The CAGR for the Industrial Films Market is expected to be 4% from 2022-to 2030. The Industrial Films Market Value is projected to be USD 62.15 Billion by 2030
The CAGR for the Industrial Films Market is expected to be 4% from 2022-2030. The Industrial Films Market Value is projected to be USD 62.15 Billion by 2030. These films are used for residential and commercial purposes. They are essentially plastic films that are made from polymer-like materials.
They are primarily used to package certain products. Various industries use industrial films. These include various industries, transportation, construction, agriculture, medicine, and others. When these films are used in the packaging they make it easy for trucks, ships, and planes to transport the items that they package. Transportation also occurs much faster when industrial film is used.
There are other benefits too like longer shelf lives, products that don’t get damaged, and products that stay good for longer.
COVID-19 was a dangerous virus that was a big issue last year. It still is a big issue. Most people who got this virus recovered. However, a small percentage had to be hospitalized because of the nervous system and respiratory issues. Less than 1% of the people who got COVID-19 died from it.
Governments quickly realized that this was a dangerous virus. They sought to contain its spread with lockdowns and quarantines. These were temporary because they proved to have limited effect. Most industries were negatively affected since the lockdowns and quarantines forced them to temporarily halt or scale operations back significantly. The Industrial Films Market was no exception. The prices for the materials needed to make the films skyrocketed since they were hard to find. The prices for industrial films increased as well.
What’s driving growth in the Industrial Films Market is the increasing popularity of these pieces of plastic in end-use industries around the world. The technologies that are used to make this plastic are improving at an amazing pace as well.
The agricultural and construction industries are growing rapidly around the world. This applies especially to the Asia-Pacific region. This is another important factor that is driving growth in the Industrial Films Market. The fact that environmentally conscious people increasingly prefer to use bio-based films is als driving growth.
Many companies in the Industrial Films Market are enticed by the immense money-making prospects in this industry. They are investing heavily in research and development to develop and market a new generation of industrial films that are more effective in terms of protecting items, are safer for humans, and are environmentally friendly.
The sad truth is that plastic never decomposes. This, when combined with the fact that plastic can harm wildlife and is NOT environmentally friendly is a major restraining factor. The fact that the raw materials needed to make these films can change wildly from day to day and even throughout the day is another major restraining factor. Finally, many environmentally conscious governments are passing stricter rules, guidelines, and regulations in terms of the production and use of plastics. This is also holding back growth.
Companies in the Industrial Films Market do face some challenges. One of these lies in trying to develop plastics that are safer for the environment. This means that they would have to safely decompose once disposed of. These companies are also trying to make better industrial films while trying to conform to the increasingly strict rules, regulations, and guidelines that governments are passing regarding the manufacture and use of these plastics.
Cumulative Growth Analysis
The CAGR for the Industrial Films Market was 4% from 2019. This should be the case until 2030. The market is supposed to be worth USD 62.15 billion in 2030.
DuPont is a major American player in the Industrial Films Market. It has managed to create and maintain its superior position by creating a sustainable competitive advantage. This has been achieved with heavy investment in research and development. The results of this have been the development and marketing of a new generation of industrial films that are more efficient and safer for the environment and humans.
Industrial film Market Share, by Material Type, 2019 (%)
Source: MRFR Analysis
By Material Type
The Industrial Films Market has been segmented into the following sub-segments based on Material Type:
By End-Use Industry
The Industrial Films Market has been segmented into the following sub-segments based on End-User Industry:
There are five main regions for the Industrial Films Market. These are:
The Industrial Films Market Share was the highest in the Asia-Pacific region in 2019. The Asia-Pacific region is also expected to experience the highest Industrial Films Market Growth during the time period of the research study. This region is also expected to sell and manufacture the largest volume of industrial films of all of the regions in the world.
What accounts for this is the fact that the Asia-Pacific region is rapidly modernizing and industrializing. Many nations in this region are experiencing rapid and high economic growth. The governments in this region are also passing policies and initiatives that are supporting and encouraging the manufacture and sale of Industrial Films Market.
