Functional Coatings Are Fastest Growing Segment Fueling The Growth Of Functional Films Market

 

The global functional films market is estimated to be valued at US$ 9.02 Mn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Functional films are thin polymer films that impart special functional properties such as barrier, optical, thermal and electrical properties. They are used in various applications such as packaging, automotive, electrical & electronics and construction industries. Functional films increase durability and shelf life of products while reducing product weight.

Market key trends:
Growing demand for barrier films from food and pharmaceutical packaging industries is a major trend in the functional films market. Barrier films help protect contents from factors such as moisture, oxygen, grease, light and other substances, thereby increasing product shelf life. They are increasingly being used to package food products and medications where extending shelf life is important. This is expected to drive the demand for functional films during the forecast period.

Segment Analysis
Functional Films Market can be segmented by function such as Optical, Barrier, Thermal, Wetability/Conductive, and Anti-fog. The barrier function segment is expected dominate the market during the forecast period. Barrier films prevent the passage of gases, water, and other liquids. They are widely used in food packaging to prevent spoilage. Barrier films provide protection against oxidation, moisture, and other forms of contamination, thereby increasing the shelf life of packaged food products. This is a key factor driving the growth of the barrier function segment.

Key Takeaways

The global functional films market is expected to witness high growth, exhibiting a CAGR of 5.6% over the forecast period, due to increasing demand from the food packaging industry. Functional films help protect packaged food contents from degradation and extend shelf life, thereby fueling their adoption in food packaging.

Regional analysis - Asia Pacific is expected to dominate the global market during the forecast period. Rapid industrialization and growth of end-use industries such as electronics and automotive in China, India, Japan, and South Korea are driving the demand for functional films in this region. Additionally, the presence of leading functional film manufacturers is contributing to the large share of Asia Pacific.

Key players - Key players operating in the functional films market are 3M, Toray Industries, Inc., Nagase & Co. Ltd., Eastman Chemical Company, and Tatsuta Electric Wire & Cable Co., Ltd. 3M is one of the largest manufacturers and suppliers of functional films globally. The company offers variety of optical and protective films for various applications including touch sensors. Toray Industries specializes in manufacturing of barrier and thermal control films.


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