+1 915 229 3004 (U.S.) | 
+44 7452 242832 (U.K.)
+1 915 229 3004 (U.S.) | +44 7452 242832 (U.K.)
Global Functional Films Market Size was valued at USD 25.6 Billion in 2022. The Functional Films market industry is projected to grow from USD 26.2 Billion in 2023 to USD 27.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 0.90% during the forecast period (2023 - 2032). There is a growing need for optical film in a range of applications as portable and smart consumer product technology develops, including vehicle displays, television, desktop and laptop computers, smartphones, tablets, signage, and advertising display boards, are the key market drivers enhancing the market growth.
Download Free Sample to learn more about this report
Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Rising healthcare and pharmaceutical industry need for functional film for medical product packaging is predicted to fuel market expansion in the future. The market for functional films is also predicted to expand over the course of the forecast period due to the expansion of the medical packaging industry and technical advancements in the medical packaging system. Functional film has a tremendous impact on the creation of medical items by producing high-quality pharmaceutical products. Growing demand for optically functional films to regulate light reflection and penetration is estimated to fuel market expansion during the forecast period. It can be seen on a variety of screens, including televisions and portable electronic gadgets. The most significant application area has changed from television segments because to the growing demand for larger monitors. Additionally, as demand for smartphone adoption develops, the smartphone market is growing quickly. On the other hand, it is anticipated that the usage of optical functional films will be hampered by the growing use of active-matrix organic light-emitting diode (AMOLED) screens in place of LCD panels. As a result, it is estimated that market growth for functional films will slow down during the projected timeframe.
Innovations in polymer production techniques have substantially broadened the market view for functional films. The engineers' willingness to provide functional films unduly complicated geometries may be the cause of their increasing adaptability. The adoption of less energy-intensive methods by chemical industries also improves the prospects for the functional film sector. New income streams are produced when new firms are launched in a number of developed and developing locations where there is a mature market. Existing businesses are investing in expanding their supply networks and storage capacity to meet the rapidly growing demand for functional films across a number of industries.
New applications have started to appear in recent years, which has helped market participants for functional films. For instance, the use of functional films in the creation of heat-regulating building materials is growing. These materials are in high demand all around the world since they are essential to the construction of eco-friendly homes. Due to the rising application in beverage packaging and the automobile industry, there is also a considerable profitability potential. Barrier films have grown in popularity in the latter over time. Thus, driving the Functional Films market revenue.
The global Functional Films market segmentation, based on Product Type, includes Optical film, coating film, adhesive film, and reflection film. The optical film segment accounted for the largest market share in 2022. Although optical films are utilized more frequently than other product categories, functional films are widely used in a number of industrial applications. The dominance of this film type is sealed because it can modify the characteristics of light transmission, including the projection, absorption, scattering, polarization, and phase shift of light. Diffusion, polarization, and holographic materials are used in electronic, automotive, and other display applications. The demand for these films is expected to rise in the next years due to developments in the electronics and ADAS industries.
The global Functional Films market segmentation, based on End Use Industry, includes automotive, food & medical packaging, renewable, printing & packaging, and other industrial. The renewable segment accounted for largest market share in 2022. Numerous photovoltaic (PV) applications in the current state of the industry require films that are crucial to the PV system. They are straightforward substitutes for large silicon wafers. Solar-related films are a suitable choice for blocking sunlight and reducing its intensity. Because of their outstanding ability to absorb, deflect, and form barrier layers, these materials are being used more and more in solar systems.
Download Free Sample to learn more about this report
Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. The North America Functional Films Market dominated the global market in 2022 (45.80%). The existence of several of the long-standing market players has supported the rise in North America. The region is a pioneer in producing the useful films required for numerous cutting-edge applications. In North America, coating films and optical films are now in the lead. The expansion exhibited in these categories is supported by the presence of some of the leading companies from the chemical industry. These film chemistries are actively being developed by raw material suppliers for use in agricultural and industrial films. As an electrical insulator and protective layer, for instance, the automotive and electric and electronics (E&E) industries can make use of BASF's Ultra Son application for thin films. Further, In the North American area, the U.S. Functional Films market had the biggest market share, while the Canada Functional Films market had the quickest rate of expansion.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Download Free Sample to learn more about this report
Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Europe Functional Films market is expected to register fastest growth from 2023 to 2032. Germany and other European countries are recognized as epicenters of practical film. Several of the film makers have collaborated with famous German chemical companies. These alliances make an effort to collaborate in order to create products that both satisfy market demands and are profitable. During the projection period, the country will probably develop prosperous businesses. Given supply-side development, the market potential is very strong. The United Kingdom benefits from facility expansions and capacity improvements for manufacturers of functional films because of its close proximity to other European markets. For instance, Coveris created two new extrusion lines at its Cheshire, United Kingdom, facility to support the business' Pack Positive sustainable growth plan. Further, In the European region, the German Functional Films market had the biggest market share, and the U.K. Functional Films market had the quickest rate of growth.
