- Other Resins
Specialty Films Market is expected to be worth USD 25,192.4 Mn in 2022, growing at a 15.1% CAGR from 2023 to 2029. Speciality films are made of flexible, extensible high-performance polymers (HPP), such as nylon, polyester, ethylene vinyl alcohol (EVOH), polyvinylidene chloride and fluoropolymers. They provide higher flex fracture resistance, heat-celling, improved adhesion, and high tensile strength at lower costs, allowing them to be used for conduction and insulation as well as safeguarding items from external contamination. Nowadays, specialty films come in a variety of types, including stretch, shrink, conductive, and barrier. Due to the increasing demand for heat-resistant packaging solutions, one of the key factors primarily driving the market growth is the widespread adoption of specialty films across various industrial verticals such as packaging, personal care, electronics, smart transportation, pharmaceutical, and construction. Specialty packaging is also used in the food and beverage (F&B) industry to store and protect various fast-moving consumer goods (FMCG) from moisture, contamination, heat, and ultraviolet (UV) radiations, providing a longer shelf life and keeping the nutritional profile. Furthermore, the widespread use of biaxially orientated polypropylene (BOPP) as a raw material to produce flexible packaging films is boosting the industry. Furthermore, increased consumer environmental concerns have encouraged government authorities in several nations to advocate the use of biodegradable packaging alternatives. Biodegradable packaging helps to reduce greenhouse gas (GHG) emissions, petroleum usage, and trash production, all of which contribute to market growth. Apart from that, strategic partnerships among major players and increasing expenditures in research and development (R&D) operations to create technologically superior specialty film materials are contributing to the market's favorable outlook.
Specialty Films Market Key Developments:
In January 2023. Last Mile Education Fund and Dow created a joint fund to invest in low-income students reaching the end of their manufacturing and skilled trades programs at Dow-affiliated universities. The Dow Last Mile Fund for Manufacturing & Skilled Trades aims to create a more robust, diverse, and readily available technical talent pipeline.
Fastest Growing Market
Growing demand from the packaging industry is propelling the specialty film market forward. Because specialty films are largely used in the packaging of food and industrial products, strong expansion in the food and beverage sector in both developed and emerging nations drives demand for specialty films. The rising population and rising consumption of packaged food products are the primary drivers of the specialty film market's expansion. Furthermore, rapid urbanization and increased construction in Asia-Pacific are likely to provide a huge market opportunity for specialty film producers in the region. However, the implementation of stringent environmental regulations and growing awareness about sustainable development among consumers is projected to hamper the overall growth of the specialty film market.
Asia Pacific is growing at the highest CAGR over 2018 - 2029.
The rising demand for specialty films across the F&B sector for storing and protecting numerous FMCG from moisture, contamination, heat, and UV radiations, while ensuring longer shelf-life and maintaining the nutritional profile is primarily driving the global specialty films market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous end-use industries for specialty films.