Growing need for packaging solutions across a range of industrial verticals has driven the demand for specialty films. These advanced packaging films are becoming a key commodity as their role is pivotal in keeping the product intact before it reaches the customer. Over the years, the demand for specialty films has spurred on the account of its growing applications, particularly in the food & beverage industry. Manufacturers are partnering with packaging companies that can provide the most effective specialty films, thereby creating a reliable rapport in the global specialty films competition landscape.
According to Future Market Insights, the global specialty films market is poised to expand steadily at a CAGR of 4.9% during the forecast period, 2017-2026. By the end of 2026, more than US$ 56 Bn worth of specialty films are expected to be sold in the world. The report also projects that Asia-Pacific excluding Japan (APEJ) region will represent largest market for specialty films, and will account for over one-third share of global revenues throughout the forecast period.
Flexibility and dynamic resistance against oxygen, water, light and other external elements are some of the key functions of barrier films that are driving their demand in the global specialty films market. High barrier films are being predominantly used a flexible packaging commodity. In 2017, more than US$ 18 Bn worth of barrier films are poised to have been sold in the global specialty films market. The demand for barrier films will continue to gain traction through 2026, while conductive films will register fastest sales at a CAGR of 7.1%.
The report has further revealed that polyethylene materials will be widely used in the production of specialty films. The abilities of PE specialty films in providing durable packaging solutions and utmost water resistance will continue to drive their demand, particularly in the food & beverage industry. By 2026, nearly US$ 20 Bn worth of specialty films made from PE materials are expected to be sold in the global market. Over the forecast period, food & beverage industry will remain the largest end-user of specialty films. The report also reveals that the end-use of specialty films in chemicals sector will register fastest revenue growth at a CAGR of 6.2% during the forecast period.
A key challenge in the production of specialty films is the stringency of industrial regulatory bodies towards the use of polymerized, non-degradable materials. Increasing incidences of specialty films being dumped openly has created environmental concerns. Moreover, single-use nature of these films limits the scope of recycling and reusing specialty films.
Leading manufacturers of specialty films include, Bemis Company, Koninklijke DSM N.V., The Mondi Group, Borealis AG, Amcor Ltd., Sealed Air Inc., Selenis Portugal S.A., Saudi Arabia Basic Industries Corporation (SABIC), Bischof + Klein SE & Co., and 3M Company. These companies have been extensively profiled in the report. A majority of the companies are expected to boost the production of specialty films with higher chemical resistance. With increasing presence of food & beverage companies in the APEJ region, several key players in the global specialty films market are likely to extend their production capabilities by setting up plants in countries namely, China, South Korea, and India.
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