High Performance Films Market size poised to exceed revenue of USD 54 billion by 2024
High Performance Films Market size poised to exceed revenue of USD 54 billion by 2024; according to a new research report by Global Market Insights, Inc.
Packaging industry growth owing to electronics, pharmaceuticals, and retail sector expansion should favor high performance films market size growth. Durability, flexibility and chemical resistance are key features making the product ideal for packaging industry.
Growing consumer demand for fast food, ready to eat meals, and frozen food due to change in lifestyle and eating habits are factors which should drive specialty & high performance films demand. Moreover, easy handling and various size availability makes the product ideal for tetra packaging beverages.
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North America barrier films market size valued at over USD 4.3 billion in 2015, with Canada and U.S. being major contributors due to food & beverages industry expansion. Moreover, growing barrier films demand in solar PV cells and semiconductors manufacturing due to UV and moisture resistance properties may drive regional growth.
Fluoropolymer films demand should witness highest gains, growing at over 7%. Exhibiting good thermal and corrosion resistance, high mechanical toughness to material and low friction properties makes the product suitable for automotive, construction, electronics, and aerospace applications.
Europe, driven by UK and Germany high performance films market size, has observed notable growth in packaging application. Europe packaging films market size may exceed USD 11 billion valuation by 2024 with 6.3% CAGR. Polyester films market size in Latin America witnessed significant growth with automotive and construction industry expansion in Brazil being driving factors.
Polyester, nylon, polycarbonate and fluoropolymer are the key materials used to make the final product and their prices are related to crude oil. Tight raw material supply due political unrest in Middle East may impact high performance films market price trend and affect industry profitability. Additionally, regulatory compliance pertaining to plastic films disposal may threat industry growth.
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Key insights from the report include:
Global high performance films market size was over 8 tons in 2015. Packaging and electrical & electronics were major contributing industries.
Nylon films demand may witness over 6% CAGR and cross USD 2 billion revenue by 2024. Nylon offers heat resistance, moisture absorption, and thermal resistance which play an important role in eliminating sheet curling for soft covers and paperboards used in food & beverage, personal care, packaging, electronics and automotive industries.
Automotive application in APAC may witness in excess of 5% gains and register close to 370 kilo tons by 2024.
Increase in automobile production accompanied by shift in manufacturing facilities to China owing to less operational cost and abundant labor availability should favor automotive end-use segment.
Middle East & Africa high performance films demand may observe notable growth with construction and packaging being the fastest growing segment.
Microporous films market size was valued over USD 3.5 billion in 2015. Growing waterproofing materials demand owing to improvement in waterproofing bathrooms should drive application growth.
Personal care application may witness gains at over 4.5% and surpass 940 kilo tons by 2024. The product finds application in disposable diapers, feminine and adult incontinence products. Increasing personal hygiene coupled awareness with rising disposable income in Asia Pacific and Latin America may favor industry growth.
Global high performance films market share is fragmented due to the presence of numerous players. DuPont, Covestro (Bayer MaterialScience), Dow Chemical, Bernis, Eastman, and Evonik are major industry players.
Strategic alliances and partnership with wholesalers and vendors are key initiatives to enhance company distribution network. Other key companies include 3M, Sealed Air Corporation, Honeywell, and Clopay Plastic.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.