Dublin, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The "Functional Films Market by Type (Conductive Films, Optical Films, Protective Films, Barrier Films, Adhesive Films), Material (Polyethylene), End-Use (Packaging, Electronics, Automotive), Substrate (Glass, Plastic) and Region - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global functional films market is projected to grow from USD 30.5 billion in 2023 to USD 49.6 billion by 2030, registering a CAGR of 7.2% during the forecast period. The functional films market is experiencing substantial growth driven by a convergence of key factors across various industries. The proliferation of electronic devices, coupled with advancements in flexible and lightweight technologies, propels the demand for conductive and protective films. Additionally, the rising significance of sustainable and high-performance packaging solutions fuels the adoption of barrier films. The expansion of end-use industries such as healthcare, automotive, and construction, coupled with increasing consumer awareness regarding product safety and longevity, further contributes to the market's growth.
This report segments the market for functional films market on the basis of material, type, application, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisitions associated with the market for functional films market.
The market comprises major players such as Toray Industries Inc. (Japan), Eastman Chemical Company (US), Covestro AG (Germany), Honeywell International (US), 3M Company (US), Nitto Denko Corporation (Japan), Dupont Teijin Films US Limited (US), Mitsubishi Chemical Corporation (Japan), Toyobo Co., Ltd (Japan), Dai Nippon Printing Co., Ltd (Japan), and others.
Conductive Films accounted for the largest share in type segment of functional films market in terms of value
Conductive films dominate the largest market share in the functional films market due to their versatile applications in various electronic devices and industries. These films, often composed of materials like indium tin oxide (ITO) or graphene, exhibit excellent electrical conductivity, transparency, and flexibility. As a result, they are extensively used in the production of touchscreens for smartphones, tablets, and other electronic displays. Moreover, conductive films find applications in the automotive sector for smart windows, heated mirrors, and transparent conductive coatings.
Polyethylene accounted for the largest share in material segment of functional films market in terms of value
The dominance of polyethylene in the functional films market can also be attributed to its favorable properties in terms of ease of processing, lightweight nature, and chemical resistance. These characteristics make polyethylene an ideal material for various applications, such as greenhouse films in agriculture, geomembranes in construction, and hygiene films in the healthcare sector. The material's adaptability to different manufacturing processes and its ability to meet stringent industry standards contribute to its widespread use and market leadership in the functional films landscape.
Electronics end-user industry accounted for the largest share in end-use segment of Functional films market in terms of value
The functional films market experiences robust growth primarily driven by its vital end-use in the electronics industry. The dominance of the electronic end-user segment is the relentless pursuit of miniaturization and lightweight design in electronic devices. Functional films facilitate the development of slim and lightweight gadgets without compromising on performance, making them indispensable in an increasingly mobile and technologically advanced world. The electronic industry's constant drive for efficiency, durability, and improved user experiences solidifies the electronic end-user segment's position as the largest market share holder in the functional films market.
Asia-Pacific is the largest market for Functional films
The Asia Pacific region's prominence in the functional films market may be due to its aggressive implementation of sustainable practises and environmental legislation. As consumers and industries place a greater emphasis on environmentally friendly solutions, the region's commitment to sustainable manufacturing processes and materials, combined with a growing awareness of environmental concerns, positions it as a leader in the development and consumption of functional films that meet stringent sustainability criteria. The Asia Pacific region's leading market share in the dynamic landscape of functional films is being solidified by the convergence of economic expansion, technical progress, and sustainability measures.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 263 |
| Forecast Period | 2023-2030 |
| Estimated Market Value (USD) in 2023 | $30.5 Billion |
| Forecasted Market Value (USD) by 2030 | $49.6 Billion |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Global |
Market Dynamics
- Drivers
- Growing Demand for Smart Packaging Solutions
- Rising Need for Functional Films in Automotive Industry
- Miniaturization of Electronic Devices
- Restraints
- Increasing Competition from Emerging Technologies
- Limited Understanding of Functional Films
- Low Availability of High-Purity Raw Materials
- Opportunities
- Development of New Functional Films for Emerging Applications
- Use of Functional Films in Modern Agriculture
- Development of New Quantum Computers
- Challenges
- Use of Traditional Packaging Materials
- Immature Recycling Infrastructure
Companies Profiled
- Toray Industries, Inc.
- Eastman Chemical Company
- Covestro AG
- Dai Nippon Printing Co. Ltd.
- 3M Company
- Honeywell International Inc.
- Nitto Denko Corporation
- Dupont Teijin Films U.S. Limited Partnership
- Mitsubishi Chemical Corporation
- Toyobo Co. Ltd.
- Avery Dennison Corporation
- Tatsuta Electric Wire and Cable Co. Ltd.
- Gunze Limited
- SABIC
- Mondi
- Innovia Films
- Polifilm
- Clariant
- Ineos
- Avient Corporation
- Lintec Corporation
- Nagase & Co. Ltd.
- Toyochem Co. Ltd.
- Coveris
- Toppan Inc.
For more information about this report visit https://www.researchandmarkets.com/r/q5d4ms
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