Industrial Films Market Estimated to Reach $55.8 by 2028 Globally, at a CAGR of 4.4%, says MarketsandMarkets™
Industrial Films Market Estimated to Reach $55.8 by 2028 Globally, at a CAGR of 4.4%, says MarketsandMarkets™ Yahoo Finance
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Industrial Films Market Projected to Reach USD 55.8 Billion by 2028
The Industrial Films Market is projected to grow from USD 44.9 billion in 2023 to USD 55.8 billion by 2028 at a CAGR of 4.4%, as per the recent study by MarketsandMarkets
. The industrial films market is driven by a global surge in industrialization and urbanization. This urban boom inherently drives the demand for industrial films used in construction for applications like surface protection and lamination. Agricultural films, a subset of industrial films, are essential for crop protection and greenhouse applications. As the need for efficient agriculture practices grows, the demand for industrial films grows. The stringent environmental and governmental regulations have reshaped the industrial film market landscape, pushing producers towards innovation and sustainable solutions while navigating the challenges of compliance and evolving consumer expectations.
Key Findings of the Study:
- LLDPE film type is estimated to be the largest type of industrial film.
- Agriculture end-use industry to register the highest CAGR during the forecast period.
- Asia Pacific is projected to account for the highest CAGR in the industrial films market during the forecast period.
List of Key Players in Industrial Films Market:
- Saint-Gobain (France)
- Berry Global Group (US)
- SKC Co., Ltd (South Korea)
- Toray (Japan)
- Eastman Chemical Company (US)
- 3M Company (US)
- Mitsubishi Chemicals Holdings Corporation (Japan)
- RKW SE (Germany)
- DuPont Teijin Films (US)
- Others
Drivers, Restraints, Opportunities, and Challenges in Industrial Films Market:
- Drivers: Capitalizing on urban-industrial boom
- Restraints: Adapting to changing regulatory landscape
- Opportunity: Eco-friendly innovations in industrial films
- Challenge: Raw material price fluctuations
Based on film type, the PP/BOPP films segment is projected to register the highest CAGR during the forecast period. The PP/BOPP films are known for their exceptional clarity, high tensile strength, and resistance to moisture, making them ideal for various packaging applications. They offer a cost-effective solution for manufacturers seeking reliable and visually appealing packaging materials. The versatility of PP/BOPP films is a key driver of their rapid growth. These films are suitable for a wide range of industries, including food and beverages, pharmaceuticals, consumer goods, and textiles. Their ability to provide excellent barrier properties against moisture, gases, and UV radiation further enhances their appeal in packaging perishable goods and protecting products during transportation and storage.
Based on end-use industry, agriculture holds the largest market share in the industrial films market during the forecast period. Plastic films are instrumental in enhancing agricultural productivity and sustainability. Greenhouse films, for instance, create controlled environments that extend the growing season and protect crops from adverse weather conditions. They facilitate year-round cultivation, making them invaluable for horticulture and floriculture. Mulch films, a subset of agricultural films, are widely adopted by farmers for soil management. These films cover the soil around plants, reducing weed growth and conserving moisture. This method not only boosts crop yields but also minimizes the need for chemical herbicides, aligning with sustainable farming practices. The multifaceted applications of industrial films in agriculture, including greenhouse, mulch, tunnel, and silage films, have established agriculture as the largest and most significant market for these films.
Based on region, Asia Pacific is expected to lead the industrial films market in 2023, with India being the fastest-growing market in the region during the forecast period. The rapid industrialization and urbanization in many Asia Pacific countries have fueled the demand for industrial films. As these economies expand, there is a growing need for packaging, construction, and infrastructure development, all of which rely heavily on various types of industrial films. The region’s booming agricultural sector has also contributed significantly to the demand for industrial films. Agricultural films, including greenhouse films and mulch films, play a pivotal role in modern farming practices. Asia Pacific’s agrarian economies have adopted these films extensively to enhance crop yields, contributing to the overall growth of the industrial film market.
SDGs, Targets, and Indicators
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 11: Sustainable Cities and Communities
- SDG 12: Responsible Consumption and Production
- SDG 13: Climate Action
- SDG 15: Life on Land
The article discusses the industrial films market, which is driven by global industrialization and urbanization. These factors are connected to SDG 9, which focuses on promoting inclusive and sustainable industrialization and fostering innovation. The demand for industrial films in construction and agriculture also relates to SDG 11, which aims to make cities and human settlements inclusive, safe, resilient, and sustainable. Additionally, the article mentions the need for innovation and sustainable solutions in the industrial film market, aligning with SDG 12’s goal of promoting responsible consumption and production. The impact of industrial films on agriculture and the environment also relates to SDG 13 (climate action) and SDG 15 (life on land).
2. What specific targets under those SDGs can be identified based on the article’s content?
- Target 9.2: Promote inclusive and sustainable industrialization
- Target 9.4: Upgrade infrastructure and retrofit industries for sustainability
- Target 11.3: Enhance inclusive and sustainable urbanization
- Target 12.2: Achieve sustainable management and efficient use of natural resources
- Target 13.3: Improve education, awareness, and capacity on climate change mitigation
- Target 15.1: Ensure conservation, restoration, and sustainable use of terrestrial and inland freshwater ecosystems
Based on the article’s content, the targets mentioned above can be identified. These targets focus on promoting sustainable industrialization, upgrading infrastructure for sustainability, enhancing urbanization, achieving sustainable resource management, addressing climate change mitigation, and ensuring the conservation and sustainable use of terrestrial ecosystems.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- Indicator 9.2.1: Manufacturing value added as a proportion of GDP and per capita
- Indicator 9.4.1: CO2 emissions per unit of value added
- Indicator 11.3.1: Ratio of land consumption rate to population growth rate
- Indicator 12.2.1: Material footprint, material footprint per capita, and material footprint per GDP
- Indicator 13.3.1: Number of countries that have integrated mitigation, adaptation, impact reduction, and early warning measures into national policies, strategies, and planning
- Indicator 15.1.1: Forest area as a proportion of total land area
The article does not explicitly mention these indicators, but they can be used to measure progress towards the identified targets. These indicators focus on measuring manufacturing value added, CO2 emissions, land consumption rate, material footprint, climate change integration in policies, and forest area.
SDGs, Targets, and Indicators Table
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 9: Industry, Innovation, and Infrastructure | Target 9.2: Promote inclusive and sustainable industrialization | Indicator 9.2.1: Manufacturing value added as a proportion of GDP and per capita |
| SDG 11: Sustainable Cities and Communities | Target 11.3: Enhance inclusive and sustainable urbanization | Indicator 11.3.1: Ratio of land consumption rate to population growth rate |
| Target 11.3: Enhance inclusive and sustainable urbanization | Indicator 11.3.1: Ratio of land consumption rate to population growth rate | |
| SDG 12: Responsible Consumption and Production | Target 12.2: Achieve sustainable management and efficient use of natural resources | Indicator 12.2.1: Material footprint, material footprint per capita, and material footprint per GDP |
| SDG 13: Climate Action | Target 13.3: Improve education, awareness, and capacity on climate change mitigation | Indicator 13.3.1: Number of countries that have integrated mitigation, adaptation, impact reduction, and early warning measures into national policies, strategies, and planning |
| SDG 15: Life on Land | Target 15.1: Ensure conservation, restoration, and sustainable use of terrestrial and inland freshwater ecosystems | Indicator 15.1.1: Forest area as a proportion of total land area |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: finance.yahoo.com
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