According to the latest report by Reports and Data, the global industrial films market size was USD 40.11 Billion in 2020 and is expected to reach USD 57.48 Billion in 2028 and register a revenue CAGR of 4.7% during the forecast period, 2021-2028.
Reports and Data has published its latest report titled “Industrial Films Market, By Material Type (Low-density Polyethylene, High-density Polyethylene, Linear Low Density Polyethylene, Polyethylene Terephthalate, Polyvinyl Chloride, Polypropylene, Polyamide, Others), By End-use (Pharma & Healthcare, Industrial Packaging, Buildings & Construction, Agriculture, Transportation, Others), and By Region, Forecast to 2028”
According to the latest report by Reports and Data, the global industrial films market size was USD 40.11 Billion in 2020 and is expected to reach USD 57.48 Billion in 2028 and register a revenue CAGR of 4.7% during the forecast period, 2021-2028.
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Drivers, Restraints, and Opportunities:
Revenue growth of the global industrial films market is majorly supported by factors such as rising prevalence of chronic and acute diseases across the globe, increasing awareness of health & wellness, growing demand for pharmaceutical and healthcare products, and increasing applications of industrial films in pharmaceutical product packaging. Growing demand for advanced and high-quality pharmaceutical packaging films, rising concerns about the quality, sterility, and cleanliness of these packaging films, and stringent regulatory norms regarding the quality, safety, and durability of pharmaceutical goods are other major factors driving the global industrial films market revenue growth. Moreover, market revenue growth is driven by increasing use of industrial films in the food & beverage, agriculture, buildings & construction, and textile industries.
Industrial films are characterized by high tensile strength and robust puncture and impact resistance, and these are generally made of high-performance and sustainable materials such as low-density polyethylene (LDPE), high-density polyethylene (HDPE), polyvinyl chloride (PVC), polyethylene terephthalate (PET), polypropylene (PP), polyethylene (PE), polyamide, and linear low-density polyethylene (LLDPE). Various types of industrial films used in medical packaging include high-barrier films, formable films, thermoformable films, metallized films, multi-layer films, co-extruded films, and coated films. High-barrier films are among the most commonly used industrial packaging films in the healthcare sector, and these films provide high protection to drugs and medical devices, ensuring product quality and safety in extreme environmental conditions. Films made of materials like HDPE, PVC, PE, and PET are widely used in making medical tubes and medical bags such as blood bags and intravenous (IV) bags due to their antimicrobial properties, high flexibility, and biocompatibility. The global market revenue growth is further driven by rising environmental concerns, growing demand for sustainable medical packaging solutions such as bioplastic films, and increasing use of bi-axially oriented films. Bi-axially oriented films are generally composed of polypropylene, polyethylene terephthalate, and polystyrene, and these films provide superior UV resistance, chemical resistance, high flexibility, improved clarity, and a smooth surface.
COVID-19 Impact Analysis:
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
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Low-density Polyethylene (LDPE) Segment to Lead in Terms of Fastest Revenue CAGR:
Based on material type, the low-density polyethylene (LDPE) segment is expected to register the fastest revenue CAGR in the global market over the forecast period. Low-density polyethylene films are widely used in medical packaging due to its properties such as high thermal stability, robust flexibility, enhanced tensile strength, improved processability, high tear strength, longer shelf life, and cost-effectiveness. Rising adoption of flexible and cost-effective packaging solutions in the pharmaceutical sector is driving the growth of this segment.
Pharma & Healthcare Segment Accounted for Significant Revenue Growth in 2020:
Based on end-use, the global industrial films market is segmented into pharma & healthcare, industrial packaging, agriculture, buildings & construction, transportation, and others. The pharma & healthcare segment accounted for the largest revenue share in the global market in 2020. Increasing prevalence of chronic and acute diseases worldwide, rising demand for pharmaceutical and healthcare products, and increasing applications of industrial films in medical packaging are key factors boosting this segment’s revenue growth.
North America Accounted for Largest Revenue Share in 2020:
Among regional markets, the North America industrial films market dominated other regions in terms of revenue share in the global market in 2020. Key factors supporting the regional market revenue growth are rising burden of chronic and acute diseases, increasing health concerns among the population, growing demand for pharmaceutical products and high-quality medical equipment, and increased spending on medical packaging for higher quality and longer shelf life of products.
Major Companies in the Global Industrial Films Market Include:
- Saint-Gobain
- Berry Global Group
- SKC Co., Ltd.
- Toray Industries, Inc.
- Eastman Chemical Company
- RKW Group
- The 3M Company
- Mitsubishi Chemical Holdings Corporation
- Solvay
- Kolon Industries
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Market Segmentation:
For the purpose of this report, Reports and Data has segmented the global industrial films market based on material type, end-use, and region:
Material Type Outlook (Revenue, USD Billion; 2018-2028)
- Low-density Polyethylene (LDPE)
- High-density Polyethylene (HDPE)
- Linear Low Density Polyethylene (LLDPE)
- Polyethylene Terephthalate (PET)
- Polyvinyl Chloride (PVC)
- Polypropylene (PP)
- Polyamide
- Others
End-use Outlook (Revenue, USD Billion; 2018-2028)
- Pharma & Healthcare
- Industrial Packaging
- Buildings & Construction
- Agriculture
- Transportation
- Others
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Regional Outlook (Revenue, USD Billion; 2018-2028)
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Latin America (Brazil, Rest of LATAM)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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