Industrial Film Market Is Estimated To Witness High Growth
Industrial films are polymeric films used across various industries including food & beverage, construction, pharmaceutical, and agriculture industries. They offer advantages such as durability, flexibility, barrier properties, strength, and conductivity. With growing global manufacturing sector, increasing demand from food & beverage industry for packaging, rising infrastructure development activities, and growth in medical devices market, the demand for industrial films is expected to rise significantly during the forecast period.
The Industrial Film Market is estimated to be valued at US$ 39.48 Bn 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 key trends:
One of the key trends driving growth of the industrial film market is rising demand from food & beverage industry. Industrial films such as stretch films, shrink films, barrier films, and metalized films are increasingly being used for packaging of food items to increase their shelf life. Growing consumption of packaged & processed food owing to changing lifestyles and busy schedules is fueling utilization of industrial films in food & beverage sector. According to statistics, food packaging market is projected to surpass US$ 450 Bn by 2027, thus augmenting growth of industrial film market.
Porter’s Analysis
Threat of new entrants: The industrial film market requires high initial capital investments for manufacturing facilities and R&D. Established players also enjoy economies of scale. This poses significant barriers for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and presence of several suppliers. However, buyers prefer well-established brands for assured product quality.
Bargaining power of suppliers: Major suppliers include polymer producers and machinery manufacturers. They have moderate power due to availability of alternatives and necessity of their components for film production.
Threat of new substitutes: New substitutes threaten market share. However, films have advantages over substitutes for characteristics like strength, transparency and barrier properties.
Competitive rivalry: Fierce competition exists among major players to gain market share.
SWOT Analysis
Strengths: Industrial films have wide applications in manufacturing, construction and packaging industries. They provide strength, durability and act as barriers against moisture, gases etc.
Weaknesses: Vulnerability to fluctuations in raw material prices. Heavy reliance on limited number of end-use industries.
Opportunities: Growing e-commerce is boosting demand for packaging films. Increasing infrastructure investments offer scope for construction films.
Threats: Stringent regulations regarding plastic waste disposal can impact demand. Substitutes like paper pose competition.
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 demand from manufacturing and construction industries. Asia Pacific dominates the global market and is expected to grow at fastest pace during the forecast period due to rapid industrialization and rising infrastructure spending in emerging economies like China and India.
Regional analysis
Asia Pacific accounts for largest share in global industrial films market and is projected to witness highest growth during 2023-2030. Rapid industrialization and infrastructural development are driving demand for films in packaging, manufacturing and construction industries in the region. China represents largest consumer owing to presence of vast manufacturing sector, while India is fastest growing market due to government initiatives like ‘Make in India’.
Key players
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. Major players focus on capacity expansion and new product launches catering to various applications.
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