Global Specialty Film Market to Expand at a 2.3% CAGR from 2024 to 2034, Attaining a Valuation of US$ 28.8 Billion by 2034 | Future Market Insights Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
The United States of America is forecasting the leading growth in North America, with a sluggish CAGR of 0.6%. Increased Dairy Products and E-Commerce Push the Specialty Film Market in the United States
NEWARK, Del, March 20, 2024 (GLOBE NEWSWIRE) -- The estimated market size for the global specialty film market in 2024 is US$ 22.9 billion. It is expected to jump from this to US$ 28.8 billion by 2034. The forecasted market progress is sluggish, at a CAGR of 2.30%. However, due to various assertive market forces, the subject market estimates a better growth rate than the historical period.
The food industry's substantial growth is the subject market's primary driver. It is identified that the growing industry demands wrapping and packaging films. This describes the necessity of good wrapping films that can fulfill the industry’s demand. Hence, this drives the market under consideration.
Consumers prefer packaged food, which surges the demand for foils and packing material. This makes food storage and transportation easier, creating lucrative market expansion opportunities for the subject market. Also, the availability of packaging films helps the market to come in demand. Therefore, this is another crucial market driver for the subject market.
Compounding and processing are two critical challenges faced by the specialty film market. Lack of expertise and skills in this particular area weakens the production, which affects the market growth.
Due to the increasing market space of E-commerce platforms as distribution channels, the demand for safety films as a protective layer for goods has been increasing. Thus, the demand for such packaging films surges, effectively driving the market.
The use of polyethylene material has been rising, which upsurges the market. It is identified that the easy usability, strength, and durability of polyethylene have helped it to become closer to consumers. Therefore, this market segment has been one of the key drivers for the subject market.
Key Takeaways from the Market Study
Based on the product category, the specialty film market is governed by shrink films. The segment secures 29.7% of the market.
The Indian market forecasts moderate growth and leads the Asia-Pacific region. The estimated CAGR for the market is 5.1%.
Spain leads the European market. It focuses on delivering energy-efficient solutions. This approach estimates a CAGR of 2.4% for the market.
Based on the material used, polyethylene is the most widely used material due to its differentiated properties. The market segment holds 27.8% of the market space.
Many competitors govern the competitive space in the global specialty film market. They expand in the market using numerous strategies, like product differentiation, diversification, and innovation. The following are some of the key market developments made by organizations:-
In February 2018, Berry Global Group, Inc. acquired Clopay Plastic Products Company, Inc. This helped innovate and differentiate the organization's product line and secure a strong market position.
In March 2023, Koninklijke DSM N.V. launched Digital SalmoFan, a newly introduced technology by the business. This process innovation expands the market expansion opportunities for the business.
In March 2024, The Mondi Group invested in slitting instruments. A niche was created due to these initiatives in the market.
Future Market Insights offers an unbiased global specialty film market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034.
The valve positioner market is segmented based on material (polyethylene (PE), polyethylene terephthalate (PET), polyamide (PA), polypropylene (PP), polyvinyl chloride (PVC), polyvinylidene chloride (PVDC), ethyl vinyl alcohol (EVOH) and polycarbonate (PC)), product (shrink films, conductive films, safety & security films and anti-fog films), and end use (food & beverages, cosmetics & personal care, agriculture, building & construction, pharmaceuticals, electrical & electronics and automotive parts) across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and the Middle East and Africa).
About the Packaging Division at Future Market Insights.
The packaging team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Authored by:
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
