NEW YORK, Aug. 9, 2021 /PRNewswire/ -- The global industrial films market size is expected to reach USD 57.48 Billion in 2028 and register a revenue CAGR of 4.7% during the forecast period, according to the latest report by Reports and Data. Market revenue growth is primarily driven by rapid growth in the global packaging and packaging materials industries. Rising usage of high-density polyethylene, low density polyethylene, polypropylene, and polyethylene terephthalate films in the food packaging industry is also expected to boost revenue growth of the market during the forecast period. Rising need for better convenience and product safety among consumers are other factors driving demand for high-barrier packaging films currently. Demand for industrial films for non-food applications to ensure high-barrier packaging including for pharmaceuticals and cosmetics products has also increased significantly in the past decade.
Rising demand for sustainable packaging materials in order to reduce environmental impact is also resulting in increasing popularity of high-barrier plastic packaging film. Increasing dominance of large retail chains in developed and developing countries is supporting rapid demand for packaged food, and in turn boosting demand for high-barrier packaging films. Growth in the construction industry and increasing construction activities in developing countries is another key factors projected to drive demand for industrial films from the building and construction industry globally.
Increasing need for food packaging films which are less permeable to increase shelf life and retain flavor and freshness is driving demand for high performance films and packaging solutions. Manufacturers are increasingly investing in development of more innovative and effective industrial films for various end-use industries in order to expand respective product portfolios and drive revenues. TORAYFAN offered by Toray Industries, Inc. is a high-tensile, transparent film, with excellent mechanical and electrical properties, and superior moisture proofless and chemical resistance. It is widely utilized for food packaging and for packaging of various other materials.
In January 2020, Toray Industries, Inc. announced the launch of PICASUS VT, which is the first film in the world incorporating an optical function. The optical function allows light to pass through the front, like it does with glass, and reflect obliquely incident light similar to a mirror. The film employs proprietary nano-lamination technology of Toray and provides high-precision control of the resin refractive index based on new optical design.
Linear Low Density Polyethylene (LLDPE) segment is expected to register a considerably steady revenue growth rate over the forecast period. The high toughness of linear low density polyethylene films relative to other films is resulting in rising usage among various end-use industries. Higher tensile strength and superior impact and puncture resistance of the film have allowed converters to manufacture thinner films without sacrificing strength, reducing cost, and saving material.
Agriculture segment revenue is expected to expand significantly over the forecast period. Rising usage of plastic mulch in the agriculture industry due to benefits such as reduced weed pressure, increase in soil temperature, reduction of certain insect pests, moisture conservation, higher crop yields, and more efficient use of soil nutrients are some key factors driving revenue growth of this segment.
The industrial films market in Asia Pacific is expected to register robust revenue CAGR over the forecast period. Major players such as SKC Co., Ltd., Toray Industries, Inc., Mitsubishi Chemical Holdings Corporation, Kolon Industries, Polyplex, and Cosmo Films Limited are investing significantly in research and development in order to expand product offerings.
LDPE Films Market by Packaging Type (Bags, Containers, Pouches and Tubes and Other), By Thickness, By Manufacturing Process, By End-Use Industry, By Application, By LDPE forms, And Segment Forecasts, 2017-2026
Linear Low-Density Polyethylene (LLDPE) Market Size, Share, Growth & Trends, By Process (Gas Phase, Solution Phase, and Slurry Phase), By Application, By End Use (Packaging, Building, and Construction, Automotive, Electrical And Electronics, Others), And By Region, Global Forecast To 2028
Polyvinyl Chloride (PVC) Market Size, Share And Industry Analysis By Product Type (Flexible PVC, Rigid PVC), By Resources (Fossil based PVC, Bio-attributed PVC), By Emulsion Process (Bulk polymerization, Emulsion polymerization, Suspension polymerization), By End-User (Construction, Automotive, Packaging, Electrical & Electronics, Transportation, Healthcare, Others), By Application (Film & Sheets, Pipes & Fittings, Bottles, Wire & Cables, Profiles, Pastes, Others) And Region, Segment Forecasts To 2027
Polypropylene Market By Type, By Application (Moulding, Fiber & Raffia, Film & Sheet, Containers, Others), And By End Use (Packaging, 3D Printing, Automotive, Building & Construction, Electrical & Electronics, Healthcare, Others) Forecasts To 2027
Polyamide Market Size, Share, Growth By Product Type (PA 6, PA 66, Bio-Based Polyamides, And Others), By Applications, By End User, And Segment Forecasts To 2028
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