High-Performance Films Market size is forecast to reach around 31 billion by 2025, after growing at a CAGR of 6.5% during 2020-2025. High-Performance films have good tensile strength and act as an excellent moisture barrier owing its usage in various end use industries like automotive, food & beverages, construction, and electronics. Increase in demand for high quality product with good durability and strength is driving the growth of high-performance films market globally. Moreover, environmental concern and government regulations acts as a restraining factor for the growth of high-performance films market.
The report: “High-Performance Films Market – Forecast (2020-2025)”, by IndustryARC, covers an in-depth analysis of the following segments of the High-Performance Films Industry.
By Product Type: Polyester, Polyimide, Fluoropolymer, Polycarbonate, Polyethylene Naphthalate and Others
By Application: Barrier Films, safety & Security Film, Decorative Films, Micro-porous Films and Others
By End Use: Packaging (Food and Beverages, Pharmaceuticals and Others), Automotive (Hydraulic Hoses, Gaskets, Seals, Valves and Others), Construction (Window Panels, Doors and Others), Electrical & Electronics, Aviation and Others
By Geography: North America, South America, Europe, APAC and RoW
- China has shown significant growth in the High-Performance films market owing to increasing demand from applications such as automotive, construction and packaging industries.
- Properties such as high tensile strength, flame and solvent resistant are the major factors driving the growth of High-Performance fiber market.
- Rising popularity for the use of solar energy in power generation is likely to boost the growth of High-Performance fiber market.
Type- Segment Analysis
Fluoropolymer segment has shown fastest CAGR of 8% in High-Performance films market during forecast period. Fluoropolymers are fluorocarbon-based High-Performance plastics with unique ability to withstand high temperature and corrosive environment. Due to high electrical and thermal resisting behavior they are used in cable wiring, aircrafts and coating high end cookware.
Application - Segment Analysis
On the basis of application, barrier films segment holds the largest share of more than 30% in the High-Performance fiber market. Rising demands of barrier films in food and packaging industry for preventing the food products from oxidation and moisture is fueling the growth of High-Performance film market. Furthermore, these films are also used for insulating electrical components, photovoltaic solar panels and packaging medicines in pharmaceutical industry. According to Word Health Organization, between 2000 and 2017, global health spending in real terms grew by 3.9%. Continuous expansion of healthcare boosts the pharmaceuticals industry which in turn increase the use of High-Performance films for packaging of medicines.
End Use – Segment Analysis
Packaging segment dominated the High-Performance fiber market with a share of more than 25%. Due to aging, flame, moisture and solvent resistance they are used in packaging industry for increasing the life of product. High-Performance films are coated on window panels for reducing heat, glare and UV exposure, subsequently increasing their demand from construction industries. Additionally, High-Performance fibers are light weighted and are used in fuel and hydraulic hoses, gaskets, valves and seals in automotive and aerospace industry, thus boosting the High-Performance film market.
COVID-19 has hampered the growth of High-Performance films market. Industries are shuttered all around the world and supply chain has been disrupted. Government imposed lockdown that has decreased the construction activities. Furthermore, decrease in purchasing capital has impacted the automotive sector which in turn hampered the growth of High-Performance films market. According to the Society of India Automobile Manufacturers (SIAM), passenger vehicle sales declined by 51% to 143,014 units in March 2020 whereas the sales of commercial vehicles crashed 88% to 13,027 units, substantially decreasing the demand of High-Performance films.
Geography- Segment Analysis
APAC dominated the High-Performance film market with a share of more than 40%, followed by North America and Europe. Increase in construction activities coupled with rapid industrialization has driven the growth of High-Performance fibers in these regions. According to International Energy Agency (IEA), global floor area in buildings expected to double to more than 415 billion square meter by 2050, thus owing the need of High-Performance films for window panels and doors. Moreover, rise in disposal income and high standard of living has accelerated the use of High-Performance films in automotive industry for better performance and safety. According to International Energy Agency, the global stock of electric passenger cars increased by 63% and passed 5 million in 2018. Thus increase in demand of electric vehicles also boosts the growth of High-Performance films market.
Drivers –High-Performance Films Market
- Growing demand from end use industries
Increase in demand from various end use industries for their high impact resistant, non-abrasive, vibrations and shock absorbent properties has boosted the growth of High-Performance fiber market. With the rise in population, demand for processed and packaged foods has also increased, substantially increasing its use in food & beverages industry for keeping the food fresh and healthy.
- Rising popularity of power generation by solar energy
With the increase in environmental concern and lack of non-renewables resources, power generation by solar energy is increasing. Photovoltaic panels are covered with High-Performance films for protection from dust, moisture, abrasion and UV rays. According to International Energy Agency (IEA) power generation from solar photovoltaic has increased by more than 30% in 2018, to over 580 TWh making it fourth-largest renewable electricity generation technology after hydropower, onshore wind and bioenergy. Thus, increase in use of solar energy has also augmented the growth of High-Performance films market.
Challenges –High-Performance Films Market
- Volatile prices of raw material and rising environmental concerns
Although High-Performance films are extremely used and find wide range of applications in end use industries, but the fluctuation in prices of crude oil is increasing their manufacturing cost. The volatility in prices of raw material limits their use and acts as a restraint for the growth of High-Performance films. High-Performance films are non-biodegradable and their disposal is a major concern. Disposing films in landmass has adverse effects on environment and human health. Moreover, government regulations and awareness programs for use of bio-plastics and degradable films acts as a restraint for the growth of High-Performance films market.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the High-Performance films market. In 2019, the market of High-Performance films has been consolidated by the top five players accounting for xx% of the share. Major players in the High-Performance films market are 3M Company, American Durafilm Co., Inc., Covestro AG, DuPontde Nemours Inc., Dow Chemical Company, Eastman Chemical Company, Evonik Industries AG, Honeywell, International, Inc., Sealed Air Corporation, Solvay SA, among others.
- In January 2020, SWM has acquired Tekra LLC and Trient, LLC, high-performance films and substrates business, significantly enhancing the company’s films capabilities.
- In January 2020, Coveris has launched High-Performance cast polypropylene film, Coveris Print Layer, designed for packaging of a wide range of food, pet food, and non-food products.
- In April 2019, Cosmos films has launched cast polypropylene (CPP), high barrier film for packaging applications requiring high moisture & oxygen barrier.
- In January 2019, Eastman has signed an agreement with High-Performance Optics (HPO) for the incorporation of selective blue light filtering technology into films for use in automotive, construction and electronics applications.
- In June 2016, Guarniflon has acquired P.A.T.I spa. The acquisition enabled Guarniflon to expand their films in different fields at high quality and technological contents.