Technical Films Market

Technical Films Market Snapshot

[187 Pages Report] The technical films market is estimated at US$ ~36.6 Bn in 2022 and is projected to reach US$ ~47.4 Bn by 2027, at a CAGR of 5.3% from 2022 to 2027. 

The technical films market constitute around 12-13% of the global multilayer flexible packaging market worth US$ ~267 Bn in 2022.

The technical films market saw some lucrative growth in 2022 with worldwide revenues up 5.5% year over year. A new forecast by FMI estimates that technical films market is anticipated to create an incremental opportunity of US$ ~12.7 Bn during the forecasted period

Attributing to the increasing demand for high barrier packaging films in the food and beverage sector in prominent regions such as Western Europe and North America, the technical film sales in these regions is anticipated to capture half of the global technical films market.

Historic and Forecast Market Outlook for Technical Films

Technical films are packaging films made up of different plastics material which provides sealing and barrier characteristics. Technical films have been widely preferred packaging formats for both industrial and not industrial packaging applications. Packaging advancement and design level innovation in technical films over the years, has boosted its sales significantly among the brand owners.

The future sales and demand outlook for technical films seems positive and lucrative as its adoption for packaging food and consumer goods are consistently on the rise. Back on the above-mentioned factors, the global technical films market is anticipated to expand by 1.4x to its value during the forecast period.

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How Innovative & Convenience-Oriented Technical Films Enjoys Magnificent Demand Among the Industry Players?

Technical films are available in various types such as shrink films, anti-fog films, barrier films, stretch films, safety films and others with various sealing and barrier properties. These properties of the technical films not only provide flexibility in design but also improved product visibility and security as compared to others. A shiny, smooth and glossy outlook of the technical films also enhances the marketing impact of the packed product inside it. Furthermore, compared to traditional rigid packaging solutions, technical films are way beneficial for brand owners as it required lower transportation and storage cost.

The demand for technical films is on significant surge among the industry players back on its see-through packaging outlook and this factor is anticipated to escalate the technical films market growth throughout the foreseeable future.

How Incorporation Active Packaging in Food and Beverage Sector Reinforce the Technical Films Market Growth?

Technical films are frequently used for the food packaging market segment. The key purpose of technical films is to ensure the food is protected from environmental contaminants. Packaging of ready to eat food, seafood and meat requires high barrier packaging which protects the food from water vapour, oxygen, chemicals, UV rays and harmful microbiological contaminants.

The incorporation of active packaging technology in multilayer barrier films is gaining crucial traction in the food packaging market as it extends the shelf-life of the product for a prolonged period. The demand for such technology-oriented packaging films is considerably high across the continents which further accelerate the technical films market growth.

What Repercussion did COVID -19 Pandemic Has Induced on the Global Technical Films Market?

The global spread of the pandemic has induced some hard impact on the global packaging films market, including the technical films market also. The demand for technical films such as barrier films, stretch and shrink films, conductive films in the peak pandemic period was significantly reduced. The decrease in demand for technical films in a pandemic is majorly due to lower demand generation for prominent end-use industries such as food & beverage, building and construction and chemicals.

Moreover, halt in production plants, shortage of raw plastic materials and disturbed supply and logistics further reduce the production and sales of the technical films. Considering on a wider level, COVID-19 has dented the global technical films market in peak pandemic period.

Country-wise Insights

How United Kingdoms’ Highly Potential Food and Drink Sector Creates Massive Demand for Technical Films?

The food and beverage industry is projected to remain at the forefront in terms of generating demand for technical films. And the scenario for United Kingdom’s technical films market is no different. The food and drink industry is the UK’s largest manufacturing sector. As per the Food and Drink Federation, the food and drink sector in the UK was worth ~ 120 US$ Bn in 2020 which accounted for 20% of the total UK manufacturing sector.

Such massive economic valuation and manufacturing output of the UK’s food and drink sectors are creating remarkable demand for packaging films, including technical films. Manufacturers operating European and global technical films market can target the country for better sales generation as the United Kingdom’s technical films are projected to offer an incremental opportunity of ~US$ 600 Mn during the forecast period.  

How Heavy Economic Valuation of United States Construction Industry is Supporting the Technical Films Market Growth in the Country?

Building & construction is one of the leading industries followed by food & beverage which creates heavy demand for technical films. Technical films such as stretch and shrink films and safety & security films are regularly used in the contraction sector for several packaging applications. As per the Associated General Contractors of America (AGC), the United States construction industry was valued at almost US$ 1 Trillion in 2019 which contributed around 5% to the United States GDP.

Such sky-touching economic valuation and advancement of the United States building and construction sector is anticipated to create noteworthy demand for robust flexible packaging solutions, including technical films which nothing but fuel the technical films market growth in the country.

Category-wise Insights

How as a Film Type, Barrier Film Segment is witnessing the Hefty Demand in the Market?

In terms of market share and sales, the global technical films market is thoroughly driven by the barrier film segment. Excellent packaging and sealing characteristics of barrier films with high performance are propelling its demand and popularity among brand owners. Back on its multilayer and robust packaging outlook, the target segment is anticipated to hold around 50% of the market share through the forecast period.

How Food and Beverage End Use Industry Segment is Turn out to be a Revenue Generating Segment for Manufacturers?   

The global packaging films market is substantially driven by the demand generated from the food and beverage sector and the technical films market is no exception to this. The demand for high barrier and stretch technical films in the food and beverage industries is growing continuously year over year.

The incorporation of technologically superior packaging films in the food and beverage sector in the form of technical films is driving the technical films market growth to a great extent. Owing to above-mentioned factors, the food and beverage segment is estimated to offer a total incremental opportunity of US$ 4.4 Bn during the forecast period.

Competitive Landscape

The global technical films market is driven by product level innovation, product maximization and other marketing strategies. Leading and small scale manufacturers operating in the global technical films market are adopting these strategies to maximize their sales and enhance the market position.

• For instance in October 2021, Mondi Group Plc has launched the RetortPouch made up of high barrier technical film. The companies this new mono-material solution is ideal for food packaging applications.
• Furthermore, in March 2020, Berry Global Group, Inc another leading manufacturer of technical stretch films has invested approximately US$ 30 million to increase production capacity in North American locations for ultra-high performance stretch films.

Scope Of Report

Technical Films Market By Category

By Film Type:

• Stretch Film
• Shrink Film
• Barrier Film
• Conductive Film
• Safety & Security Film
• Anti-Fog Film
• Other Technical Films

By Material:

• Polyethylene (PE)
  • LDPE
  • LLDPE
• Polyethylene terephthalate (PET)
• Polyamide (PA)
• Polypropylene (PP)
• Polyvinyl Chloride (PVC)
• Ethylene vinyl alcohol (EVOH)
• Polyurethane (PU)
• Aluminum
• Polycarbonate (PC)
• Others

By Thickness Type:

• Up to 25 microns
• 25-50 microns
• 50-100 microns
• 100-150 microns
• above 150 microns

By End Use Industry:

• Food & Beverage
• Cosmetic & Personal Care
• Chemical
• Agriculture
• Building & Construction
• Pharmaceutical
• Electrical & Electronic
• Automobile
• Others

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific excluding Japan
• Middle East & Africa
• Japan