High Performance Films Market by Industry Analysis, Growth, Trends and Forecast To 2024
High performance films market from the construction sector is anticipated to cross USD 3 billion by 2024, pertaining to the aesthetic and mechanical properties of these films. The surging automotive sector across APAC coupled with reduced manufacturing costs and the huge availability of cheap labor will stimulate Asia Pacific high performance films industry, which was worth more than USD 9 billion in 2015. In addition, APAC high performance films market from automotive sector is expected to cross 230 kilo tons by 2024, in terms of volume, with a CAGR estimation of 5% over 2016-2024. This growth can be attributed to the growing automobile production and availability of labor at low prices.
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Surging demand for coating windows and doors for the purposes of safety and security will increase the product demand. In addition, the requirement for easy-to-dispose and lightweight packaging from the F&B sector will propel high performance films market, slated to cross USD 54 billion by 2024, with a CAGR estimation of 6% over 2016-2024. These films find extensive applications across the personal care, packaging, and electronic sectors. As per estimates, high performance films industry share from packaging applications was worth USD 20 billion in 2015 and is slated to register considerable revenue over 2016-2024.
Polyester is one of the key products of high performance films industry. It is one of the most favorable products suitable for the packaging sector. Escalating urbanization trends couples with huge investments in the residential constructions sector will spur polyester high performance films market, which held a valuation of more than USD 20 billion in 2015. Subject to the surging demand from the construction, automotive, and F&B packaging sectors, nylon high performance films industry is forecast to grow at a rate of 4% over 2016-2024. The aforementioned products find heavy demand across Asia Pacific and LATAM, owing the escalating construction sector and the rapidly growing economy.
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Packaging applications are forecast to be one of the most lucrative end-use segments across North America and the Middle East. North America high performance films market was worth USD 4 billion in 2015 and is anticipated to register a revenue of USD 16 billion in 2024, primarily due to the escalating demand for lightweight and convenient packaging in the food & beverage sector. In addition, the barrier high performance films industry will observe excellent growth across this region, pertaining to the increasing product demand from the solar cell manufacturing and semiconductor companies, due to its excellent feature of moisture resistance. Speaking of which, barrier high performance films market was worth USD 15 billion in 2015 and is anticipated to carve out a lucrative growth path ahead.
The application spectrum of high performance films industry is indeed appreciable. Subject to the product properties of chemical inertness and low moisture absorption coupled with its dielectric and low friction co-efficient properties, these films find applications across microphone, photovoltaic devices, and cable insulation, thereby propelling high performance films market trends. In addition, these films are utilized for vacuum packaging, low oxygen technologies, and oxygen scavenging in the meat processing companies. The vast application of these films in numerous end-use sectors will help high performance films industry experience excellent growth prospects over the coming years.
High performance films industry involves the participation of numerous companies that accumulate a significant share of other industries as well. The reason for this may be credited to the broad end-use spectrum of high performance films market. Renowned biggies such as Bayer Material Science, Dow Chemical Company, 3M, Honeywell, Bernis, DuPont, Evonik, Sealed Air Corp., and Clopay Plastic are key participants of global high performance films market.
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