Global Industrial Films Market: Key Highlights
Global Industrial Films Market: Key Market Dynamics
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Global Industrial Films Market: Regional Overview
North America is anticipated to witness prominent growth in industrial films market during the forecasted period. This has attributed to growing food & beverage industry which consumes industrial films for packaging the food products. Industrial films play a vital role in the food & beverage industry by helping to increase the shelf life of perishable food, and protect the product form wastage and damage. According to United States Department of Agriculture, (USDA), in 2017 agriculture, food, and related industries contributed USD 1.05 trillion to the U.S gross domestic product (GDP). Moreover, the growing construction and renovation activities in the region also attribute the growth of industrial film during the forecasted period.
The Asia-Pacific is anticipated todominate the growth in industrial films market during the forecasted period. This is attributed by growing agriculture, building & construction, and packaging industry in emerging countries such as China, India, and Japan. According tothe India Brand Equity Foundation (IBEF), the export of agriculture and processed food product totaled USD 38.4 billion in 2019. Additionally, the rapid increase in population across India, China, Japan, and amongst others have surged the increasing demand for construction which may further increase the demand for industrial films. Thus, growing end-use industries in the region have expected to boost the demand for industrial films market.
Global Industrial Films Market: Key Players Overview
TORAY INDUSTRIES, INC. is a Japan-based company that specializes in industrial products centered on technologies in organic synthetic chemistry, polymer chemistry, and biochemistry. The company operates through fiber & textiles, performance chemicals, carbon fiber composite materials, environmental & engineering, life science, and other business segments. In January 2020, TORAY INDUSTRIES, INC. launched product by name PICASUS VT, the world’s first film with an optical function to allow light to pass through the front like glass and reflect obliquely incident like a mirror. This product creation will open opportunities to application in areas such as augmented and mixed reality for Head-Mounted Display (HMD) and Head-Up Display (HUD), and privacy filter and display films.
Berry Global Inc. is one of the leading manufacturers of plastic packaging products.The company offers its product range to beverage, building & construction, food, food service, healthcare, household, agriculture, industrial & transportation, and filtration industrial sector. Berry Global Inc. is one of the leading suppliers of a broad range of innovative non-woven, flexible and rigid products used within consumer & industrial end markets. In March 2020, the company announced an investment of USD 30 million to increase its production capacity for ultra-high-performance film and hand stretch films with an aim to address its rising demand.
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