The Functional films market size is projected to grow from USD 30.5 billion in 2023 to USD 49.6 billion by 2030, registering a CAGR of 7.2% during the forecast period. The functional films market is experiencing robust growth due to several key factors and opportunities. Firstly, the increasing demand for functional films in various industries such as electronics, packaging, automotive, and healthcare is a significant growth driver. Functional films are widely used in the packaging industry to provide a variety of benefits, such as barrier properties, heat resistance, and protection from moisture and oxygen.
Functional Films Market Key Players
The functional films market is expected to continue to grow in the coming years due to the factors mentioned above. These prominent competitors, along with a slew of others, define the functional films market through ongoing innovation, strategic collaborations, and worldwide growth strategies. Their contributions propel technological developments, broaden market reach, and shape industry standards, ultimately influencing the future of functional films and their numerous uses., such as Toray Industries Inc. (Japan), Eastman Chemical Company (US), Covestro AG (Germany), Honeywell International (US), 3M Company (US), Nitto Denko Corporation (Japan), Dupont Teijin Films US Limited (US), Mitsubishi Chemical Corporation (Japan), Toyobo Co., Ltd (Japan), Dai Nippon Printing Co., Ltd (Japan), adopt acquisitions, new product launches, agreements, expansions and partnerships to increase their market shares and expand their geographic presence.
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Toray Industries, founded in July 1926 and located in Tokyo, Japan, is a global leader in the functional film business. Toray maintains a diverse business in functional films, including optical films, packaging films, and industrial films, with a strong presence in the Americas, Europe, and Asia. The company is well-known for its devotion to innovation and cutting-edge technology, and it serves a variety of industries, including electronics, automotive, healthcare, and energy. Toray's functional films are intended to improve product performance, durability, and efficiency while also creating new industry standards. Toray provides a widespread market presence by connecting with varied client demands and capitalizing on new opportunities through an extended network of subsidiaries and affiliates. Toray Industries continues to mold the future with a company ethos anchored in technical advancement.
Eastman Chemical Company was founded in 1920 in Kingsport, Tennessee, and has since grown to become a global leader in specialized chemicals and innovative materials. Eastman Chemical is well-known in the functional film market for its unique solutions that serve a wide range of industries. Eastman Chemical is a key player in the field of functional films, delivering cutting-edge materials that improve the performance and capabilities of numerous applications. These functional films are used in a variety of industries, including packaging, electronics, automotive, and industrial operations. Eastman Chemical has a global footprint, with operations and market penetration in North America, Europe, Asia-Pacific, and Latin America. This broad presence positions the organization to effectively service a wide range of customers.
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Covestro AG (Covestro) is a manufacturer of high-tech polymer materials. It operates in Europe, Asia and the Americas. The company operates through three segments: Performance Materials, Solutions & Specialties and Others. The company’s Performance Materials segment deals with developing, producing, and reliably supplying high-performance materials such as standard polyurethanes and polycarbonates, as well as base chemicals. In 2022, the Performance Materials segment reported revenues of EUR 9,095 million, which accounted for 50.6% of the company's revenue. Covestro’s Solutions & Specialties segment carries out a variety of polymer products including polycarbonates, precursors for coatings and adhesives, MDI specialties and polyols, thermoplastic polyurethanes, specialty films, and elastomers. Geographically, the company classifies its operations into three segments: Europe, North America, and Asia and Pacific region (APAC). It operates in Australia, India, China, Malaysia, New Zealand, Belgium, Denmark, Italy, Israel, Russia, the US, the UK, Mexico, and Canada, among others. Covestro is headquartered in Leverkusen, Nordrhein-Westfalen, Germany.
DNP (Dai Nippon Printing Co., Ltd.) is a global leader in functional films, with a long history of innovation and a strong commitment to sustainability. DNP, which was founded in 1876 and is based in Tokyo, Japan, has a global presence with manufacturing sites and sales offices in more than 30 countries. DNP is a significant player in the functional films market, with a strong emphasis on developing and manufacturing high-performance films for a wide range of applications, including DNP is a significant supplier of optical films for display applications such as touch panels, LCD panels, and OLED panels. The company's optical films are used to improve display performance by increasing brightness, contrast, and viewing angles.DNP also manufactures a variety of functional films for electronic devices such as semiconductors, sensors, and printed circuit boards. The functional films produced by the company are used to increase the performance, dependability, and longevity of electronic equipment.
