Functional Films Market to Rake in over US$ 27 Bn at a CAGR of 4.9% between 2015 and 2020

Functional film is a film or a sheet applied on a substrate to provide a more improved functionality in order to increase the overall potential of the product. In addition to having the dimensional benefits, the functional films are compatible with the current modern technologies and varied types of materials. They have other additional properties, such as they require less energy in their processing and they can be fabricated to complex structures according to the requirement. Functional films can be conductive, adhesive, optical, and water soluble.

The global functional films market was worth US$ 20.89 Bn in 2014 and is projected to reach US$ 27.32 Bn by 2020, registering a CAGR of 4.92% during the forecast period.

Functional Films Market: Drivers & Trends

Technological advancements and miniaturization of devices are the driving factors for highly advanced functional films. Modern technologies require functional films owing to their advanced properties. Increase in the demand of solar cells and surge in the automotive sector and consumer electronics market are the driving factors for the functional films market. Fluctuation in the price of raw materials, disruption in their supply, and stringent rules and regulations can restrain the growth of the functional films market.

Some of the key trends identified in the global functional films market are growing demand of flexible display, increasing touchscreen panel market, growing requirements for environment-friendly products and increasing sales of electric vehicles.

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Market Segmentation

Segmentation of the global functional films market is done on the basis of region, product type, and application. On the basis of application, the global functional films market is segmented into Flat Panel Display (FPD), electronics & semiconductor, automotive, construction, energy, healthcare/pharmaceutical and packaging. The product type analysis of global functional films market includes conductive films, optical films, adhesive films and water-soluble films. The regional analysis of global functional films market include North America, Latin America, Western Europe, Eastern Europe, Asia Pacific excluding Japan (APEJ), Japan, and Middle East & Africa.

Global Functional Films Market Analysis, by Application

Flat panel display (FPD) holds the dominant position globally with market share of 22.3% by value followed by electronics and semiconductors, and energy. Other applications include automotive, construction, healthcare/pharmaceuticals and packaging.

Global Functional Films Market Analysis, by Product Type

Adhesive functional films account for 45.3% of the global functional films market by value in 2014. The optical functional films are projected to occupy the dominant position by 2020 with a market share of 45.9% by value. Conductive functional films are anticipated to exhibit CAGR of 8.9% during the forecast period.

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Global Functional Films Market Analysis, by Region

Asia Pacific excluding Japan has the highest market share of 54.8% by revenue in 2014. In terms of market value, the emerging economies are anticipated to expand at a CAGR of 5.7% while developed countries are estimated to expand at a CAGR of 3.7% during the forecast period.

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This release was published on openPR.