Functional Films Market Growth Accelerated by Wide Applications in Automotive & Electronics



Functional films are advanced material used to offer enhanced properties to surfaces, such as barrier properties to moisture, chemicals, and gases. These films are used across various end-use industries such as automotive, electronics, packaging, and construction sector. Functional films provide protection from scratches, moisture, and other external damages to devices. These films are commonly used in display devices, automotive interiors/exteriors, semiconductors, and solar panels. 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 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market key trends:
The wide acceptance of functional films in automotive and electronic applications is the key factor driving the growth of the market. These films are extensively used in automotive to protect displays, control panels, and exterior/interior surfaces of vehicles. Similarly, in electronics industry, functional films offer scratch and abrasion resistance to devices such as smartphones, TVs, and laptops. The burgeoning automotive and consumer electronics industries globally have bolstered the demand for functional films in recent years. The development of new application areas such as photovoltaic cells, aircraft applications, and smart packaging is expected to further support the market growth over the forecast period.

Segment Analysis
The global functional films market is dominated by optical films segment. Optical films, especially polarizing films and ITO films, have wide applications in LCD displays, smartphones and tablets. Due to increasing demand for electronic devices, the optical films segment accounts for over 35% of global functional films market share.

Key Takeaways
The global functional films market is expected to witness high growth over the forecast period of 2023 to 2030.

Regional analysis: The Asia Pacific region currently dominates the global functional films market with over 40% share. Factors such as growing electronics industry, increasing disposable incomes and rapid urbanization are driving the growth of functional films market in Asia Pacific region. China is expected to remain the largest market in the region followed by Japan, South Korea and India.

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 leading players with wide product portfolio and global presence. Toray Industries and Nagase & Co. Ltd. are also among the top players in optical films segment. Eastman Chemical Company specializes in window films used in transportation and construction industry. Tatsuta Electric Wire & Cable focuses on touch panel films used in display and electronics devices.

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