An in-depth study on Global Functional Films Market has been shared by Future Market Insights (FMI) in its recently published report titled “Functional Films Market: Global Industry Analysis & Opportunity Assessment, 2014–2020”. According to the report, the global Functional Films market was worth US$ 20.89 Bn in 2014 and is projected to reach US$ 27.32 Bn by 2020, registering a CAGR of 4.92% during the forecast period.
- Functional Films Market Product Segments and Applications
The global Functional Films consumption is estimated to exceed to US$ 27 billion by 2020 from US$ 21 billion in 2014, exhibiting a CAGR of 4.9% during the forecast period. Optical and Adhesive product segments that collectively accounted for approximately 88% of overall Functional Films consumption in 2014. Optical films segment is expected to contribute significantly to growth of the global Functional Films market by 2020 as it is are increasingly finding applications in automotive and building & construction industry in addition to electronic as well as in semiconductor industry. Adhesive segment is projected to observe a slight decline in the market share by 2020. Application wise, a continual growth of Flat Panel Displays (FPDs) and electronics & semiconductor segment in terms of revenue is anticipated owing to factors including technological advancement, growing demand for smartphones and tablets, and rise in demand for eco-friendly products.
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Functional Films Market Size and Forecast
Demand for functional films is strongest in the flat panel displays segment. Functional films revenues from the segment totaled US$ 4.66 billion in 2014, representing over 22% of the global revenues. FMI expects the flat panel display segment to account for over US$ 5.5 billion in revenues by 2018. Electronics and semiconductors is the second-largest application segment for functional films, accounting for 18.6% of total revenues in 2014. Surging sales of consumer electronics in Asia Pacific is expected to boost demand for functional films in the future. FMI estimates demand for functional films from electronics and semiconductors industry to expand at 5.5% CAGR during the forecast period 2014-2020.
APEJ is the largest market for functional films globally. It represented nearly 54.8% of global market revenues in 2014. Presence of large number of manufacturing industries in China, Taiwan, and South Korea and surging sales of consumer electronics, especially smartphones and tablets are propelling demand for functional films. North America is the second-largest market for functional films after APEJ. Unlike APEJ, demand for functional films in North America is dominated by emerging technologies, such as electric vehicles (EVs). Functional films are used in lithium-ion batteries that are used in the EVs.
Global Functional Films Market and its Drivers
Demand for functional films is increasing at a brisk pace, owing to their applications in the consumer electronics industry. The demand is especially strong in Asia, where a burgeoning middle class is leading to increased demand. Primarily, technological advancement in the consumer electronics industry is fuelling the demand for functional films. The demand is especially robust in the TV industry. As the television industry widens its range of offerings, especially in the LCD and LED segment, functional films are expected to witness further demand. Another factor driving the functional films market growth is the tremendous growth of approximately 50% witnessed by global solar cells market during the period 2008 to 2015. Functional films are widely used in the solar cell sector, and these developments are anticipated to increase their demand in the future. Also, the demand for functional films from the automotive sector is also anticipated to contribute in the market size growth as the application areas have expanded to window profiles, decoration, wheel arches, control arms, and steering knuckles in the automotive sector.
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- Key players in the market and recent developments: Functional Films Market
Key Players in the market include 3M, Toray Industries, Nagase & Co. Ltd, Eastman Chemical Company, and Tatsuta Electric Wire & Cable Co., Ltd.
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