The Global Specialty and High Performance Films Market was valued at US$ 34.92 billion in 2016, according to a new report published by Coherent Market Insights. Rising urbanization, increases mall culture in cities owing the packaging and frozen food market demand. Increasing choice for high tensile and high chemical resistance packaging features is estimated to boost the market.
Growing construction activities, increases modern buildings and complex with glass exterior. The specialty and high performance films are used in doors and windows panels of houses for safety purposes in modern glass buildings. Moreover, protection from UV rays, temperature control and light control characteristics, the specialty and high performance films is anticipated to boost the market growth.
Crude oil and natural gas are primary raw materials used to produce polycarbonate, nylon, polyester and fluoropolymer. Volatility of crude oil price can hinder downstream industries, which have indirect impact on specialty and high performance films market.
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The global high performance films market is segmented into various end use industries, which includes packaging, automobile, construction, electrical & electronics and personal care products. Packaging industry is dominating the global specialty and high performance film market, due to low oxygen ready case technology, vacuum packaging and oxygen scavenging are few factors that contributes the market growth. Moreover, increasing application of these films in pharmaceutical packaging is expected to fuel market growth.
Rising application of barrier films in solar photovoltaic cell and semiconductors due to moisture resisting and oxidation properties further augment market growth. Moreover, the microporous segments is expected to witness a CAGR of 7.9% in terms of value during the forecast period. Special characteristics of microporous include breathability while repelling water.
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Key takeaways of the market:
- Asia-Pacific is projected to be the largest region in global specialty and high performance films market, accounting for around 39% revenue share in 2016. The market in this region is expected to be primarily driven by rampant growth of end-use industries in China, India, and ASEAN countries. The growing construction, packaging, and automotive end-use industries, rising urbanization, and growing demand for fully furnished homes are some of the key drivers for the specialty and high performance films market in the Asia-Pacific region.
- The market in Middle East is expected to register a significant growth rate over the forecast period. Rise in construction activities along with increasing automotive sales and increasing demand for packaged food are expected to create lucrative growth opportunities for players in this region.
- Packaging is one of the key end-use industries of specialty and high performance films. The food packaging industry in developed regions of North America and Europe are witnessing burgeoning growth, which creates a highly conducive environment for growth of the specialty and high performance films market. Automotive components, construction components, and food are the key application areas for the specialty and high performance films. In 2015, global packaging market was valued at around US$ 21.63 billion in terms of value. Furthermore, growing sales of automobiles is also fueling growth of the market.
- The Dow Chemicals Company, E. I. du Pont de Nemours, Bayer AG, Bemis Company Inc., Evonik Industries, Honeywell International Inc., Eastman Chemical Company, Sealed Air Corporation, The 3M Company, and DuPont are few of the key players in global specialty and high performance films market.
- Companies are investing in expansions, mergers & acquisitions, and joint ventures in order to expand their global footprint and enhance product portfolio. For instance, in October 17, 2011, Honeywell introduced a new ultra-high barrier film for pharmaceutical packaging, which protects sensitive medicines from hot and humid climate. Moreover, in 2012, Eastman Chemical Company and Solutia collaborated to expand Solutia photovoltaic segments.
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Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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