According to a new market report published by Lucintel, the future of the specialty film market looks promising with opportunities in the packaging, automotive, construction, and electrical & electronic industries. The global specialty film market is expected to reach an estimated $41.3 billion by 2022 and is forecast to grow at a CAGR of 7.1% from 2017 to 2022. The major growth drivers for this market are increasing demand in packaging industry due to the growth in pharma & food packaging, and growth in the automotive and electrical & electronic industries.
In this market, polyester, fluoropolymer, nylon, polyimide, and polycarbonate are the major resin used to manufacture specialty film. Lucintel forecasts that polyester film is expected to remain the largest segment; it is also expected to witness the highest growth in the forecast period supported by its low cost, ease of availability, excellent dimensional stability, high tensile strength, and low moisture absorption properties.
Within the specialty film market, barrier film is expected to remain the largest functional segment due to the increasing demand in flexible packaging applications and its better protection properties: specialty film can protect from permeation of water and loss of aroma while also increasing self-life and maintaining taste. Lucintel predicts that the demand for specialty film in safety functions is likely to experience the highest growth in the forecast period supported by the growing demand for laminated glass interlayers.
Asia Pacific is expected to remain the largest market by value and volume and is also expected to witness the highest growth over the forecast period because of growth in packaging, automobile, and construction sectors due to economic expansion in India and China.
For business expansion, the report suggests innovation and new product development to high optical quality, excellent chemical and ultraviolet (UV) resistance.
Emerging trends, which have a direct impact on the dynamics of the industry, include emergence of bio-degradable and water soluble film and increasing use in photovoltaic market. DuPont Teijin, Toray, Mitsubishi, Uflex, and Jindal Poly are among the major suppliers of specialty film.