The global industrial films market size is estimated to grow from USD 39.4 billion in 2020 to USD 49.0 billion by 2025, at a CAGR of 4.5% during the forecast period. The market is projected to witness decent growth in the near future, owing to the wide application areas of industrial films ranging from agriculture to the construction industry. Increasing demand from APAC will further drive the growth of the global industrial films market.
APAC is estimated to be the leading industrial films market during the forecast period. The growth in this region can be attributed to the rapidly increasing demand for industrial films from the end-use industries, especially agriculture, construction, transportation and medical. The market is witnessing moderate growth, owing to increasing application, technological advancements, and growing demand for these resins in the APAC and Europe.
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Saint-Gobain (France), Berry Global group (US), SKC Co. Ltd. (South Korea), Toray (Japan), and Eastman (US), DSM-RKW SE (Germany) and 3M (US) among others are the leading industrial films manufacturers, globally. These companies adopted expansion, new product development, joint venture, and merger & acquisition as their key growth strategies between 2017 and 2020 to earn a competitive advantage in the industrial films market.
Saint-Gobain (France) is the largest player in the market. In February 2019, Saint-Gobain completed the acquisition of American Seal and Engineering Co., a leader in technical sealing solutions. In May 2019, Saint-Gobain acquired UK-based Pritex, a key player in acoustic and thermal insulation solutions made from polymer-based composite materials and intended for the mobility market.
Berry Global Group (US) is ranked second in the industrial films market. In July 2019, Berry Global Group completed the acquisition of RPC for aggregate consideration of USD 6.1 billion. RPC is a leading plastic product design and engineering company for packaging and select non-packaging markets, with 189 sites in 34 countries. Also, in July 2019, Berry Global Group completed the sale of its Seal For Life (“SFL”) business, which was operated in the Health, Hygiene & Specialties segment for net proceeds of USD 326 million.
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