North America High Performance Films Market was worth USD 4 billion in 2015 and is anticipated to register a revenue of USD 16 billion in 2024, primarily due to the escalating demand for lightweight and convenient packaging in the food & beverage sector. Packaging applications are forecast to be one of the most lucrative end-use segments across North America and the Middle East.
The surging automotive sector across APAC coupled with reduced manufacturing costs and the huge availability of cheap labor will stimulate Asia Pacific high performance films industry, which was worth more than USD 9 billion in 2015. In addition, APAC market from automotive sector is expected to cross 230 kilo tons by 2024, in terms of volume, with a CAGR estimation of 5% over 2016-2024.
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Polyester is one of the key products of high performance films industry. It is one of the most favorable products suitable for the packaging sector. Escalating urbanization trends couples with huge investments in the residential constructions sector will spur polyester high performance films market, which held a valuation of more than USD 20 billion in 2015. Subject to the surging demand from the construction, automotive, and F&B packaging sectors, nylon high performance films industry is forecast to grow at a rate of 4% over 2016-2024. The aforementioned products find heavy demand across Asia Pacific and LATAM, owing the escalating construction sector and the rapidly growing economy.
The barrier high performance films industry will observe excellent growth across this region, pertaining to the increasing product demand from the solar cell manufacturing and semiconductor companies, due to its excellent feature of moisture resistance. Speaking of which, barrier market was worth USD 15 billion in 2015 and is anticipated to carve out a lucrative growth path ahead.
The extensive commercialization of the packaging sector will lead High Performance Films Market to carve a rather profitable roadmap for itself. This can be attributed to the excellent mechanical and aesthetic properties that high performance films possess, owing to which they are used for durable and lightweight packaging applications.
High performance films market from the construction sector is anticipated to cross USD 3 billion by 2024, pertaining to the aesthetic and mechanical properties of these films. This growth can be attributed to the growing automobile production and availability of labor at low prices.
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High performance films find applications in feminine and adult incontinence products and disposable diapers, pertaining to which high performance films share from the personal care sector is anticipated to cross 940 kilo tons by 2024, in terms of volume, with a CAGR estimation of 4% over 2016-2024. Increasing awareness regarding health and hygiene will further augment the product demand.
High performance films industry involves the participation of numerous companies that accumulate a significant share of other industries as well. The reason for this may be credited to the broad end-use spectrum of high performance films market. key participants are:
- Bayer Material Science
- Dow Chemical Company
- Sealed Air Corp.
- Clopay Plastic
Flexible packaging market, slated to grow at a rate of 5% over 2016-2024, will also contribute toward high performance films market share. These films are endowed with the characteristics of durability, high chemical resistance, high tensile strength, UV ray protection, and temperature and light control, owing to which they find applications in the food & beverage, interior decoration, and construction sectors, thereby propelling the business trends.
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