The global specialty and high performance films market is expected to grow with a CAGR greater than 6% during the forecast period. One of the major factors driving the market is the growing demand from the packaging industry. However, the high cost of fluoropolymers is hindering the growth of the market studied.
- Increasing use in the construction industry is another major driver for the market studied.
- Asia-Pacific is expected to dominate the market studied during the forecast period.
- Among the product types, barrier films are likely to account for the highest market share during the forecast period.
Key Market Trends
Barrier Films Product Type to Dominate the Market
- Currently, the barrier film segment dominates the global market by product type. Specialty and high performance barrier films provide ultra-high oxygen barrier properties, flex crack, and thermal resistivity and various other functional benefits.
- Properties, such as superior gas and water vapor barrier performance helps to protect the products from any form of deterioration, such as corrosion, rotting, moisture absorption, drying, and oxidation.
- Owing to this they are widely used in the packaging industry, especially food packaging industries.
- Additionally, barrier films are widely used in vacuum insulated panels and in electronics applications such as electronic applications, such as displays, and organic-based electronics.
- Hence, owing to the increasing demand from the above-mentioned application areas, barrier films product type is likely to dominate the market studied duriong the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific accounted for the largest market in the specialty and high-performance films market, in the past few years.
- The growing packaging industry, increasing automotive production, massive electronics production industry in China and India and the growing construction industry in various countries in the Asia-Pacific region is driving the market studied in the Asia-Pacific region.
- Additionally, there has been significant growth in the demand for specialty and high-performance films from the southeast Asian countries for usage in application areas like barrier films, decorative films, etc.
- Hence, owing to the above-mentioned reasons, Asia-Pacific is likely to dominate the market studied during the forecast period
The global specialty and high performance films market is moderately consolidated as the majority of the market share is divided among few players. Some of the key players in the market include 3M, Saint-Gobain Group., Dupont Teijin Films, SOLVAY, and Covestro AG, among others
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