Market Overview

The market for specialty films is expected to grow at a CAGR of 5.5% during the forecast period of 2019-2024. One of the major factors driving the market studied is the growing demand for conduction and insulation films. However, hindrances for multilayer film growth likely to restrain the market's growth.

- Increasing usage of barrier films in food and pharmaceutical packaging is also likely to boost the demand for specialty films during the forecast period.
- Development of technologically advanced materials regarding specialty films is likely to act as an opportunity for the market growth in future.
- Asia-Pacific is likely to register the highest growth rate during the forecast period.

Key Market Trends

Packaging Industry to Dominate the Market

- Rising use of barrier films in food and pharmaceuticals is driving the market for specialty films in the packaging industry.
- The advantages of specialty barrier films, like moisture resistance, very low permeability to air and flexibility are expected to drive the demand for barrier films in the packaging segment, especially in food and pharmaceutical packaging.
- The growing demand for packed ready-to-eat food products is also one of the key factors that is driving the specialty films market.
- In United States, the total retail value of packaged food has increased by 4% in 2018 over the value in 2017.
- Hence, the packaging industry is likely to account for the highest market share during the forecast period.

Asia-Pacific to Witness the Highest Growth Rate

- Asia-Pacific is one of the major regional markets in the global specialty films market in 2018 and the same is expected to register the fastest growth through the forecast period.
- China, which has the largest market for specialty films in Asia-Pacific dominated the market in this region.
- In China, the market is expected to register a growth rate of around 7% in the upcoming years owing to the increasing usage of specialty films in end-user industries such as packaging, electrical & electronics, transportation and construction sector.
- Rising middle class population, increasing disposable income and changing lifestyle preferences is expected to drive the manufacturing sector in Asia-Pacific region, which, in turn, is expected to drive the specialty films market through the forecast period.
- Hence, Asia-Pacific is likely to witness the highest growth rate during the forecast period.

Competitive Landscape

The global specialty films market is a partially fragmented one, as there are numerous players present in the market. Key players in the specialty films market include Honeywell, SABIC, Kuraray America, Inc. and Covestro.

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