Specialty Films Market Size, Share, Growth, Industry Trends 2023

According to Precision Business Insights (PBI) latest report the global specialty films market size was valued at USD 25,192.4 million in 2022 and is poised to grow at a CAGR of 15.1% during the forecast period 2023-29. Most of the global market manufacturers are entering into partnerships with the globally functional packaging companies with a motive to provide the most effective range of specialty films that will help in the expansion of the market size during the forecast period of 2023-2029. Furthermore, the production and manufacturing units are on the path to establishing a trustworthy relationship and increasing global competitiveness, which will encourage market players to invest in the availability of high-quality products among the target audience.

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The global specialty films market is segmented in to:
1) By Resin:
• Polyester,
• Nylon,
• Polyacrylamide,
• Fluoropolymer,
• Polyimide,
• Polyolefin, and
• Other Resins.

2) Function:
• Barrier,
• Conduction,
• Insulation,
• Microporous,
• Safety and Security, and
• Other Functions

3) End-user Industry:
• Packaging,
• Personal Care,
• Electrical and Electronics,
• Transportation,
• Construction, and
• Other End-user Industries

The packaging industry Dominate the Specialty Film Market:
The packaging industry accounted highest market share and it is expected to grow with a CAGR from 2023-2029. The packaging segment is the major market for specialty films, owing to their extensive usage in food and pharmaceutical packaging. When compared to traditional packaging, specialty films offer numerous advantages such as moisture resistance, toughness, and heat resistance, allowing packaged products to be stored for much longer periods of time. Food security and increasing pharmaceutical drug usage are driving the growth of specialty film packaging.

Asia Pacific leads Specialty Films Market:
Asia Pacific specialty film, Market holds the highest market share in 2022 and the market is expected to grow at a significant CAGR during the forecast period. Owing to the increasing demand for specialty films in the packaging industry coupled with the presence of highly populous countries like China and India. Increasing the use of these films as vapor barriers and moisture for the construction industry also drives the market demand in this region.

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Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players:
Specialty Films Market further reveals that the key players increasingly adopting strategies such as launch of newer products, frequent product approvals, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region.

Key players' profiles in the global specialty films market report are Bemis Company, Koninklijke DSM N.V., The Mondi Group, Borealis AG, Amcor Ltd., Sealed Air Inc., Selenis Portugal S.A., Saudi Arabia Basic Industries Corporation (SABIC), Bischof + Klein SE & Co., 3M Company.

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This release was published on openPR.