Functional Films Market Sales Set to Grow at 7.2% CAGR Driven by Increasing Focus on Offering Sustainable Solutions

Increasing focus on sustainability and adoption of novel technologies among leading players who are actively involved in the packaging sector are expected to amplify the function films sales.

Surging demand of functional films for various application within diverse end-use sectors such as packaging, automotive and chemical industry is expected to drive the demand for functional films in the upcoming decade. According to a study by Future Market Insights (FMI), key players are focusing on developing renewable sources of energy within solar cell industry improving the demand for functional films.

Properties such as resistance from harsh weather condition, and flame resistance are promoting the use of functional films in solar cells industry. Rising demand from the medical and packaging industry for food & medical supply packaging is improving the growth of functional films. Leading players are focusing on developing sustainable and environment-positive technologies by heavily investing in research & development to necessitate heavy demand for sustainable films within packaging industry.

Furthermore, rapid increase in the production and consumption of coating and adhesives films, heavily used in the packaging industry is propelling the growth of functional films. Heavy demand of coating films from plastics industry across China, Germany and UK are expected to provide favorable returns for the functional film manufacturers.

“Manufacturers are heavily investing in developing green and sustainable technology to facilitate the rising demand from packaging and chemical industry,” remarks the FMI analyst. 

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Key Takeaways

• Coating films are anticipated to take the lion’s share in the global functional films market
• The U.S. is anticipated to be one of the leading functional films markets accounting 68% of sales in North America
• High demand from plastics industry is expected to provide wide growth opportunity for functional films manufacturers
• Germany is expected to be the hotspot for functional films manufacturers backed by the rising demand from chemical industry
• UK and France are one of the key markets for functional films within Europe. Expansion of packaging sector will drive growth in these countries

Prominent Drivers

• Growing demand for plastic films in the medical industry is expected to drive the functional films demand
• Increasing application of functional films in automotive, packaging, and solar cells industry is sustaining the demand for functional films
• Easy availability of raw materials and low prices of films will continue to improve the growth

Key Restraints

• Stringent environmental and governmental regulations will likely limit the growth of functional films
• Challenges in plastic recycling and volatile prices of raw material might hamper the demand

Discover more about the functional films market with figures and data tables, along with the table of contents. You will also find detailed market segmentation on https://www.futuremarketinsights.com/reports/functional films-market

Competitive Landscape

Future Market Insights has listed some of the prominent market players for the global functional films market which includes 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 and Polifilm GmbH. According to FMI, with the market being hghly competitive, product positioning and collaborations remains core strategies for leading payers.

For instance, in September 2020, Dunmore announced the launch of a new polyester based scratch resistant antimicrobial film product. This Dun-Shield film offers scratch resistant features, with durable surface and longer shelf life.

Also, in March 2020, Imaflex Corporation, announced the clearance of its next generation crop protection film, ADVASEAL which is a time-saving and cost effective alternative for soil disinfection.

Furthermore, in October 2020, Protection Pro, by Madico announced the launch of new antimicrobial screen protection film called Microbe-X.

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More Insights on FMI’s Functional Films Market

Future Market Insights, in its new offering, provides an unbiased analysis of the functional films Market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the functional films market with a detailed segmentation on the basis of product type (optical film, coating film, adhesive film, conductive film, and reflection films), end-use industry (automotive, food & medical packaging, renewable, printing & packaging, and other industries), and across major regions (North America, Latin America, Europe, East Asia, South Asia-Pacific, and Middle East & Africa).

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About Future Market Insights (FMI)

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