Global technical films market to project a 1.6x increase in revenue from 2017-2027
According to Future Market Insights, the global technical films market is expected to exhibit significant growth during the 2017-2027 timeline. The global technical films market witnessed continuous growth path since past years. During the 2012-2016 timeline, the global market for technical films projected a moderate growth rate. According to this research study, the global technical films market is valued at about US$ 28 Bn in 2017 and is anticipated to grow at a high rate to reach an evaluation of around US$ 47 Bn by the end of the year of assessment (2027). The global technical films market is projected to grow at a robust value CAGR of 5.3% throughout the period of assessment, 2017-2027. This high growth rate can be attributed to augmented demand for packaged foods pushing the adoption of technical films, increasing demand for anti fog films and rising inclination towards high performance surface protection material.
Technical films to witness increased demand from the food and beverage sector in the coming years
Food and beverage industry has been expanding at a high rate since several years. The use of technical films in this sector is boosting the growth of the global technical films market. Food and beverage segment in the end use industry category is projected to grow at a moderate rate to register a value CAGR of 4.7% throughout the period of forecast. In 2017, the food and beverage end use segment reflected a valuation of around US$ 11.7 Bn and is estimated to reach a value a bit over US$ 18 Bn by the end of the year of assessment. This segment is likely to lead the global technical films market during the period of forecast.
Building and construction sector to significantly contribute to the growth of the global technical films market during the assessment period
Building and construction segment in the end use industry category is anticipated to grow at a steady value CAGR of 5.1% throughout the period of assessment, 2017-2027. This segment is valued at about US$ 4,450 Mn in 2017 and is anticipated to touch a valuation of more than US$ 7 Bn by the end of the year of assessment (2027).
Cosmetic and personal care and chemical end use segments projected to grow at the same rate; however, the latter showcases comparatively high market strength
Technical films also find use in chemical industry. The use of technical films in chemical sector is mainly to enhance the ability to resist hazardous chemicals. The chemical segment in the end use industry category is projected to grow at a value CAGR of 5.4% during the forecast period. The cosmetic and personal care segment is projected to grow at the same pace, however reflects low market share as compared to chemical segment. In 2017, the chemical segment is estimated to be valued at about US$ 2,800 Mn and is expected to reach a value of around US$ 4,800 Mn by the end of the year of assessment. Whereas the cosmetic and personal care segment is expected to touch a value much less than US$ 3 Bn by 2027 end.
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