Industrial Films Market by Film Type (LLDPE, LDPE, HDPE, PET/BOPET, PP/BOPP, CPP, PVC, Polyamide/BOPA), End-Use Industry (Agriculture, Industrial Packaging, Construction, Medical, Transportation), & Region - Global Forecast to 2028
The industrial films market is estimated to be USD 43.1 billion in 2022 and is projected to reach USD 55.8 billion by 2028, at a CAGR of 4.4% between 2023 and 2028. The increased consumption of industrial films in end-use industries is due to their potential advantages, such as high tensile and impact strength, heat sealability, and protection of goods.
Attractive Opportunities in the Industrial Films Market
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Industrial Films Market Dynamics
Driver: Capitalizing on urban-industrial boom
The global surge in industrialization and urbanization has had a pronounced impact on the industrial films market. The World Bank data showcases that from 2000 to 2021, the global urban population grew by over 50% to roughly 4.4 billion, catalyzing expansive construction activities, both residential and commercial. This urban boom inherently drives the demand for industrial films used in construction for applications like surface protection and lamination.
Urban consumption patterns, set to dictate nearly 91% of global consumption growth between 2015 and 2030, according to the British Plastics Federation, amplify the demand for packaged goods, thus propelling the role of industrial films in packaging. As cities and industries grow symbiotically, the demand for industrial films continues to rise, underscoring its pivotal role in modern urban-industrial landscapes.
Restraint: Adapting to changing regulatory landscape
Over the past few years, increased environmental awareness has resulted in governments across the globe implementing stricter regulations concerning the production, use, and disposal of industrial materials, including films. For the industrial films sector, this means that the materials traditionally used in manufacturing, many of which are non-biodegradable, have come under scrutiny. As countries aim to achieve their sustainable development goals and align with international environmental accords, such as the Paris Agreement, industries are facing increased pressure to reduce their carbon footprint and limit the use of materials that could harm the environment.
The implications of these regulations for the industrial films market are multifold. Firstly, manufacturers are now mandated to invest in R&D to develop more eco-friendly materials that meet both the industry’s functional needs and regulatory standards. This can increase the production costs, making industrial films more expensive in the short term. Secondly, the life cycle of the film, from production to disposal, is now under the regulatory lens. This means that producers are accountable not just for the film’s manufacturing but also for its disposal, pushing them to explore recycling or biodegradable options. Finally, non-compliance with these evolving regulations can result in hefty fines, legal actions, or tarnished brand reputations, thereby influencing the strategic decisions of manufacturers.
In summary, the stringent environmental and governmental regulations have reshaped the industrial films market landscape, pushing producers towards innovation and sustainable solutions while navigating the challenges of compliance and evolving consumer expectations.
Opportunities: Eco-friendly innovations in industrial films
In the wake of escalating environmental concerns and increasing awareness among consumers and businesses, there has been a pronounced shift towards sustainable practices across industries. The industrial films market is no exception to this trend. The demand for eco-friendly films, ones that are biodegradable or made from renewable resources, has been steadily growing. The very essence of these films aligns with the broader global objective of reducing the carbon footprint and minimizing the adverse environmental impact of non-biodegradable waste.
Governments worldwide, driven by international agreements such as the Paris Agreement, have been implementing policies encouraging or even mandating the use of eco-friendly products. This regulatory environment, coupled with a conscious consumer base that is willing to pay a premium for sustainable products, creates fertile ground for the growth of eco-friendly industrial films. In sectors like packaging, construction, and automotive, there is a keen interest in replacing traditional materials with their greener counterparts. For instance, in the packaging sector, the move away from single-use plastics offers a vast opportunity for sustainable films that can decompose naturally without leaving a lasting environmental imprint.
To sum up, the global thrust towards sustainability is redefining the industrial films landscape. Companies that adapt by focusing on eco-friendly film solutions are not only catering to a growing demand but are also positioning themselves favorably in an increasingly environment-conscious market.
