Global Industrial Films Market Will Surpass USD 62 Billion by 2031
The global industrial films market is anticipated to increase to USD 62.3 billion by 2031 from USD 37.6 billion in 2020, with a CAGR forecast of 4.7%. Industrial films are applied in all industries such as transport, farming, photovoltaic, electrical & electronics, industrial packaging, building, medical, and aerospace industries. Agriculture is the dominant consumer in the industrial films market because of its broad applications as silage films, greenhouse films, mulch films, and many more.
Browse ThinkWise Intelligence's exclusive report, spread through 210 Pages on: GLOBAL INDUSTRIAL FILMS MARKET, BY FILM TYPE (BOPA/POLYAMIDE, BOPET/PET, BOPP/PP, CPP, HDPE, LDPE, LLDPE, PVC, OTHERS), BY END-USE INDUSTRY (AGRICULTURE, CONSTRUCTION, INDUSTRIAL PACKAGING, MEDICAL, TRANSPORTATION, OTHERS): COMPETITIVE LANDSCAPE & GROWTH POTENTIAL ANALYSIS, 2021-2031
THE LLDPE INDUSTRIAL FILMS MARKET IS THE LARGEST TYPE IN THE GLOBAL MARKET
The industrial films market has been divided into nine segments based on film type: BOPA/Polyamide, BOPET/PET, BOPP/PP, CPP, HDPE, LDPE, LLDPE, PVC, and Others. Among these types, LLDPE held the largest market share in 2020 and is expected to expand significantly during the forecast period. This segment's growth is attributed to its wide range of applications and superior properties such as impact and tensile strength and heat sealability. While LLDPE is displacing LDPE in many applications such as industrial packaging and agriculture, some properties make both of these films suitable for various applications.
DURING THE FORECAST PERIOD, THE INDUSTRIAL FILMS MARKET FOR AGRICULTURE END-USE INDUSTRY IS EXPECTED TO REPORT THE HIGHEST CAGR IN THE GLOBAL MARKET
Agriculture is a rapidly growing end-use industry segment. The shrinking arable land base, combined with rising food demand, increases the need for modern farming techniques, which in turn is increasing demand for plastic films in the agriculture industry. This segment is expected to dominate the industrial films market in the coming years, owing to the growing demand for food fueled by the global population's growth. This has resulted in the development of advanced cultivation techniques capable of increasing crop productivity and mitigating climate change.
ASIA-PACIFIC INDUSTRIAL FILMS MARKET IS ANTICIPATED TO HOLD THE LARGEST SHARE IN THE GLOBAL MARKET DURING THE FORECAST PERIOD
During the projected period, the Asia-Pacific market is expected to be the largest for industrial films. This region's growth can be attributed to the rapidly growing demand for industrial films from various end-use industries, particularly agriculture, construction, healthcare, and transportation. Due to increasing application, technological advancements, and increased demand for these films in Asia-Pacific and Europe, the market is expanding rapidly.
3M, Berry Global Group, DSM-RKW SE, Eastman, Saint-Gobain, SKC Co. Ltd., and Toray are the world's leading manufacturers of industrial films.