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Functional Films Market worth $49.6 billion by 2030 | Key players 3M Company (US), Nitto Denko Corporation (Japan), Dupont Teijin Films US Limited (US), Toyobo Co., Ltd (Japan).

06-25-2024 04:29 PM CET | Chemicals & Materials

Press release from: MarketsandMarkets

Functional Films Market, Functional Films, APAC Functional Films Market, Europe Functional Films Market, Films Market

Functional Films Market, Functional Films, APAC Functional Films Market, Europe Functional Films Market, Films Market

According to recent market research the "Functional Films Market by Type (Conductive Films, Optical Films, Protective Films, Barrier Films, Adhesive Films), Material (Polyethylene), End-Use (Packaging, Electronics, Automotive), Substrate (Glass, Plastic) and Region - Global Forecast to 2030", size is projected to grow from USD 30.5 billion in 2023 to USD 49.6 billion by 2030, registering a CAGR of 7.2% during the forecast period. The functional films market is poised for substantial growth, propelled by diverse opportunities across industries. The escalating demand for advanced packaging solutions in the food and beverage sector, driven by the need for extended shelf life and UV protection, is a significant factor. Additionally, the automotive industry's increasing integration of films for applications like window tinting and anti-glare coatings, coupled with the rising prominence of renewable energy sources and the sustainability trend, is creating avenues for functional films in solar panels and eco-friendly solutions. The healthcare sector, with its emphasis on innovative medical devices and drug delivery systems, further contributes to the market's expansion.

Browse 306 market data Tables and 51 Figures spread through 274 Pages and in-depth TOC on "Functional Films Market - Global Forecast to 2030"
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Packaging has emerged as the fastest-growing end-use industry in the functional films market due to several key factors driving its expansion. The increasing global population, changing consumer preferences, and the rise of e-commerce have fueled the demand for innovative and efficient packaging solutions. Functional films play a pivotal role in this sector by offering properties such as barrier protection, antimicrobial features, and extended shelf life. The heightened focus on sustainability and eco-friendly packaging has also led to the adoption of functional films that provide both performance and environmental benefits. Moreover, as industries across the world prioritize safety, convenience, and preservation of product quality, functional films find widespread application in flexible packaging, creating a robust market demand.

Polyethylene terephthalate (PET) material is experiencing rapid growth in the functional films market, emerging as the fastest-growing material, owing to its unique combination of properties that cater to evolving industry demands. PET films offer excellent transparency, mechanical strength, and chemical resistance, making them particularly well-suited for applications in packaging, electronics, and industrial sectors. The increasing emphasis on sustainability and recyclability further boosts the popularity of PET, as it is a fully recyclable material. Additionally, PET films are lightweight and exhibit outstanding barrier properties, enhancing their suitability for applications requiring protection against moisture and gases.

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North America is emerging as the fastest-growing region in the functional films market due to a confluence of factors propelling demand across diverse industries. The region's rapid technological advancements, particularly in the electronics and healthcare sectors, drive the need for specialized functional films. Additionally, a growing emphasis on sustainable and eco-friendly solutions in packaging and construction further fuels the adoption of innovative functional films.

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Functional films Market. These Toray Industries Inc. (Japan), Eastman Chemical Company (US), Covestro AG (Germany), Honeywell International (US), 3M Company (US), Nitto Denko Corporation (Japan), Dupont Teijin Films US Limited (US), Mitsubishi Chemical Corporation (Japan), Toyobo Co., Ltd (Japan), Dai Nippon Printing Co., Ltd (Japan), and others.

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Eastman Chemical Company was founded in 1920 in Kingsport, Tennessee, and has since grown to become a global leader in specialized chemicals and innovative materials. Eastman Chemical is well-known in the functional film market for its unique solutions that serve a wide range of industries. Eastman Chemical is a key player in the field of functional films, delivering cutting-edge materials that improve the performance and capabilities of numerous applications. These functional films are used in a variety of industries, including packaging, electronics, automotive, and industrial operations. Eastman Chemical has a global footprint, with operations and market penetration in North America, Europe, Asia-Pacific, and Latin America. This broad presence positions the organization to effectively service a wide range of customers.

Covestro AG (Covestro) is a manufacturer of high-tech polymer materials. It operates in Europe, Asia and the Americas. The company operates through three segments: Performance Materials, Solutions & Specialties and Others. The company's Performance Materials segment deals with developing, producing, and reliably supplying high-performance materials such as standard polyurethanes and polycarbonates, as well as base chemicals. In 2022, the Performance Materials segment reported revenues of EUR 9,095 million, which accounted for 50.6% of the company's revenue. Covestro's Solutions & Specialties segment carries out a variety of polymer products including polycarbonates, precursors for coatings and adhesives, MDI specialties and polyols, thermoplastic polyurethanes, specialty films, and elastomers. Geographically, the company classifies its operations into three segments: Europe, North America, and Asia and Pacific region (APAC). It operates in Australia, India, China, Malaysia, New Zealand, Belgium, Denmark, Italy, Israel, Russia, the US, the UK, Mexico, and Canada, among others. Covestro is headquartered in Leverkusen, Nordrhein-Westfalen, Germany.

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