Market Research Future (MRFR) reveals in its latest report that the Global Specialty Films Market will grow at 5% CAGR across the forecast period (2014-2022) and was valued at USD 30 Bn in 2015. Food & beverages, and, chemical sectors are believed to drive the demand for Specialty Films during the assessment period. Other industries and sectors that will fuel witness a surge in demand for specialty films during the assessment period are defense, marine safety & security industry, electronics, packaging industry, etc.
The factors that will be responsible for catalyzing growth in the market are durability, water resistance, high tensile strength, flexibility, growing usage, biodegradability, safety, and protection, raising awareness about food & hygiene, protective shield, barrier protection, etc. Owing to the rising environmental concerns, vendors are investing in research & development for producing environmental friendly biodegradable Specialty Films which will fuel the demand in the market globally in the next couple of years. The boom in construction, pharmaceutical, and, transportation sectors will also be a significant driver for market growth due to rising demand in these sectors. The significant increase will be witnessed by Polyamide and nylon based films owing to the excellent flexibility and thermal stability offered by these materials.
Some of the restraints that will hamper the growth of the market during projection period are environmental concerns, regulations by the government on production, etc.
Global Specialty Films Market Segmentation:
By Material, the global market for Specialty Films is segmented into polyesters, nylons, polyolefin, and, others. By application, the market is segmented into electronics, construction, food & beverages, personal care, and, others.
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Detailed Regional Analysis:
By Region, the market for Specialty Films is segmented into North America, Europe, Asia Pacific, and, Rest of the World (RoW). The Asia Pacific segment will be the highest performing regional segment during the assessment period. The growth in this segment can be attributed to consolidation in specialty films, shifting of operations to developing countries like India, China, etc. by key players. The Asia Pacific segment will show a comparatively steeper rise in growth due to price competitiveness, continuous expansion, etc. The growth of food & beverage sector, chemical industry, packaging industry, etc. is also fueling the demand in this segment. North America and Europe segments will grow moderately owing to industrialization, rising demand, etc. Both the segments will witness superiority in both production and consumption.
The top-notch market players profiled by MRFR in its report are Amcor ltd., Dow Chemical Inc., Honeywell International Inc., 3M Company, Jindal Poly Films Inc., Covestro Inc., DuPont, Sealed Air Inc., Eastman Chemical Inc., and, Evonik Industries Inc. The competitive landscape of Global Specialty Films Market represents robust competition among the players who opt for initiatives such as innovation, research & development, mergers & acquisitions, etc. to strengthen their foothold in the market.
Plaskolite LLC, the largest North American manufacturer of see-through thermoplastic sheet products, s acquiring the polycarbonate sheet manufacturing business of Covestro, a global leader in high-tech polymer materials. The acquisition will revolutionize the North American sheet industry by consolidating the pioneer in acrylic manufacturing and the pioneer in polycarbonate manufacturing. The process is expected to be completed by 1st August 2018. The acquisition is aimed at strengthening leadership position and expanding product portfolio. As a part of the deal, Plaskolite will acquire sheet headquarters, production sites and warehouse facilities in Sheffield, Massachusetts while it will maintain the existing third-party distribution warehouse facility in Hebron, Ohio. After completion of the acquisition, Plaskolite will employ 950 employees.
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