INDUSTRIAL FILM MARKET ANALYSIS

The global industrial film market size was valued at USD 37.26 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 5.95% from 2023 to 2030. A wide range of industrial films are used in various end-use industries, including automotive & transportation, construction, agriculture, medical and electrical & electronics. The demand for these films is expected to increase in the coming years due to their high barrier properties, durability and tensile strength. These films are produced from a variety of polymer materials such as linear low-density polyethylene (LLDPE), high-density polyethylene (HDPE), polypropylene (PP), polyethylene terephthalate (PET), polyvinyl chloride (PVC) and polyamide. Moreover, a rising concern for sustainability is further driving the adoption of industrial films across the globe.

Global Industrial Film Market: Regional Insights

Regionally, Asia-pacific is expected to be the largest market in the global industrial film market in terms of revenue generation. This growth is attributed to the increasing consumption of industrial films in countries, such as China, India, and Japan. Growing agricultural production and building & construction sectors in the region is also driving demand for industrial films. This growth is mainly attributed to the rapid economic developments and industrialization. In addition, the growing urban and rural incomes and population are again driving demand for agriculture products, such as wheat, rice, fruits and vegetables, sugarcane, cotton, and oilseeds in these countries.

In Europe, the industrial film market is expected to witness steady growth over the forecast period. This growth is primarily attributed to the increasing usage of industrial films in various end-use industries, such as agriculture, building & construction, and transportation.

Figure 1. Global Industrial Film Market, By Region 2022

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Global Industrial Film Market Drivers:

Rise in demand for bi-axial films to augment industrial film market growth

Biaxially oriented polypropylene films are used for packaging and labeling applications. They are preferred for their moisture barrier properties, sealing ability, high clarity and graphic reproduction, and shelf appeal. They also offer recyclability benefits. The demand for these films is increasing across the world. They are used in the packaging of processed and fresh foods, which is driving growth of this market. These films provide many beneficial properties such as moisture barrier, sealing ability, durability, oxygen barrier capacity and contamination resisting properties.

Growing demand from end-user industries to foster market growth

Increasing demand from end-user industries such as construction, medical, food packaging, and automotive is fostering market growth. Industrial film is a versatile product that can be used in many different ways. It is also used in transportation and agricultural applications. The use of industrial film is increasing due to the fact that it helps increase productivity and efficiency. It also provides protection from rain and wind. It also reduces weed growth and improves the quality of produce.

Global Industrial Film Market Opportunities:

Growing demand for plastic films from medical applications is expected to provide significant growth opportunities. Polymeric films are widely used in a variety of medical applications, which include transdermal patches, fluid bags, disposable surgical gowns, and wound-care products. PVC is an ideal choice of material for manufacturing of medical bags, such as blood bags, intravenous (IV) bags, nutrition feeding bags, and dialysis bags. Soft PVC films are especially important for medical and pharmaceutical area

Growing demand for these films from marketing applications is expected to serve major growth opportunities. It is an effective marketing tool for many companies and can help increase their sales. It is especially useful for company profiles and can be used on websites and social media channels to promote a business. For example, a company can produce a video that shows the operations of their factory, and this is a great way to introduce their products and services to potential customers. These videos can also be shared on tradeshows or used at other events.

Global Industrial Film Market Trends:

Rising trend of e-commerce

The rising trend of e-commerce across Asia-Pacific and the increasing demand for packaged food is stimulating demand for Biaxially Oriented polypropylene films. These films are also gaining popularity among the pharmaceutical and cosmetic industries as they have the ability to prevent oxidation of chemicals present in these products.

Growing merger and acquisition

Key players are focusing on adopting various business strategy to expand their geographical presence. This trend is expected to continue in the near future. For instance, in October 2019, B.C. Jindal Group acquired Treofan Holdings GmbH, a major manufacturer of biaxially oriented propylene films (BOPP films) for packaging, label, tobacco, and technical applications in Europe.           

Global Industrial Film Market Restraints:

The market is susceptible to various changes in the overall ecosystem

Fluctuating price of raw materials due to volatility in crude oil production is expected to hinder the market growth. For instance, in 2019, the drone attack at Saudi Aramco's oil has resulted in an immediate spike in crude oil prices, which would cause a ripple effect on the resin supplier and overall industrial film market.

