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Textile Films Market 2024 - By Size, Drivers, Trends, Competitors
Textile Films Market
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According to The Business Research Company's, The textile films market size has grown strongly in recent years. It will grow from $5.78 billion in 2023 to $6.22 billion in 2024 at a compound annual growth rate (CAGR) of 7.7%. The growth in the historic period can be attributed to rising demand for protective clothing, growth in healthcare sector, environmental regulations, increased textile sector.
The textile films market size is expected to see strong growth in the next few years. It will grow to $8.39 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%. The growth in the forecast period can be attributed to increasing demand for sustainable materials, rising demand in healthcare, expansion in automotive applications, health and hygiene products, functional textiles for various industries. Major trends in the forecast period include advanced manufacturing techniques, healthcare and medical textiles, packaging material advancements, consumer electronics and tech integration, energy-efficient construction materials, weather-resistant materials, advancements in sports and outdoor gear.
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Market Drivers and Trends:
The increase in construction activities is expected to propel the growth of textile films going forward. Textile films find extensive applications in architectural membranes, roofing systems, facades, and interior design within the construction sector. Their lightweight nature, coupled with properties such as energy efficiency, sustainability, and versatility, makes them ideal for various construction applications. The demand for innovative and technologically advanced solutions in smart building technologies, as well as the global emphasis on infrastructure development, further propels the adoption of textile films in the construction industry. For instance, in September 2021, according to a report published by Oxford Economics, a UK-based economic information services company, the global construction production was $10.7 trillion in 2020, and between 2020 and 2030, it is anticipated to increase by 42%, or $4.5 trillion, to reach USD 15.2 trillion. Therefore, the increase in construction activities is driving the growth of the textile films market.
Major companies operating in the textile films market are adopting new technologies to sustain their position in the market. For instance, in April 2023, Justrite, a US-based, industrial safety solutions provider launched PetroPad Smart Polymer Spill Pad to absorb and permanently solidify hydrocarbons like oil, diesel and gas. The geotextile fabric of the PetroPad contains a one-of-a-kind polymer technology that can convert dangerous hydrocarbons into a substance resembling rubber that is not hazardous. The unique polymer blend used in the PetroPad is designed to trap hydrocarbons in a permanent manner while permitting rainwater to pass through without becoming contaminated. This innovative spill-control technology provides a significantly greater oil capacity, reduces the costs associated with waste disposal, and eliminates the possibility of an environmental disaster.
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Major Key Players of the Market:
RKW Group, Covestro AG, Berry Global Group Inc., Mitsui Hygiene Materials Co Ltd, Schweitzer-Mauduit International Inc., Toray Industries Inc., Jindal Poly Films Ltd., Chirpal Poly Film Ltd., Arkema S.A, American Polyfilm Inc., Dongying Gaolart Import & Export Co, Fatra A.S., Trioplast Industrier AB, Cosmo First Limited, Nahar Poly Films Limited, 3M Company, AEP Industries Inc., Amcor Limited, Avery Dennison Corporation, Bemis Company Inc., Bonset America Corporation, CCL Industries Inc., DuPont de Nemours Inc., DSM Engineering Plastics Inc., Eastman Chemical Company, ExxonMobil Chemical Company, Flex Films Inc., Formosa Plastics Corporation, Futamura Chemical Co. Ltd., Garware Polyester Ltd., GBC Industrial Tools S.p.A.
Textile Films Market 2024 Key Insights:
• The textile films market size is expected to see strong growth in the next few years. It will grow to $8.39 billion in 2028 at a compound annual growth rate (CAGR) of 7.8%.
• Rising Urban Population Drive Growth Of Textile Film Market
• Technological Advancements Driving Innovation In Textile Films Market
• Asia-Pacific was the largest region in the textile films market in 2023
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