Industrial films are thin plastic sheets or polymers that are used in industrial applications for their protective, durable, and cost-effective characteristics. They provide essential functionality like moisture barrier, protection from abrasion, and structural support. Some common types of industrial films include polyvinyl chloride, polypropylene, polyethylene, polyester, and nylon. They are extensively used in factories for machine guards, workstation dividers, safety barriers etc. These also find applications as shrink films, stretch films, liners and bags for packaging various industrial and consumer goods.
The Industrial Film Market is estimated to be valued at US$ 39.48 Bn or Mn in 2023 and is expected to exhibit a CAGR of 5.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The growth of the industrial film market is driven by the increasing demand from various end-use industries like packaging, construction, automotive etc. The packaging industry consumes a large portion of industrial films for wrapping, covering, carrying various goods. The rising e-commerce industry has further augmented the demand for effective packaging solutions. Moreover, industrial films provide protection and extends the shelf-life of products, which is a key requirement of the food and pharmaceutical industries. Strict government regulations regarding environmental stability and recyclability are also propelling the manufacturers to develop eco-friendly biodegradable films. However, fluctuating raw material prices due to supply constraints may hamper the market growth over the forecast period.
Segment Analysis
The Global industrial film market is broadly divided into multiple segments based on material such as polypropylene (PP), polyvinyl chloride (PVC), Polyethylene (PE), polyamide (PA), ethylene vinyl alcohol (EVOH), polyvinylidene chloride (PVDC). Among them, polypropylene (PP) dominates the industrial film market with approximate share of 35% owing to its excellent tensile strength, moisture resistance, printability and durability properties. It finds applications in food packaging, construction, transportation and industrial packaging.
PEST Analysis
Political: Stringent government regulations regarding the usage of plastics in several countries across the world to curb pollution levels may hamper market growth marginally.
Economic: Rising disposable income and growing industries like food & beverages, construction, electronics are expected to drive industrial film demand over the forecast period.
Social: Increasing awareness about the benefits of packaged food and rise in single-person households is supporting the adoption of industrial films in food industry.
Technological: Development of bio-based industrial films made from renewable resources like cellulose and starch helps reduce dependency on plastics derived from petroleum and supports sustainability.
Key Takeaways
The Global Industrial Film Market Growth is expected to witness high, exhibiting CAGR of 5.9% over the forecast period, due to increasing food packaging demand. The food packaging segment accounts for over 30% share owing to rising need for packaged food and doubles income population globally. Geographically, Asia Pacific dominates the global industrial films market and is likely to grow at the fastest pace during the forecast period. China is the largest producer and consumer of industrial films in the world.
Key players operating in the industrial film market are Toray Plastics, 3M Company, Dupont Teijin Films, Eastman Chemical Company, SKC Co. Ltd., Solvay Group, Kolon Industries, The Chemours Company, Jindal Polyfilms, Polyplex, and Cosmo Films Limited. Toray Plastics leads the market with wide product portfolio and strong global presence across 30 countries. 3M is another prominent player with well-known brands like Scotchpak and Scotchpak packaging films.
Regional analysis related content comprises -Asia Pacific dominates the global industrial films market with share of over 40% in 2023 led by countries such as China, India, Japan and South Korea. This is due high industrial and economic growth along with rising demand from end use industries in the region. China accounts for largest share and is expected to maintain lead over the forecast period owing to heavy investments in industries like automotive, electronics and construction.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
