July 21, 2024

Growing Demand From Aerospace and Automotive Industries to Drive Growth of the Global Specialty and High Performance Film Market

The global Specialty and High Performance Film Market is estimated to be valued at US$ 48.1 Mn or in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Specialty and high performance films are designed to perform certain set of predetermined properties to enhance performance either for process efficiency or finished product attributes. These films provide an added advantage due to its superior mechanical, optical, thermal and barrier properties as compared to conventional commodity plastic films. Specialty and high performance films find application in various end use industries such as electronics, aerospace, automotive, food packaging and medical among others. The main driver of these films is to enhance performance either for process efficiency or finished product attributes such as lightweight, durability, moisture resistance.

Market key trends:
One of the key trends in the specialty and high performance film market is the increasing demand from the aerospace and automotive industries. Specialty films such as barrier films, conductive films and optical films are increasingly being used in the manufacturing of aircraft and vehicles to reduce weight and enhance performance. For instance, these films provide lightweight, crack resistance, durability and heat tolerance properties which are highly desirable in the automotive and aerospace industries. Additionally, specialty films are being used as diagnostic solutions in the healthcare sector. Rising focus on miniaturization and automation are propelling the growth of barrier films for medical device packaging.

Porter’s Analysis:

  • Threat of new entrants: The high capital investment requirement for manufacturing specialty and high performance film pose significant barrier for new entrants.
  • Bargaining power of buyers: The presence of multiple established players in the market allows buyers to negotiate prices freely.
  • Bargaining power of suppliers: Raw material suppliers have moderate bargaining power due to availability of substitutes.
  • Threat of new substitutes: Companies investing in R&D aim to develop innovative films with specialized properties limiting threat from substitutes.
  • Competitive rivalry: The market is moderately competitive due to presence of various global and regional players competing on basis of product portfolio and pricing.

Key Takeaways

  • The global specialty and high performance film market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing demand from end-use industries like packaging, electrical and electronics.
  • The Asia Pacific region dominates the market and is expected to grow at fastest pace during the forecast period. Abundant availability of raw materials and growth of end-use industries in countries like China and India is fueling the growth of specialty film market in Asia Pacific.
  • Key players operating in the specialty and high performance film market are The Dow Chemicals Company, E. I. du Pont de Nemours, Bayer AG, Bemis Company Inc., Evonik Industries, Honeywell International Inc., Eastman Chemical Company, Sealed Air Corporation, The 3M Company, DuPont, among others. These players are focusing on new product launches and expansion of production facilities to cater to growing demand and gain competitive advantage.