Market Trends of Specialty and High Performance Films Industry
This section covers the major market trends shaping the Specialty & High Performance Films Market according to our research experts:
Increasing Demand from Construction Industry
- The Specialty and High-Performance Films market is anticipated to be driven by increasing construction activities in nations like China, India, and the United States.
- Owing to rapid industrialization in developing countries, these films are used in the construction sector for aesthetic and functional purposes like safety, security, and light control.
- Furthermore, reconstruction initiatives are common in nations such as North America and Europe. Hence, the demand for Specialty and High-Performance Films is anticipated to be driven by rising film usage in residential and nonresidential structures.
- Commercial building construction activities have increased significantly with the demand from technology, e-commerce, and banking-financial service companies. For example, China is one of the leading countries concerning the construction of shopping centers. China includes almost 4,000 shopping centers, while 7,000 more are estimated to be open by 2025. Thereby creating a huge demand for Specialty and High-Performance Films in the construction sector.
- Furthermore, the construction industry is also expanding in the United States. According to the US Census Bureau, the annual value for new construction put in place in the United States accounted for USD 1,626.4 billion in 2021, compared to USD 1,499.6 billion in 2020. Hence, supporting the growth of the market studied during the forecast period.
- Therefore, owing to the factors above, the growing construction sector is expected to drive the Specialty and High-Performance Films market during the forecast period.
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Asia-Pacific to Dominate the Market
- Asia-Pacific accounted for the largest specialty and high-performance film market in the past few years.
- There is a significant growth in the demand for specialty and high-performance films from southeast Asian countries for application areas like barrier films, decorative films, etc.
- The growing construction industry in various countries in the Asia-Pacific region is driving the market studied in the Asia-Pacific region.
- According to the National Bureau of Statistics of China, the output value of the construction works in the country accounted for CNY 25.92 trillion (USD 3.82 trillion) in 2021, compared to CNY 23.27 trillion (USD 3.43 trillion) in 2020, thereby enhancing the demand for the market studied.
- Furthermore, according to Statistics Korea, construction orders collected by local builders at home and overseas totaled USD 245.9 billion in 2021, up to KRW 31 trillion from the previous year.
- Moreover, the growing packaging industry, increasing automotive production, massive electronics production industry in China and India, and the demand for specialty and high-performance film are expected to rise significantly.
- According to the Ministry of Electronics and IT's 'A call to action for broadening and deepening electronics manufacturing' study, India intends to generate USD 300 billion in electronics manufacturing by 2026.
- Hence, for the above reasons, Asia-Pacific will likely dominate the market studied during the forecast period.
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