Strict government regulations on use of plastics-based products    

As of July 2020, the Vietnam ministry of Industry and Trade (MoIT) applied anti-dumping measures on some products with biaxially oriented polypropylene (BOPP) film coming from China, Thailand and Malaysia. Also, as of December 2019, China tightened its regulations on the use of plastic film by farmers to boost crop yields, due to increasing concerns over soil contamination throughout northern and western regions.

Figure 2. Global Industrial Film Market , By type 2022       

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Global Industrial Film Market Segmentation:

The global industrial film market report is segmented into material type, end-user vertical, and geography

Based on material type, the market is segmented into HDPE, LDPE and LLDPE, PET/BOPET, PP, PVC, PA and BOPA, and Other Material Types.  PP is further segmented into BOPP and CPP. Out of which, HDPE is expected to dominate the global market over the forecast period and this is attributed to the fact that this material is subjected to lower fluctuation of price which is creating its high demand. For instance, according to Plastic exchange, the price of HDPE worldwide in 2018 and 2019 stood at USD 1,210.7 and USD 1,100 per metric ton, respectively, and it is expected to reach USD 1,145 per metric ton by 2021.

LDPE and LLDPE segment is also expected to witness significant growth in the near future and this is owing to the growing demand from plastic films applications. According to ICIS, around 80% of LLDPE goes into plastic film applications, such as food and non-food packaging, shrink or stretch film, and non-packaging uses.

Based on end-user vertical, the market is segmented into Agriculture, Construction, Medical, Industrial Packaging, and Other End-user Verticals. Out of which, Agriculture is expected to dominate the global market over the forecast period. In agriculture sector it is widely used in greenhouse farming, soil protection, and mulching application. These films offer advantages like temperature control, soil erosion and compaction, seed germination, nutrient conservation, weed control, and protection against UV rays. 

Medical segment is also expected to witness significant growth in the near future and this is owing to the growing use of industrial film in manufacturing fluid bags, blood bags, intravenous (IV) bags, transdermal skin patches, nutrition feeding bags, and dialysis bags, disposable surgical gowns, and wound-care products.  PVC films are ideal choice of material in medical sector.

Global Industrial Film Market: Key Developments

In March 2020, The Toray Plastics (America) Inc. announced that it opened a new PEF Division Innovation Center. The new 5,000-square-foot, USD 4 million Innovation Center has a state-of-the-art, custom designed pilot line, which enables company to explore and qualify new resin systems and technologies, develop new products quickly, and commercialize customer-specific solution.

In May 2020, The Toray Plastics (America) Inc. introduced new Lumirror STM Soft-Touch Matte film. It is a matte-coated polyester film technology that eases out processing and enables the manufacture of a robust, upscale, soft-touch matte lamination.

In April 2020, To help the product designers achieve improved safety in the industrial, transportation, construction, electronics, and label industries, DuPont Teijin  Films  introduced  clear  flame-retardant  PET  (polyethylene terephthalate) polyester films. The Melinex FR32x PET films achieved UL’s VTM-0 flame rating classification in accordance with ANSI / UL 94, and they are halogen-free.

In January 2020, Eastman  Chemical  Company  announced  a  capacity  expansion  at  its  Dresden,  Germany, manufacturing facility to support a new coating and laminating line. The investment will support the growth of high-performance branded paint protection and window film products. The expansion will supplement its assets in Martinsville, Virginia. It is expected to be online till mid- 2021, bringing approximately 50 new jobs to the site.

In March 2020, The Chemours inaugurated new innovation center. The facility has more than 300 of the company's top researchers and scientists, consolidating most of the company's U.S. innovation efforts into one location to maximize collaboration and efficiency.

Global Industrial Film Market: Key Companies Insights

The global industrial film market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global 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

*Definition: Industrial film is used to display corporate video that is used to show a company's products and production process. They are often shown on a website or at a trade show to attract potential clients. They can also be used for training purposes to train workers on how to use a specific product or equipment. They are used in agriculture, medical, construction, food packaging, and automotive.