Global high performance films market is poised to witness an exponential upswing in the years ahead with a target market share of USD 54 billion by 2024. Evolving demand from sectors such as electronics, automobiles, construction, food & beverage, and packaging will provide a significant push to high performance films industry globally. The durability, chemical resistance, and flexibility of these materials make it ideal for a variety of applications across these industries.
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Decorative, barrier, microporous, and safety & security films are the major high performance films applications. Barrier films applications, valued at USD 15 billion in 2015, will grow strikingly over the forthcoming years. High requirement of barrier films across PV cells & semiconductors due to its moisture resisting features will augment the industry expansion. High performance films market revenue in safety & security films is forecast to hit USD 5 billion by 2024. Enhanced construction spending plus high infrastructural growth in middle east regions as well as BRICS nations is forecast to benefit the business over the coming timeframe. Microporous films applications are anticipated to witness an enormous growth over the next few years, driven by its ability to repel air and water. Mounting requirement for waterproofing materials across the construction sector will further soar the business development.
High performance films also find extensive applications in end-use sectors such as construction, automobiles, packaging, personal care, and electrical & electronics sectors. High performance films market value in the construction sector is predicted to hit USD 3 billion by 2024, owing to its use for improving the functional and aesthetic features. High performance films industry size in electrical & electronics sector will experience a massive surge over the coming seven years, driven by its prominent applications in photovoltaic cells, insulation, and microphones.
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Packaging applications, estimated at USD 20 billion in 2015, will witness a remarkable growth over the span of few years. Enhanced use of high performance films in low oxygen technologies as well as vacuum packaging across meat processing sectors will drive the revenue.
In terms of regional trends, Europe high performance films industry is anticipated to observe a marked expansion over the next few years, driven by its popular use in the packaging sector. North America high performance films market, worth USD 4 billion in 2015, is forecast to experience a considerable growth over 2016-2024. Heavy demand for high performance films across the food & beverages sector will further drive the regional revenue.
High vehicle production, mainly in China and India, is expected to contribute significantly towards APAC high performance films industry revenue, having attained USD 9 billion in 2015.
Du Pont, The DOW Chemical Company, Honeywell International Inc., 3M Company, Eastman Chemical Company, Covestro, Evonik Industries, and Clopay Plastics are the key players of high performance films industry.
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