Challenges: Raw material price fluctuations
The industrial films industry relies heavily on a range of raw materials, many of which are derivatives of petrochemicals, polymers, and other specialty chemicals. The prices of these foundational materials are not always stable; they tend to fluctuate based on various global factors, making the cost of production for industrial films inherently unpredictable.
Historically, the oil & gas industry has been a principal factor affecting the cost of petrochemical derivatives. Factors such as geopolitical tensions in key oil-producing regions, decisions made by organizations like OPEC regarding production levels, and even major natural disasters can lead to significant swings in oil prices. These price swings subsequently cascade down to petrochemical-based raw materials crucial for industrial films.
Moreover, as economies grow, so does their consumption of commodities, leading to supply-demand imbalances. A surge in demand from major manufacturing economies can tighten the availability of raw materials, leading to price hikes. On the other hand, economic downturns, such as recessions, can have the opposite effect, leading to oversupply and price depressions.
For businesses in the industrial films sector, this volatility can be particularly challenging. It complicates budgeting and financial forecasting and can also lead to fluctuating profit margins. For instance, a sudden rise in raw material costs might not immediately be passed on to the consumer, leading to squeezed profit margins. Conversely, a drop in costs does not guarantee a proportionate drop in final product prices due to competitive dynamics and other market factors.
In essence, the inherent volatility in raw material prices is a significant challenge for the industrial films industry. Companies often have to employ hedging strategies, develop alternative material sources, or innovate in material usage to mitigate the impact of these fluctuations and maintain a steady growth trajectory.
ECOSYSTEM
By Film Type, LLDPE Films accounted for the highest market share in 2022
LLDPE films are the most widely used industrial films. LLDPE is an advanced form of LDPE. It is similar to LDPE in terms of density but has gained popularity owing to its relative transparency, higher tensile strength, puncture resistance, and superior impact strength. These properties of LLDPE permit converters to adopt down-gauging technology and produce thinner films, leading to reduced costs and material savings without compromising on strength.
By End Use Industry, Agriculture is the fastest-growing Industry of Industrial Films market in 2022
The potential advantages of plastic films in agriculture, in terms of improved food quality, crop protection, increased crop productivity, and minimization of soil erosion, have contributed toward their increasing use. A wide range of plastic films, such as PE, PP, PVC, PC, and PO, is used in the agriculture industry. These plastic films provide sustainable and innovative solutions, along with recovery and recycling opportunities. Agricultural films are primarily used in three broader areas, namely, greenhouse, mulch, and silage.
Asia Pacific is projected to account for the highest CAGR in the industrial films market during the forecast period
APAC is estimated to be the largest market for industrial films and is also projected to register the fastest CAGR of 5.82% during the forecast period. China is expected to account for the largest share of the market in APAC till 2028. China’s significant industrial growth and urbanization are mainly driving the industrial films market in the country. The emergence of China as a global manufacturing hub has increased the demand for industrial films. The increasing usage of agricultural films to boost crop production on account of the rapidly growing population in the country is further encouraging market growth.
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Key Market Players
Industrial films market comprises key manufacturers such as Saint-Gobain (France), Eastman Chemical Company (US), Berry Global Inc. (US), 3M Company (US), and Toray Industries, Inc. (Japan) and others. Expansions, acquisitions, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the industrial films market.
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- Competitor Analysis with Interactive dashboard
- Latest News, Updates & Trend analysis
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Report Metric |
Details |
|
Years Considered |
2021–2028 |
|
Base year |
2022 |
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Forecast period |
2023–2028 |
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Unit considered |
Value (USD Million/Billion), Volume (Million Sq. Meter) |
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Segments |
Type, End-Use Industry, and Region |
|
Regions |
North America, Asia Pacific, Europe, Middle East & Africa, and South America |
|
Companies |
Saint-Gobain (France), Berry Global Inc. (US), Toray Industries, Inc. (Japan), Eastman Chemical Company (US), RKW SE (Germany), 3M Company (US), Mitsubishi Chemical Group Corporation (Japan), DuPont Teijin Films (US), Sigma Plastics Group (US), Kolon Industries (South Korea) and Others. |
This research report categorizes the global industrial films market on the basis of type, end use industry, and region.
