As indicated by Acumen Research and Consulting, the global specialty and high performance films market size is evaluated to reach around US$ 56.3 billion with a CAGR over 6% over the estimate time frame. Rising demand for packaging industry, increasing technological advancements, ever-increasing hygiene consciousness among consumers, development of retail, electronics and pharmaceutical industries, escalating demand for food and beverage and shifting consumer preference to high tensile and long lasting packaging materials are some of the primary factors that are positively affecting the specialty and high performance films market growth across the globe. Specialty and high performance films are thin films prepared from a variety of polymers, such as fluoropolymer polyester and polycarbonate. The Asia Pacific market is likely to grow at highest CAGR due to the growing automotive-aftermarket and automotive industries and growing technological innovations. Moreover, the presence of large number of raw material suppliers in the region is also boosting the regional growth.
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Packaging Segment is Anticipated to Witness a Noticeable Demand over the Forecast Period
On the basis of end use industry, the specialty and high performance films market is segmented into packaging, electrical & electronics, personal care products, construction and automobiles. Packaging segment is anticipated to grow at high growth rate over the forecast period owing to the rapid growth in the packaging industry. Growing technological innovations in the automotive industry is also propelling the overall growth of the segment. Rising application of flexible and chemically inert material for packaging food and beverages is boosting the segmental growth and expected to grow over the forecast time frame. The demand for various types of specialty and high performance films is increasing rapidly in automotive-aftermarket and automotive industries. Furthermore, increasing consumer consciousness for food hygiene and safety is anticipated to spur the demand for specialty and high performance films, thereby fueling the segment growth. Additionally, intensifying application scope of the Specialty and high performance films in construction industry is also forecasted to have a positive influence on the market growth. Rise in the infrastructure spending and rapid growth of construction industry are also expected to augment the demand for specialty and high performance films throughout the forecast period.
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Asia Pacific to Lead the Overall Market during the Forecast Period
Geographically, the global specialty and high performance films market has been divided into North America, Europe, Asia Pacific, Latin America and Middle East and Africa. Asia Pacific is projected to accumulate upmost revenue share in the global specialty and high performance films market. Asia Pacific is expected to grow at high growth rate during the forecast period owing to the growth in automotive-aftermarket and automotive industries and growing technological innovations. Rapid growth in the automotive and food industry and ongoing technological advancements in the electronics industry in the region are also supplementing the growth of the regional market. Large numbers of small and large scale specialty and high performance films manufacturers from the region are rapidly investing in research and development activities in order to offer more innovative products to consumers. Owing to the strong growth in the flexible packaging printing and converting industry, the specialty and high performance films market in Asia Pacific is expected to witness high growth during the forecast period. North America is also anticipated to growth at significant rate during the forecast period owing to the increasing demand for food and beverage industry. Additionally, growth in the semiconductor and solar cell manufacturing industries, early adoption of smart technologies and continuous technological advancements are anticipated to boost the regional market growth throughout the forecast period.
Honeywell International, Inc., Pont de Nemours and Company and Eastman Chemical Company are Likely to Continue to Lead the Global Specialty and High Performance Films Market
The specialty and high performance films market is consolidated with limited number of manufacturers. The company profiling of key players in the market includes company overview, major business strategies and revenues. The key players of the market are Bayer AG, The Dow Chemical Company, Sealed Air Corporation, E. I. du Pont de Nemours and Company, Bemis Company Inc., Honeywell International, Inc., Evonik Industries, Eastman Chemical Company and The 3M Company.
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