Specialty films are highly modified plastic films derived from high value resin to impart unique functionality. Rising need for packaging solutions among all types of industries has led to encourage production of specialty films. Specialty films have become a popular commodity as they play significant role in keeping product intact before it is delivered to consumers. With the growing application of specialty films, especially in food & beverage industries, manufacturers are focusing to establish partnership with packaging companies that are providing effective specialty packaging films and solutions.
According to recent report by Future Market Insights, the global specialty films market is estimated to be valued at US$ 56 Bn by the end of forecast period. The market is expected to register a CAGR of 4.9% during the forecast period 2017 – 2026. An analysts associated with the market researcher has answered some of the key queries regarding the expansion of the global specialty films market, and has revealed valuable insights as follows:
According to you, what are the dynamics factors responsible for surging demand for specialty films across the globe?
Packaging is observed as one of the largest marketplace across several industries for product enclosing. Being highly modified (for instance, coated, with additives, etc.), specialty films are predominantly used for perishable, bioactive and biodegradable products. Several companies in chemical and pharmaceutical sectors are highly likely to adopt specialty films packaging solutions in order to provide their product with an isolated environment. Thereby, demand for specialty films is anticipated to witness sustaining growth during the forecast period.
As per FMI’s insights, what you think is the deterrent factor for growth of silicon tetrachloride market?
Enforcement of stringent laws and regulations in production process of specialty films is highly likely to inhibit market growth. Industrial regulatory bodies have imposed regulations towards utilization of non-biodegradable and polymerized materials. Growing concern about disposal of used specialty films have resulted to rising plastic pollution level globally. In addition, single-use nature of specialty films has limited reusing and recycling process. Thereby, manufacturer are anticipated to encounter such challenges in business expansion in coming years.
According to you, will APEJ continue to be signified as the most productive market place for specialty films?
Based on the regional analysis of specialty films market, the Asia-Pacific excluding Japan (APEJ) is expected to remain prevalent with highest sales registered across the globe. The specialty film manufacturers in this region are highly likely to account for one-third of value share throughout the forecast period. Followed by APEJ, North America is expected to witness fast growth in specialty films market. Growing food & beverage sector in Europe is expected to drive demand for specialty films during the forecast period.
In terms of product type, what is your perspective on increase/ decrease in demand for specialty films worldwide?
Based on end use application, specialty films are manufactured in a varied range. This includes anti-fog films, safety & security films, barrier films, conductive films, stretch films and shrink films. Among these, production of barrier films is expecedt to witness robust growth during the forecast period. Properties of barrier films such as dynamic resistant to water, sunlight and oxygen along with improved flexibility are the essential elements to increase application of barrier films during the forecast period. In 2017, global sales of barrier films have reflected a value of US$ 18 Bn in specialty films market.
Where do you foresee potential growth for specialty films market among end use industries?
Specialty films find wide application in several industries such as food & beverage, chemical, agriculture, building & construction and food & beverage. Among these, food & beverage industries are expected to remain largest end user during the forecast period. Food & beverage industries are expected to account for more than two-fifth value share of the total specialty films market.
Who are the key stake holders in specialty films market?
Several manufacturers of specialty films are focusing to diversify their product portfolio in terms of material type in order to attract large customer base for versatile applications. Market players are anticipated to build long term supply agreements for raw material to manufacture specialty films and meet future demand throughout the forecast period. Most of the companies are located at Europe such as Koninklijke DSM N.V, The Mondi Group, Borealis AG, Selenis Portugal S.A. and Bischof + Klein SE & Co. Other North America based companies such as Bemis Company, Sealed Air Inc. and 3M Company are expected to witness potential growth in specialty films market in the near future.
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