Specialty Films Market is Expected to Grow at a CAGR of 4.9% by the End of 2026
Packaging is widely observed as one of the largest marketplace, with products finding applications in several industrial verticals. Specialty films remains a key commodity in the packaging world, and advent of new products entails the use of advanced packaging films. Specialty films are being predominantly used in the packaging of bioactive and biodegradable products, while companies from every industrial sector are actively adopting packaging solutions that enable them in creating an isolated environment for their products.
A new forecast study by Future Market Insights reveals such trends will continue to drive the demand for specialty films globally. According to the findings from the report, the global specialty films market is poised to expand at a CAGR of 4.9%, representing steady revenue growth during the forecast period, 2017-2026. The study projects that by the end of 2026, more than US$ 56 Bn worth of specialty films will be sold across the globe.
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High Demand for Barrier Films; Conductive Films to Register Fastest Sales
In terms of products sold in the global specialty films market, barrier films are pegged to incur highest share on global market value. By 2017, more than US$ 18 Bn worth of barrier films are estimated to be sold in the global specialty films market. While the demand for anti-fog films is likely to dwindle towards the latter half of the forecast period, the report projects that conductive films will register rapid sales through 2026. Over the forecast period, conductive films are expected to register a value CAGR of 7.1%.
APEJ to Dominate Global Specialty Films Market
A regional forecast on the global specialty films market has been provided in the report, which reveals that the Asia-Pacific excluding Japan (APEJ) region will register highest sales of specialty films. The report further reveals that Europe and APEJ will be representing the leading markets for specialty films, followed by North America. Higher presence of food and beverage companies in the APEJ and Europe regions is expected to drive the sales of specialty films, pertaining to their greater end-use in these regions. Over the forecast period, the APEJ specialty films market is likely to expand at the highest CAGR of 7%, while sales of specialty films in European countries will attain a sub-par growth.
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Further analysis from the report reveals that food & beverage industry will remain the largest end-user of specialty films. Throughout the forecast period, more than two-fifth of specialty films sold in the global market will be used for packaging of food items and beverages. The report also reveals that a majority of specialty films being produced in the global market will be made of polyethylene materials. Low density of PE specialty films, coupled with their abilities in terms of water and thermal resistance and durability, will drive their sales globally through 2026.
Key Manufacturers of Specialty Films
The study has profiled leading manufacturers of specialty films, which include Bemis Company, The Mondi Group, Koninklijke DSM N.V., Amcor Ltd., Borealis AG, Selenis Portugal S.A, Sealed Air Inc., Saudi Arabia Basic Industries Corporation (SABIC), 3M Company, and Bischof + Klein SE & Co. With increasing presence of packaging industries in the APEJ region, the global specialty films production is likely to remain concentred in this region. Manufacturers of specialty films are expected to put more efforts towards improving the chemical resistance of packaging films across multiple applications.