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The company was founded by Henry S. Bryan, Hermon W. Cable, John Dwan, William A. McGonagle, and J. Danley Budd in 1902 and is headquartered in St. Paul, MN. It operates in the Americas, Europe, Middle East, and Africa (EMEA), and Asia Pacific. The company reported revenues of (US Dollars) US$34,229 million for the fiscal year that ended December 2022, a decrease of 3.2% over 2021. In 2022, the company’s operating margin was 19.1%, compared to an operating margin of 20.8% in 2021. M company is a technology business that produces industrial, safety, and consumer goods. Safety and Industrial, Transportation and Electronics, Health Care, Consumer, and Corporate and Unallocated are its business segments. Personal safety, industrial adhesives and tapes, abrasives, closure and masking systems, electrical markets, automotive aftermarket, and roofing granules are all part of the Safety and Industrial division. Electronics, automotive and aerospace, commercial solutions, sophisticated materials, and transportation safety are all part of the Transportation and Electronics division. Medical and surgical supplies, skin health and infection prevention goods, dental care solutions, separation and purification sciences, health information systems, inhalation and transdermal drug delivery systems, and food safety items are all available in the Health Care section.
TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 38)
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.3 INCLUSIONS & EXCLUSIONS
1.4 MARKET SCOPE
FIGURE 1 FUNCTIONAL FILMS MARKET SEGMENTATION
1.4.1 REGIONS COVERED
1.4.2 YEARS CONSIDERED
1.5 CURRENCY CONSIDERED
1.6 LIMITATIONS
1.7 UNITS CONSIDERED
1.8 STAKEHOLDERS
1.9 IMPACT OF RECESSION
2 RESEARCH METHODOLOGY (Page No. - 43)
2.1 RESEARCH DATA
FIGURE 2 FUNCTIONAL FILMS MARKET: RESEARCH DESIGN
2.1.1 SECONDARY DATA
2.1.2 PRIMARY DATA
2.1.2.1 Primary interviews - Top functional film manufacturers
2.1.2.2 Breakdown of primary interviews
2.1.2.3 Key industry insights
2.2 FUNCTIONAL FILMS MARKET ESTIMATION: SUPPLY-SIDE ANALYSIS
2.2.1 MARKET SIZE ESTIMATION METHODOLOGY: SUPPLY-SIDE ANALYSIS
2.2.2 MARKET SIZE ESTIMATION METHODOLOGY: DEMAND-SIDE ANALYSIS
2.3 FORECAST NUMBER CALCULATION
2.3.1 SUPPLY SIDE
2.3.2 DEMAND SIDE
2.4 MARKET SIZE ESTIMATION
2.4.1 BOTTOM-UP APPROACH
2.4.2 TOP-DOWN APPROACH
2.5 DATA TRIANGULATION
FIGURE 3 FUNCTIONAL FILMS MARKET: DATA TRIANGULATION
2.6 ASSUMPTIONS
3 EXECUTIVE SUMMARY (Page No. - 50)
FIGURE 4 PROTECTIVE & BARRIER FILM TO LEAD FUNCTIONAL FILMS MARKET DURING FORECAST PERIOD
FIGURE 5 PE SEGMENT TO LEAD FUNCTIONAL FILMS MARKET DURING FORECAST PERIOD
FIGURE 6 PACKAGING SEGMENT TO LEAD FUNCTIONAL FILMS MARKET DURING FORECAST PERIOD
FIGURE 7 PLASTIC TO LEAD FUNCTIONAL FILMS MARKET DURING FORECAST PERIOD
FIGURE 8 ASIA PACIFIC DOMINATED FUNCTIONAL FILMS MARKET IN 2023
4 PREMIUM INSIGHTS (Page No. - 55)
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN FUNCTIONAL FILMS MARKET
FIGURE 9 EXPANSION OF PACKAGING, PHARMACEUTICAL, AND HEALTHCARE SECTORS TO DRIVE MARKET
4.2 FUNCTIONAL FILMS MARKET, BY TYPE
FIGURE 10 OPTICAL & CONDUCTIVE FILMS TO BE FASTEST-GROWING SEGMENT DURING FORECAST PERIOD
4.3 FUNCTIONAL FILMS MARKET, BY REGION
FIGURE 11 ASIA PACIFIC TO BE FASTEST-GROWING MARKET FOR FUNCTIONAL FILMS DURING FORECAST PERIOD
4.4 FUNCTIONAL FILMS MARKET, BY END-USE INDUSTRY
FIGURE 12 PACKAGING TO BE FASTEST-GROWING SEGMENT DURING FORECAST PERIOD
4.5 FUNCTIONAL FILMS MARKET, BY MATERIAL
FIGURE 13 PET TO BE FASTEST-GROWING SEGMENT DURING FORECAST PERIOD
4.6 FUNCTIONAL FILMS MARKET, BY SUBSTRATE
FIGURE 14 PLASTIC TO BE FASTEST-GROWING SEGMENT DURING FORECAST PERIOD
5 MARKET OVERVIEW (Page No. - 58)
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 15 FUNCTIONAL FILMS MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
5.2.1 DRIVERS
5.2.1.1 Growing demand for smart packaging solutions
5.2.1.2 Rising need for functional films in automotive industry
5.2.1.3 Miniaturization of electronic devices
5.2.2 RESTRAINTS
Continued...
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The major players in the functional films market include 3M, Toray Industries, Inc., Nagase & Co. Ltd., Eastman Chemical Company, and Tatsuta Electric Wire & Cable Co., Ltd.
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