Functional Films Market Report

Polymer sheets used to enhance the qualities of the delicate substrate are called functional films. They are widely used in the automotive industry as well as solar cells to enhance the functional qualities of the automotive component. These films can be categorized as water-soluble, conductive, optical, and adhesive films. In the healthcare sector, functionality is essential for the development of many high-quality medical products. These films have the qualities of being protective, heat and chemical resistant, transparent, strong, and adaptable. As a result of their superior chemical and physical qualities, these films are in high demand across a variety of end-user industries. Their use in the automobile industry is also increasing. Automotive displays, automobile interiors, transmission systems, and lighting are all examples of functional films in use today. The "go-to" materials for lamination and flexible packaging in the packaging industry are BOPP films.

Key players' ability to differentiate their products is the result of years of development, testing, and research. The packaging industry, particularly includes food packaging and medical packaging, has continuously had a demand. The beginning of urbanization and population expansion would increase demand for films and propel the market for useful films. It is anticipated that rising solar panel installation, particularly in the United States, will fuel the functional film market's expansion. 

According to the Pew Research Center, in 2022 New law, just enacted by President Joe Biden, involves increased investments in renewable energy sources and steps to combat climate change. A 30% solar tax credit is one of its components, and it would encourage more Americans to "go solar" during the following ten years. 3.9 gigawatts of residential solar power systems were installed in 2021, up 34% from 2.9 gigawatts in 2020, according to statistics from the U.S. Energy Information Administration (EIA), a federal organisation that gathers and examines data on the energy sector. Also, Solar Energy Industries Association stated that, household solar also achieved its seventh straight quarterly growth record in the second quarter of 2022. Therefore, it is anticipated that the market for functional films would increase at a faster rate due to the growing solar cell industry.

• Sustainable materials usage for eco-friendly functional film production.
• Antimicrobial films for healthcare and hygiene products.
• Growth of smart coatings for automotive and electronics industries.
• Rising demand for flexible displays in consumer electronics.

In order to meet the demands for food packaging, anti-corrosion, and biomedical applications, new generations of green organic films and coatings are constantly being developed. The materialization and commercialization of recently created high-performance, ecologically friendly films and coatings built of bio-resource polymers have received much greater attention in recent years. The growing usage of green technology in the production of functional film is one of the main drivers fuelling the market's expansion.

The Indian Institute of Packaging (IIP) estimates that India's packaging consumption has increased by 200 percent in the past ten years, from 4.3 kilograms per person per year (pppa) to 8.6 kg pppa in FY20 from FY10. The capacities of suppliers are growing and developing. Improved barrier protection from aromas, moisture, and even mineral oil migration is required in the endeavour to safeguard products and lengthen shelf lives. Complex packaging systems have emerged as a result of this. Manufacturers are creating new structures and compositions to meet the ever-increasing demands in increasingly complex ways as flexible packaging usage spreads around the world.

The global petrochemical and chemical industries, as well as major firms actively engaged in the printing and packaging industries, dominate the highly competitive market for functional films. Some participants are utilising backward integration, buying petrochemicals directly and creating films from scratch. Regional businesses and recent entrants who are heavily invested in brand building drive the market as well. The value share of the Tier-1 players is roughly 1/2. Some of the prevalent behavioral trends in the global market include the drive for product positioning and collaboration.

At PackEx India 2022, Toppan and Max Speciality Films will showcase the Toppan Group's extensive barrier film and packaging business to the Indian market.

Toray Develops Eco-Friendly PET Film with Excellent Water-Based and Solvent-Free Adhesion and Applicability for Printing, Mold Release, and Adhesive Processing

For instance, Dunmore announced the release of a new scratch-resistant antimicrobial film made of polyester in September 2020. This Dun-Shield film has properties that make it scratch-resistant, has a sturdy surface, and has a longer shelf life.

Additionally, in March 2020, Imaflex Corporation announced the approval of ADVASEAL, a time- and cost-effective alternative to soil disinfection, which is their next-generation crop protection film.

Additionally, Protection Pro by Madico announced the introduction of a new Microbe-X antimicrobial screen protection coating in October 2020.

Some of the key companies in the global market for functional films include Toppan Printing co. Ltd., Gunze Ltd., Toray Industries Inc., SABIC, Panasonic Corporation, 3M, Dai Nippon Printing Co. Ltd., Innovia Films, DuPont Films, Toyo Ink SC Holdings Co Ltd., Covestro AG, Mondi PLC, Saint Gobain and Polifilm GmbH. 

East Asia’s intensive activity has encouraged market participants to develop new items and constantly expand existing product lines. The significant demand from a variety of end-use sectors, such as consumer electronics and automotive, in East Asia is probably helping to shape the market for functional films. The market's expansion is also dependent on a number of other elements, including the availability of raw materials and a sizable consumer base. It is anticipated that rising consumer electronics production, particularly in the Asia Pacific area, will fuel the functional film market's expansion. The production of smartphones and tablets makes extensive use of functional film. The Asia-Pacific region's largest purchaser of electronic products, according to the India Brand Equity Foundation By 2025, India will be the fifth-largest purchaser of technological products.

The report provides a detailed overview of the functional films market insights in regions including North America, Latin America, Europe, Asia-Pacific, Oceania, and the Middle East and Africa. The country-specific assessment for the functional films market has been offered for all regional market shares, along with forecasts, market scope estimates, price point assessment, and impact analysis of prominent countries and regions. Throughout this market research report, Y-o-Y growth and CAGR estimates are also incorporated for every country and region, to provide a detailed view of the functional films market. These Y-o-Y projections on regional and country-level markets brighten the political, economic, and business environment outlook, which is anticipated to have a substantial impact on the growth of the functional films market. Some key countries and regions included in the functional films market report are as follows:

• Functional films market detailed segments and segment-wise market breakdown
• Functional films market dynamics (Recent industry trends, drivers, restraints, growth potential, opportunities in functional films industry)
• Current, historical, and forthcoming 10 years market valuation in terms of functional films market size (US$ Mn), volume (Tons), share (%), Y-o-Y growth rate, CAGR (%) analysis
• Functional films market demand analysis
• Functional films market pricing analysis over the forecast period (by key segment and by region)
• Functional films market regional insights with  region-wise market breakdown
• Competitive analysis – key companies profiling including their market share, product offerings, and competitive strategies.
• Latest developments and innovations in the functional films market
• Regulatory landscape by key regions and key countries
• Supply chain and value chain analysis in the functional films market
• Functional film market sales and distribution strategies
• A comprehensive overview of the parent market
• A detailed viewpoint on the functional films market forecast by countries
• Mergers and acquisitions in the unctional films market
• Essential information to enhance market position
• Robust research methodology