Rising Demand for Touchscreens and EVs Propels Functional Films Market to 7.2% CAGR Growth

Posted on 2024-07-04 by Future Market Insights in Chemicals // 0 Comments

Functional Films

The functional films industry is anticipated to cross a market share of US$ 54,294.8 million by 2033, while it is likely to be valued at US$ 27,090.1 million in 2023. The industry is anticipated to expand its roots at a steady CAGR of 7.2% between 2023 and 2033.

Advanced packaging solutions, along with the introduction of biocompatible and biodegradable material in functional film production, are leading the market. Furthermore, the long-range of applications such as emulsions, laminations, food and beverages, and packaging industry.
The use of electronic films on smart devices, such as device lamination, along with the application of its usage on glass, is increasing the demand for functional films demand. Vendors are focusing on delivering reliable, flexible, and protective functional film demand for the end users.
The latest carbon dot biopolymer-based functional films are being used in antioxidant and food monitoring applications. Its properties include UV-resistant polymeric thin films.
The advanced flexible hard coat films are also popular in the market as they add scratch resistance, flexibility, and excellent hardness to the product surface.

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Key Points

The United States market leads the functional films market in terms of sales volume in North America. The market holds a market share of 12.6% in 2023. The market growth is attributed to the restoration of e-commerce, packaging solutions, and innovative functional film solutions.
The Indian functional films market leads the South Asia market in terms of CAGR with a leading CAGR of 3.8% between 2023 and 2033. The regional growth is attributed to growing awareness among people about the hazardous effects of UV rays coupled with the higher penetration of e-commerce giants in the region. As brands build their warehouses in the region, the requirement for different sorts of packaging has increased.
The Chinese functional films market on the other side flourishes at a CAGR of 8.2% between 2023 and 2033. The higher foreign investment, center for smart device technologies, and advanced packaging solutions are increasing the regional hold.
By product type, optical films are leading with a market share of 25.0% in 2023. Its demand is increasing with the widening electronics and electrical circuits market. These films help the electronic circuits against corrosion.

Competitive Landscape

The key players are working to produce functional films that are bio-degradable and nature-friendly. The introduction of electronic film among increasing functional film demand is also driving the competitor’s strategy. Key competitors and also merge, acquire, and partner with other companies to increase their supply chain, and distribution channel.

Some of the leading companies operating in the market 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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Recent Market Developments

Mondi plc has introduced its modern functional films such as high-barrier industrial films for form-fill-seal (FFS), bag-in-box barrier films, and decorative films. The company claims to deliver flexible and protective solutions.
3M has launched its pain protection film, blackout film, exterior trim film, and body contrast film. These films cover different applications including automotive, electronics, and food packaging.

Key Segments

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

About Future Market Insights (FMI):

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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