Over 40% of Global Functional Films Sales to Concentrate in East Asia: FMI Analysis
The FMI survey on the functional films market offers insights into primary factors impacting the growth trajectory. The report also presents comprehensive demand outlook, identifying growth opportunities across key segments in terms of product type, and end use industry.
Dubai, United Arab Emirates – August 5, 2021 /MarketersMedia/ —
As per a study conducted by FMI, the global functional films market is expected to surpass a valuation of US$ 47 billion by the end of 2031. Thanks to the increasing applications across various industries such as the automotive, and printing & packaging industries among others, the market for functional films is estimated to exhibit growth at a CARG of 7.2% over the forecast period, from 2021 to 2031.
The market is gaining momentum on account of the rise in usage of functional films in the automotive industry. Some of the leading vehicle manufacturers are increasingly using these films for covering various automotive parts such as car interior, automotive displays, lightings, and transmission systems among others. Surging car production will therefore fuel the demand for functional films in the coming years.
These trends are expected to steer manufacturers towards innovations for increasing functional films application across diverse sectors. For instance, Toppan Printing Inc. a Tokyo-based company developed new fire extinguishing films, which respond to the heat emitted by the aerosol particles.
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These films are targeted towards increasing their applications in the batteries and electrical appliances sector. Such developments in the market are expected to creating lucrative growth opportunities across various sectors.
East Asia is likely to dominate the global market for functional films. Owing to the high demand from steadily expanding industries such as automotive and consumer electronics, the East Asia market is projected to account for a nearly 40% of overall sales by the end of 2021.
“The rising demand for newly synthesized and environmentally-friendly films with high-performance, produced using bio-resource polymers will bolster the market growth over the assessment period,” says a FMI analyst.
Key Takeaways from Functional Films Market Survey
The U.S. is anticipated to lead the North America market, accounting for more than 68% of the sales in the year 2021.
After a detrimental impact in 2020, the market in the U.K. is expected to recuperate, exhibiting a year-on-year growth of 6% in 2021.
Industrialization in China, especially the expansion of automotive and food industries will create attractive growth opportunities.
Japan is projected to emerge as a highly lucrative market favored by the presence of leading functional films manufacturers.
Based on product type, coating films are likely to remain the dominant product, projecting demand growth at a CAGR of 8.7% through 2031.
Key Drivers
Increasing application in the automotive sector will bolster the sales of functional films.
Emergence of new green organic films and coatings will fuel the demand for functional films.
Rising consumption of biaxially oriented polypropylene (BOPP) films in the packaging is expected to drive the market.
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Key Restraints
Surging replacement of LCD screens with AMOLED screens might impede the sales of optical functional films.
Competitive Landscape
Leading companies operating in the functional films market are aiming at launching new products and collaborating with other market players to expanding the production as their key strategies. For instance,
Panasonic, a Japanese multinational electronics company announced commercializing an anti-glare type anti-reflection film for automotive display in October 2020. The film offers excellent weather ability conforming to the Deutsche Industry Norm (DIN) standards and high infrared transmittance.
In 2019, Toppan Printing Co. Ltd, launched new polypropylene (PP) and polyethylene (PE) based barrier films for assisting monomaterial packaging. The launched was aimed for increasing the company’s market share in the packaging sector
Some of the key players operating in the functional films market profiled by FMI are:
Toppan Printing Co. Ltd
3M
Dai Nippon Printing Co Ltd
Toyo Ink SC Holdings Co Ltd
Gunze Ltd
Toray Industries Inc
SABIC
Panasonic Corporation
Covestro Ag
Mondi Plc
Innovia Films
Dupont Films
Saint Gobain
Polifilm Gmbh
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More Valuable Insights on Functional Films Market
FMI, in its new report, offers an unbiased analysis of the global functional films market, analyzing forecast statistics through 2021 and beyond. The study reveals growth projections on in the functional films market with detailed segmentation:
Product Type
Optical film
Coating film
Adhesive film
Conductive film
Reflection Films
End-use Industry
Automotive
Food & Medical Packaging
Renewable
Printing & Packaging
Other Industrial
Region
North America
Latin America
Europe
East Asia
South Asia-Pacific
Middle East & Africa
Key Questions Covered in the Functional Films Market Report
The report offers insight into functional films demand outlook for 2021-2031
The market survey also highlights projected sales growth for the functional films market between 2021 and 2031
Functional films market analysis identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
Functional films market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, collaborations or partnerships, and others
Contact Info:
Name: Mr. Abhishek Budholiya
Email: Send Email
Organization: Future Market Insights
Website: https://www.futuremarketinsights.com/reports/functional-films-market
Source: MarketersMedia
Release ID: 89040385
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