On the basis of type
- LLDPE
- LDPE
- HDPE
- PET/BOPET
- PP/BOPP
- CPP
- PVC
- Polyamide/BOPA
- Others
On the basis of end use industry
- Agriculture
- Industrial Packaging
- Construction
- Medical
- Transportation
- Others
On the basis of region
- North America
- Asia Pacific
- Europe
- Middle East & Africa
- South America
The market has been further analyzed for the key countries in each of these regions.
Recent Developments
- In April 2023, Berry Global launched a new version of its high-performance, patented NorDiVent form-fill-seal (FFS) film for powdered products, incorporating up to 50% recycled plastic content.
- In April 2023, Berry Global opened an International Center of Excellence and Circular Innovation Hub in Barcelona, Spain, to develop innovative product solutions for consumers.
- In February 2023, Eastman Chemical Company announced it has acquired Ai-Red Technology Co., Ltd., a manufacturer and supplier of paint protection and window film for auto and architectural markets in the Asia Pacific region.
- In December 2022, Toray Industries, Inc. announced that it has developed a polyethylene terephthalate (PET) film that combines excellent applicability and adhesion for water-based, solvent-free coatings and can eliminate solvent-derived carbon dioxide emissions.
- In October 2022, Saint Gobain decided to boost production capacity by 60% for Lumirror™ biaxially oriented polyester release films for manufacturing multilayer ceramic capacitors (MLCCs).
- In March 2022, Toray Industries, Inc. developed a stretchable film with exceptional resistance value stability. The film is very flexible. It recovers its shape between -68°F and 176°F. It also maintains heat resistance even after treatment at 392°F
Frequently Asked Questions (FAQ):
What are the major drivers driving the growth of the industrial films market?
The major driving factors for the industrial films market are the global surge in industrialization and urbanization which has had a pronounced impact on the industrial films market, technological advancements and innovations in film materials, and increasing use of industrial films in sustainable agriculture
What are the major challenges in the industrial films market?
The major challenging factor faced by the industrial films market are Raw material price fluctuations and Challenges in recycling of plastics.
What are the restraining factors in the industrial films market?
The major restraining factor faced by the industrial films market is Adapting to changing regulatory landscape
What is the key opportunity in the industrial films market?
Eco-friendly innovations in industrial films and Specialized films for advanced industrial needs
What are the end-use industries where industrial films components are used?
The industrial films are majorly used in agriculture, industrial packaging, construction, medical, transportation, and others
What are the different types of industrial films?
The different film types of industrial films are Linear Low-Density Polyethylene (LLDPE), Low-Density Polyethylene (LDPE), High-Density Polyethylene (HDPE), Polyethylene Terephthalate/Bi-axially Oriented Polyethylene Terephthalate (PET/BOPET), Polypropylene/Bi-axially Oriented Polypropylene (PP/BOPP), Cast Polypropylene (CPP), Polyvinyl Chloride (PVC), Polyamide/Bi-axially Oriented Polyamide (BOPA), and Others. .
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The study involved four major activities for estimating the current size of the global industrial films market. Exhaustive secondary research was carried out to collect information on the market, the peer product market, and the parent product group market. The next step was to validate these findings, assumptions, and sizes with the industry experts across the value chain of industrial films through primary research. Both the top-down and bottom-up approaches were employed to estimate the overall size of the industrial films market. After that, market breakdown and data triangulation procedures were used to determine the size of different segments and sub-segments of the market.
Secondary Research
In the secondary research process, various secondary sources such as Hoovers, Bloomberg BusinessWeek, Dun & Bradstreet, edana.org, associations were referred to identify and collect information for this study. These secondary sources included annual reports, press releases & investor presentations of companies, white papers, certified publications, articles by recognized authors, gold standard & silver standard websites, regulatory bodies, trade directories, and databases.
