PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1438215
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1438215
According to Stratistics MRC, the Global Industrial Film Market is accounted for $39.64 billion in 2023 and is expected to reach $61.20 billion by 2030 growing at a CAGR of 6.40% during the forecast period. Industrial films are cinematic productions created primarily for educational or promotional purposes within the business and industrial sectors. These films serve to inform, train, or promote products, processes, or safety protocols. Typically commissioned by companies, industrial films cover a wide range of topics, including employee training, product demonstrations, and corporate messaging. They often incorporate elements of documentary filmmaking to convey information effectively.
According to the British Plastics Federation, Urban consumption patterns set to dictate nearly 91% of global consumption growth between 2015 and 2030, amplify the demand for packaged goods, thus propelling the role of industrial films in packaging.
Growing need for packaging products
The rising demand for packaging solutions is a key driver, as industries increasingly focus on efficient and sustainable packaging, industrial films play a vital role in providing protective and versatile packaging solutions. These films offer properties such as durability, flexibility, and barrier protection, making them suitable for a wide range of applications. With the growing emphasis on reducing environmental impact, industrial films contribute to lightweight and eco-friendly packaging options. Additionally, the expansion of the e-commerce sector and the need for advanced packaging materials further propel the demand for industrial films, driving market growth.
Substitute materials
The availability of alternative materials with similar functionalities, often at lower costs, poses a challenge to the widespread adoption of industrial films. Industries may opt for substitutes such as advanced polymers or coatings that offer comparable protective and barrier properties. This competition among materials hinders the market's expansion as businesses seek cost-effective alternatives without compromising on performance. Additionally, evolving technologies and constant innovations in material science contribute to the dynamic nature of substitute materials, further influencing the choices made by industrial end-users in selecting films for their applications.
Energy sector
The industrial film market presents a significant opportunity within the energy sector, driven by the need for advanced protective coatings and insulating materials. As energy infrastructure expands, there is a growing demand for durable films that enhance equipment longevity, reduce maintenance costs, and improve energy efficiency. Industrial films offer solutions for corrosion protection, thermal insulation, and UV resistance, addressing challenges faced by the energy industry. With the increasing focus on sustainability, these films contribute to enhanced durability and performance, aligning with the sector's evolving environmental standards.
Raw material costs
As industrial films are predominantly derived from polymers and specialty chemicals, any surge in raw material prices directly impacts production expenses. This escalation can lead to reduced profit margins for manufacturers and potentially hinder market growth. Additionally, fluctuations in raw material costs may prompt companies to reassess pricing strategies, potentially making industrial films less competitive in the market. To navigate this threat, industry players must implement efficient supply chain management and explore alternative.
The COVID-19 pandemic significantly impacted the industrial film market, as widespread lockdowns and supply chain disruptions led to a decline in manufacturing activities. Reduced industrial production and construction projects resulted in a decreased demand for industrial films used in sectors such as packaging, automotive, and construction. The uncertainty and economic downturn also prompted many businesses to cut down on non-essential expenditures, affecting the procurement of industrial films. However, as economies recover and industries adapt to new norms with increased emphasis on hygiene and safety measures potentially driving demand for specific types of industrial films, such as those with antimicrobial properties.
The polypropylene/ bi-axially oriented polypropylene (PP/BOPP) segment is expected to be the largest during the forecast period
The BOPP segment is experiencing robust growth in the industrial film market due to its exceptional properties such as high tensile strength, clarity, and moisture resistance. Industries are increasingly adopting BOPP films for packaging, labeling, and lamination applications, driving the demand for this versatile material. BOPP films offer cost-effective and sustainable solutions, aligning with the growing emphasis on eco-friendly packaging. Additionally, the rise in e-commerce, coupled with the demand for lightweight and durable packaging materials, further fuels the expansion of the BOPP segment.
The industrial packaging segment is expected to have the highest CAGR during the forecast period
The industrial packaging segment has experienced robust growth due to increased demand from various industries. This growth can be attributed to the segment's ability to provide efficient and durable packaging solutions for industrial products, ensuring protection during transportation and storage. Industries such as manufacturing, automotive, and chemicals have significantly contributed to the surge in demand for industrial packaging films, driven by the need for secure and reliable packaging solutions.
North America has experienced significant growth in recent years, driven by advancements in manufacturing technologies and increased demand across various industries. The region's robust industrial infrastructure, coupled with a focus on enhancing operational efficiency, has propelled the adoption of industrial films for applications such as packaging, construction, and automotive. A growing awareness of the benefits of industrial films, including durability, flexibility, and cost-effectiveness, has contributed to their widespread use.
The Asia-Pacific region has experienced substantial growth in the industrial film market, driven by expanding industrial activities and increased demand across various sectors. Factors such as robust economic development, infrastructure projects, and the rise of manufacturing industries have propelled the demand for industrial films. Advancements in technology and the adoption of innovative packaging solutions have further stimulated market growth. Additionally, the region's dynamic consumer base, coupled with a growing awareness of sustainable packaging, has fuelled the demand for eco-friendly industrial films.
Key players in the market
Some of the key players in Industrial Film market include Cosmo Films Ltd, Dunmore, Inteplast Group, Jindal Poly Films, Kolon Industries, Mitsui Chemicals Tohcello.Inc, Polyplex, Raven Industries Inc., Saint-Gobain Performance Plastics , Sigma Plastics Group, Solvay, Toyobo Co. LTD, Treofan Group and Trioplast Industrier AB.
In June 2023, Jindal Poly Films Ltd has entered into an agreement to acquire the 100% shareholding of JPF Netherlands Investment B.V. a Netherlands based entity, which is engaged into the business of packaging films business through its three operational wholly owned subsidiaries based out of France, Italy, and United Kingdom.
In May 2023, Kolon Industries Inc, a South Korean chemical and textile manufacturer, is embarking on the development of biodegradable plastics using food waste. Kolon Industries announced that it has entered into a three-way memorandum of understanding (MOU) for developing biodegradable plastic technology with Kolon Global, a group-affiliated construction company, and Paques Biomaterials, a Dutch startup specializing in developing environmentally friendly materials.
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.