New York, April 26, 2023 (GLOBE NEWSWIRE) -- By 2023, the Thermoplastic Films Market will generate US$9.59 billion in revenue. Sales of thermoplastic decorative films are projected to grow steadily at a 5.5% annual pace, reaching US$ 16.39 billion by 2033.
The increasing demand for lightweight, flexible, and sustainable packaging solutions, along with the growing adoption of thermoplastic films in various end-use industries, is driving the growth of the market. Additionally, technological advancements in film manufacturing processes and the development of new applications for thermoplastic films are further fueling the market's expansion.
Thermoplastic films are a type of polymer films that can be softened and molded when heated and solidified when cooled, allowing for a wide range of applications in various industries. These films are made from thermoplastic polymers such as polyethylene, polypropylene, polyvinyl chloride (PVC), polyethylene terephthalate (PET), and others, and offer advantages such as flexibility, durability, moisture resistance, chemical resistance, and ease of processing.
The global thermoplastic films market has been witnessing steady growth due to increasing demand from end-use industries such as packaging, automotive, construction, aerospace, and others.
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Market Drivers
- Increasing demand for flexible packaging: Thermoplastic films are extensively used in flexible packaging applications such as food packaging, pharmaceutical packaging, and consumer goods packaging, due to their excellent barrier properties, flexibility, and durability. The growing demand for convenient, lightweight, and sustainable packaging solutions, along with changing consumer preferences for packaged food and e-commerce packaging, is driving the demand for thermoplastic films in the packaging industry.
- Growing automotive industry: Thermoplastic films are used in the automotive industry for applications such as interior trim, exterior body parts, and protective films for surface protection. The increasing demand for lightweight materials to reduce vehicle weight and improve fuel efficiency, along with the need for high-performance films with properties such as scratch resistance, UV resistance, and weatherability, is driving the adoption of thermoplastic films in the automotive industry.
- Construction and infrastructure development: Thermoplastic films find applications in the construction industry for roofing, flooring, membranes, and insulation films. The growing construction and infrastructure development activities in emerging economies, coupled with the demand for sustainable and energy-efficient construction materials, are driving the use of thermoplastic films in the construction sector.
- Advancements in film manufacturing technologies: Technological advancements in film manufacturing processes, such as blown film extrusion, cast film extrusion, and co-extrusion, have enabled the production of high-quality thermoplastic films with improved properties and performance characteristics.
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Market Challenges
- Volatility in raw material prices: The prices of raw materials used in the production of thermoplastic films, such as polyethylene and polypropylene resins, are subject to fluctuations due to factors such as supply-demand dynamics, geopolitical tensions, and environmental regulations.
- Environmental concerns: Some thermoplastic films, especially those made from non-biodegradable polymers such as PVC and PET, are associated with environmental concerns related to their disposal and potential impact on marine life and ecosystems.
- Competition from alternative materials: Thermoplastic films face competition from alternative materials such as paper, glass, and metal, which are considered more environmentally friendly and sustainable in certain applications.
- Stringent regulations: The thermoplastic films market is subject to various regulations related to product quality, safety, and environmental impact
Competitive Landscape
The global thermoplastic films market is highly competitive, with the presence of numerous local and international players. Key market players are focusing on product innovation, research and development, and strategic partnerships to gain a competitive edge in the market.
Some of the prominent players in the thermoplastic films market include LG Hausys, Ltd., Renolit, Hanwha L&C, Klockner Pentaplast Group, Omnova Solutions, Avery Denission, Peiyu Plastic Corporation, Mondoplastico S.p.A., AVI Global Plast Pvt. Ltd., Ergis Group, Macro Plastic Sdn. Bhd., Jindal Group, Konrad Hornschuch AG, Fine Decor GmbH, Alfatherm s.p.a., C.I. TAKIRON Corporation, RTP Company, Inc., Schweitzer-Mauduit International, Inc. (SWM), Covestro AG, LyondellBasell Industries Holdings N.V., Nihon Matai Co., Ltd., PROTECHNIC SA, Victrex plc.
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Market Segmentation
- By Material Type: (Vinyl and Polyvinyl Chloride, PET, Polypropylene, TPU, TPO, TPE)
- By Application: (Furniture, Doors & Windows, Automotive Interior and Exterior)
- By End Use: (Residential, Commercial, Transportation, Institutional)
- By Function: (2D Lamination, 3D Lamination, Self-Adhesive Films)
- By Installation: (New, Re-decoration)
Regional Analysis
North America is expected to dominate the thermoplastic films market during the forecast period, driven by the increasing demand for flexible packaging solutions, growing automotive production, and infrastructure development activities. The region has a well-established packaging industry, stringent regulations for food packaging, and a strong presence of key market players, which are contributing to the market growth.
Asia-Pacific is projected to be the fastest-growing region in the thermoplastic films market, driven by rapid industrialization, urbanization, and changing consumer lifestyles. The region has a large and growing middle-class population, increasing disposable income, and a rising demand for packaged food and consumer goods, which are driving the demand for thermoplastic films in packaging applications.
Recent Developments
- Avery Dennison Corporation completed the entire acquisition of Smartrac's Transponder (RFID Inlay) division on February 28, 2020.
- Klöckner Pentaplast said in 2020 that it will expand its production capacity for PET and its sales footprint in the North American heat shrink label industry.
- The Board of Directors of Jindal Poly Films Ltd. outlined a plan in 2018 to increase production capabilities and sales footprints for goods including BOPP and CPP films.
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