Primary Research
The industrial films market comprises several stakeholders such as raw material suppliers, technology developers, industrial films companies, and regulatory organizations in the supply chain. The demand side of this market is characterized by the development of end use applications. The supply side is characterized by advancements in technology and diverse application industries. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information.
Following is the breakdown of primary respondents—
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Market Size Estimation
Both top-down and bottom-up approaches were used to estimate and validate the size of the global industrial films market and to estimate the sizes of various other dependent submarkets. The research methodology used to estimate the market size includes the following:
- The key players in the industry were identified through extensive secondary research.
- The supply chain of the industry and market size, in terms of value and volume, were determined through primary and secondary research.
- All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
- All possible parameters that affect the markets covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research includes the study of reports, reviews, and newsletters of key industry players along with extensive interviews with key officials, such as directors and marketing executives.
The overall market size has been used in the top-down approach to estimate the sizes of other individual markets mentioned in the segmentation through percentage splits derived using secondary and primary sources.
For calculating each type of specific market segment, the size of the most appropriate immediate parent market has been considered for implementing the top-down approach. The bottom-up approach has also been implemented for data extracted from secondary research to validate the market sizes, in terms of value and volume, obtained for each segment.
The exact values of the overall parent and individual markets have been determined and confirmed through the data triangulation procedure and validation of data through primary interviews. The data triangulation procedure implemented for this study is explained in the next section.
Data Triangulation
Following the estimating process described above to determine the total market size, the market was divided into a number of segments and sub-segments. In order to complete the process of estimating the overall market size and determine the precise statistics for all segments and sub-segments, the data triangulation and market breakdown processes were used, where applicable. By examining multiple factors and trends from both the supply and demand sides, the data was triangulated. In addition, both top-down and bottom-up methods were used to validate the market size. After that, it was verified through primary interviews. As a result, there are three sources for each data segment: a top-down approach, a bottom-up approach, and expert interviews. The data was assumed to be correct when the values arrived at from the three sources matched.
Market Definition
Industrial films are plastic films that are manufactured from polymeric materials such as linear low-density polyethylene (LLDPE), low-density polyethylene (LDPE), polyethylene terephthalate (PET)/biaxially-oriented polyethylene terephthalate (BOPET), polypropylene (PP)/biaxially oriented polypropylene (BOPP), and others. These films are used to hold items and protect goods from damage. They help increase transportation efficiency, increase the shelf life of perishable goods, and prevent product damage, wastage, and deterioration. Industrial films are used in various end-use industries, such as transportation, construction, agriculture, industrial packaging, and medical.
Key Stakeholders
- Manufacturers of industrial films
- Manufacturers in end-use industries such as agriculture, transportation, industrial packaging, medical, construction, and others
- Industry associations
- Industrial film traders, suppliers, and distributors
- Regional manufacturers’ associations and general plastic film associations
- Government and regional agencies and research organizations
Report Objectives
- To define, describe, and forecast the global industrial films market on the basis of end-use industry, type, and region
- To forecast the market size, in terms of value and volume, of the regions, namely, North America, Europe, Asia Pacific, South America and Middle East & Africa.
- To provide detailed information regarding the key factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze micro markets with respect to individual growth trends, future prospects, and contribution to the total market
- To analyze the opportunities in the market for stakeholders and details of a competitive landscape for market leaders
- To strategically profile the key players and comprehensively analyze their key developments such as new product launches, capacity expansions, mergers & acquisitions, and partnerships in the industrial films market
Available Customizations:
Along with the given market data, MarketsandMarkets offers customizations as per the specific needs of the companies. The following customization options are available for the report:
Country Information:
- Industrial films market analysis for additional countries
Company Information:
- Detailed analysis and profiling of additional market players (up to 5)
Pricing Analysis:
- Detailed pricing analysis for each type of industrial films products
Growth opportunities and latent adjacency in Industrial Films Market