Industrial Films Market worth $55.8 billion by 2028
The report "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", 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 to 2028. The rising demand from emerging economies and the growing trend toward sustainability are creating growth opportunities for the industrial films market. However, stringent environmental and government regulations and volatile raw material prices act as restraints to the growth of the global industrial films market.
Browse 234 market data Tables and 42 Figures spread through 228 Pages and in-depth TOC on "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"
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LLDPE film type is estimated to be the largest type of industrial film
The LLDPE film type account for the largest share in the overall Industrial films market. The LLDPE film type led the industrial films market in 2022, accounting for a share of 33.5% in terms of value. The demand for LLDPE industrial films is driven by their higher impact and tensile strength, low cost of manufacturing, and wide usage in end-use industries such as agriculture and industrial packaging.
Agriculture end-use industry to register highest CAGR during forecast period
In 2022, the agriculture industry led the demand for industrial films, accounting for a share of 26.3% of the overall market in terms of value. This was due to the increasing demand for food, decreasing arable land, and the need for water and energy preservation. It has led to the development of advanced cultivation methods that can increase crop productivity and resist climatic changes.
Industrial films are widely used across industries. In the construction industry, industrial films have applications in flooring & insulation, waterproofing, cladding, reinforcement, and roofing. In the transportation industry, these films are installed on windows and bodies of vehicles to protect them from damaging environmental effects such as rain, snow, ultraviolet (UV) radiation, and scratches.
The industrial films market size in Asia Pacific was USD 17.1 billion in 2022 and is projected to reach USD 24.0 billion by 2028, marking a CAGR of 5.82% during the forecast period. In 2022, North America and Europe accounted for a market share of 22.6% and 21.2%, respectively, in terms of value. The growth of the Asia Pacific market can be attributed to the rapidly increasing consumption of industrial films in the automotive, agriculture, construction, and industrial packaging industries in countries such as India, Indonesia, China, and Thailand.
The global market for industrial films is dominated by players such as Saint-Gobain (France), Berry Global Group (US), SKC Co., Ltd (South Korea), Toray (Japan), Eastman Chemical Company (US), 3M Company (US), Mitsubishi Chemicals Holdings Corporation (Japan), RKW SE (Germany), and DuPont Teijin Films (US). Product launches and mergers & acquisitions are the key strategies adopted by the industry players to achieve growth in the industrial films market.
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