market growth of functional films over the forecast timeframe.
Key Takeaways:
On the basis of application, flat panel display (FPD) dominated the global functional films market in 2018 with a 23.3% of market share in terms of revenue, followed by electronics & semiconductor and automotive, respectively.
Market Trends
Increasing demand for the water-soluble film for the packaging of chemical products in order prevents the direct human contact with the product is expected to fuel the market growth of the functional film. The market growth is can also be attributed to growth in the chemical industry due to rising investment by the manufacturer as well as the government. This is expected to fuel the market growth of the functional film.
Growing demand for the water-soluble film from the food packaging industry is expected to foster market growth over the forecast period. The market growth of functional film can also be credited to growth in the food industry due to the increasing purchasing power of the consumers. The aforementioned factors are expected to propel the market growth of functional films in the years to come.
Competitive Section:
Key players operating in the global functional films market are 3M, Toray Industries, Inc., Nagase & Co. Ltd, Eastman Chemical Company, and Tatsuta Electric Wire & Cable Co., Ltd
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Market Taxonomy
By Applications
- Flat Panel Display (FPD)
- Electronics & Semiconductors
- Automotive
- Construction
- Energy
- Healthcare/ Pharmaceuticals
- Packaging
By Product Type
- Conductive
- Optical
- Adhesive
- Water-soluble
By Region
- North America
- Latin America
- Europe
- Asia Pacific
Middle East & Africa