The agricultural sectors are growing rapidly in India and China. As mentioned before, the agricultural sector is a heavy consumer of industrial films. This is also part of what is driving rapid growth in the Asia-Pacific region and accounting for a large market share. The Indian government passed pro-farmer and pro export agricultural policies in 2018. These are expected to increase the nation’s agricultural exports by 2025. The agro exports market is expected to be worth USD 60 billion by 2025. That is Indian exported agricultural products.
The North American region had the second-largest Industrial Films Market Share as of 2019. The strong and rapid economic growth in the United States of America was what accounted for much of this high market share. Many of the world’s largest, most productive, and most successful pharma companies are located in the United States of America. Since these companies use a lot of industrial films in packaging their brands, it made sense that this region had the second-largest Industrial Films Market Growth of all of the regions in the world during the time period of the research study.
The United States of America exported USD 40.5 million in pharmaceutical goods in 2019 alone.
The European Union holds a decent Industrial Films Market Share. The transportation industry is big and growing in many European nations. This industry relies heavily on industrial films to transport products to and from places. Many European governments are in the process of passing stricter environmental rules and regulations. This makes the use of plastics that never degrade impossible. Therefore, many companies are turning to the next best alternative which lies in industrial films.
Many Industrial Films Manufacturers are incentivized to develop and use bio-degradable plastics because their governments don’t allow the development and usage of plastics that don’t break down easily once they are disposed of. They also see that there is a lot of money to be made in the bio-degradable industrial films sub-segment.
The Latin American region will experience modest growth in the Industrial Films Market. What will drive growth in this region will be a strong and rapidly growing agricultural sector. The agricultural sector in Latin America relies heavily on a variety of industrial films for various uses and purposes. These include a greenhouse, mulch and silage films, stretch films, silage sheets, and drip irrigation pipes.
The economies in the Middle East and Africa region are growing modestly. This region will experience modest Industrial Films Market Growth mainly because their transportation and construction sectors are growing at a decent rate.
The Industrial Films Market remains highly competitive. The reason for this is that there are few barriers to entry and the market is relatively lucrative. Companies find that they can survive through extensive investments in research and development, mergers and acquisitions, and joint ventures.
Companies expand their horizons when they develop and market new products as a result of research and development. They find that they have an easier time selling these products in new and existing markets. Also, they find that it’s easier for them to justify selling these products at a premium.
Mergers and acquisitions and joint ventures allow companies to expand their resource pools. They find that they are better able to develop new products that will allow them to develop a sustainable competitive advantage. They are also in a better position to strengthen their positions in existing markets and enter into new markets easier.
Transcendia is a major American firm in the Industrial Films Market. It has managed to create and retain its superior position through research and development. The company was able to develop and market a new generation of environmentally friendly industrial films. This also helped it create a sustainable competitive advantage.
List of Companies
|Market Size||2030: USD 62.15 Billion|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||by Material Type, End-Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||TOYOBO Co., Ltd (Japan), DuPont de Nemours, Inc. (US), TEKRA (US), MURAPLAST d.o.o. (Croatia), Transcendia (US), Mondi (Austria), Mitsui Chemicals Tohcello.Inc. (Japan), HiFi Industrial Film Limited (UK), Bogucki Folie (Lithuania), FUJIFILM Corporation (Japan), UNITIKA Ltd (Japan), pely-plastic GmbH & Co. (Germany), LINTEC EUROPE (UK) Limited (UK), Supreme mill stores (India), and TAGHLEEF INDUSTRIES GROUP (Dubai)|
|Key Market Opportunities||
|Key Market Drivers||
Germany, France, Spain, UK, Italy, Turkey, Russia, The Rest of Europe
It had somewhat of a negative effect initially. However, this started to reverse and growth and demand picked up dramatically during the last three months of 2020. This continued into 2021.
Construction, Transport, and Agriculture are some of the many uses of Industrial Films.