The Asia Pacific Functional Films market accounts for the significant market share. Chinese manufacturers of functional film dominate the country's plastics industry. Thanks to internet activity, online sales, a sizable consumer base, and closeness to developing countries, the Chinese market for functional films has seen tremendous growth. China, where industrial films and thin films are very active industries, is home to more than half of the world's thin-film production capacity. Japan is one of the industrialized countries actively promoting market expansion. A sizable and dispersed functional film industry exists in Japan. There are also significant businesses that contribute to growth there, notably Panasonic Corp. and Toppan Printing Ltd. The leading firms in the area have used a variety of expansion strategies that are promoting the market's expansion as a whole. Moreover, In the Asia-Pacific region, the Indian Functional Films market had the quickest rate of growth while China's Functional Films market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Functional Films market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Functional Films sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Functional Films industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Functional Films sector. Major players in the Functional Films market, including LG Chem, Sumitomo Chemical, Kangdexin, Eastman, Nitto Denko Corporation, Samsung SDI, Bayer, Toray Industries, SKC, SEKISUI, Toppan, 3M, Honeywell, Mntech, and CCS, are attempting to increase market demand by investing in research and development operations.
Panasonic Holdings Corp. (Panasonic), formerly known as Panasonic Corp., is a global manufacturer, retailer, and service provider of a wide range of electric and electronic products. Individual room air conditioners, TVs, landlines, digital cameras, home audio and video equipment, rice cookers, lamps, wiring devices, air conditioners, air purifiers, and bicycles are just a few of the things Panasonic offers. In addition, it sells PCs, tablets, batteries, electric motors, mounting machines, semiconductors, LCD panels, electronic materials, electronic components, and electronic materials. The company manages and operates facilities and R&D locations in Europe, Asia, the Americas, and Japan. Panasonic's corporate headquarters are in Kadoma-shi in the Japanese city of Osaka. In October 2020, Panasonic will start selling a sort of anti-glare, anti-reflection film for automobile displays. The film meets with DIN (German Industry Norm) Standards and has excellent weather resistance and strong infrared transmittance.
Toppan Inc. (Toppan), formerly Toppan Printing Co. Ltd., offers products and services to the information and communication, living and business, and electronics industries. The company's goods include magnetic cards, books, periodicals, catalogs, photomasks, plastic-moulded items, and documents relating to stocks. Additionally, it offers flip chip ball grid array (FC-BGA) substrates, GL films (a transparent barrier film), wallpaper, home furnishings, and surface treatment films. Some of the key technologies used by the company include material shaping, information processing, surface treatment, and microfabrication. It conducts business in the Middle East, Africa, Europe, Asia, and North America. The Toppan corporate office is located in Bunkyo-Ku, Tokyo, Japan. In response to heat, a fire-extinguishing film made by Toppan Printing releases aerosol particles in February 2021. The producers of batteries and electrical equipment are the target audience for the new film.
· LG Chem
· Sumitomo Chemical
· Kangdexin
· Eastman
· Nitto Denko Corporation
· Samsung SDI
· Bayer
· Toray Industries
· SKC
· SEKISUI
· Toppan
· 3M
· Honeywell
· Mntech
· CCS
October 2022: 3M scotchlite reflective material debuts the next generation of industrial wash reflective transfer films.
· Optical Film
· Coating Film
· Adhesive Film
· Reflection Film
· Automotive
· Food & Medical Packaging
· Renewable
· Printing & Packaging
· Other Industrial
· North America
- US
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 25.6 Billion |
|
Market Size 2023 |
USD 26.2 Billion |
|
Market Size 2032 |
USD 27.9 Billion |
|
Compound Annual Growth Rate (CAGR) |
0.90% (2023-2032) |
|
Base Year |
2022 |
|
Market Forecast Period |
2023-2032 |
|
Historical Data |
2018- 2022 |
|
Market Forecast Units |
Value (USD Billion) |
|
Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
|
Segments Covered |
Product Type, End Use Industry, and Region |
|
Geographies Covered |
North America, Europe, Asia Pacific, and the Rest of the World |
|
Countries Covered |
The U.S., Canada, German, France, the U.K, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
|
Key Companies Profiled |
LG Chem, Sumitomo Chemical, Kangdexin, Eastman, Nitto Denko Corporation, Samsung SDI, Bayer, Toray Industries, SKC, SEKISUI, Toppan, 3M, Honeywell, Mntech, and CCS |
|
Key Market Opportunities |
Adoption of micro LED display technology |
|
Key Market Dynamics |
Rising demand for optical film in various applications such as automobile car displays, television, desktop & laptop computers, smartphones, tablets, and signs & advertising display boards and advances in technology in the field of portable and smart consumer products |
The global Functional Films market size was valued at USD 25.6 Billion in 2022.
The global market is projected to grow at a CAGR of 0.90% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are LG Chem, Sumitomo Chemical, Kangdexin, Eastman, Nitto Denko Corporation, Samsung SDI, Bayer, Toray Industries, SKC, SEKISUI, Toppan, 3M, Honeywell, Mntech, and CCS
The Optical Film Product Type dominated the market in 2022.
The Renewable End Use Industry had the largest share in the global market.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65306
Published on :
Sep 2023
Request a Free Sample Report
Speak to Analyst