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The global high-performance film market was valued at $33.54 billion in 2017 and is expected to reach $57.48 billion in 2024, growing at a CAGR of 8% between 2018 and 2024.
The high-performance film has significant characteristics such as high wear resistance and abrasion, exhibits high chemical and thermal stability, and excellent mechanical properties for a wide range of temperature. The high-performance film has better electrical performance and is also resistant to combustion.
The market is driven by various factors such as expanding construction and flexible packaging industries and increased demand for the bioplastic materials is estimated to drive the high-performance film market over the forecast period. However, factors such as high technical level competency and high capital cost requirement affecting the prices of products are anticipated to impede the growth of the market in the coming years. Nevertheless, commercialization and development of water-soluble and bio-degradable film are likely to open new opportunities for the market of the high-performance film in the years to come.
Based on the key type, high-performance film market is bifurcated into microporous films, safety and security films, barrier films, decorative films, and others. Barrier films segment held the largest market share in 2017. Barrier films segment accounted for more than 50% market share in 2017 and it is expected to retain its dominance soon. Owing to the rapid use of high-performance films in the vacuum packaging, low-oxygen, case-ready technologies, and meat packaging the demand for the market is expected to increase during the projected years. In terms of key material, the high-performance film market is segmented into polyamide, polyolefin, polyester, EVA, polycarbonate, fluoropolymers, and others. Polyester segment dominated the market in 2017 and is expected to grow at a 6% CAGR over the end of projected years owing to its rapid use in the electronics and food packaging sectors.
The Asia Pacific accounted for the largest market share in 2017 for the high-performance film market followed by Europe and North America. The growth of the Asia Pacific high-performance film market is attributed to the rising food processing and packaging industry the developing economies as well as developed countries of the region. Increasing consumer lifestyle along with rising disposable income of middle-class population in the developing countries is anticipated to propel market for packaged food products, which in turn are estimated to propel the demand for the high-performance film market. The low cost of ownership and the expansion in the demand for production are the factors influencing the high-performance film market growth in the Asia Pacific regions. Rising automotive sector along with extensive growth in electrical and electronics manufacturing industry in developing countries such as India, Vietnam, and Indonesia are expected to create the new opportunities for the high-performance film market within the projected years.
North America is anticipated to witness a significant growth rate over the projected time period. The increasing food and beverage industry and rising demand from the solar cell manufacturing and semiconductor industries for barrier films due to its significant aspect of moisture resistant is estimated to fuel the demand for the high-performance film market. Rising demand for the tetra pack products due to its easy availability in different shapes and size and it's easy to handle nature are estimated to exhibit a positive impact on the business growth soon.
Europe held the second largest market share of the high-performance film in 2017. Rising demand for coating windows and doors for ensuring security and safety is estimated to fuel the high-performance market in the years to come. UV ray’s protection, light control, temperature control, and high aesthetic value will expand the market in the near future.
Latin America and the Middle East and Africa are anticipated to show moderate growth market for high-performance film as it is undeveloped region than others. Various industries are looking forward to expanding their business in this region as it is a potential and unexplored region, thus anticipating creating new opportunities for the high-performance film in the years to come.