Thermoplastic Film Market to be Worth US$ 17.54 Billion by 2034: Fact.MR Report

Rockville, Feb. 21, 2024 (GLOBE NEWSWIRE) -- The global thermoplastic film market, estimated at US$ 9.84 billion for 2024, is forecasted to expand at a CAGR of 5.4% from 2024 to 2034. The market is predicted to exhibit steady growth driven by factors such as the expansion of the construction sector, increased expenditure on furniture, and ability of thermoplastic films to protect substrates and improve product longevity.

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Thermoplastics comprise plastic polymers that soften on heating and solidify upon cooling. These materials can undergo multiple heating and cooling cycles without altering their chemical composition or mechanical attributes. A high-quality, tailored thermoplastic film, crafted through flat die extrusion to ensure consistency and excellence, finds classification into multiple types. These films serve diverse applications across industries such as manufacturing, food & beverages, and packaging.

With the escalating impact of climate change and the need to curtail energy consumption, policymakers and governments are actively promoting and, in some instances, mandating the adoption of energy-efficient measures. Compliance with regional regulations and directives is predicted to generate promising opportunities during the forecast period.

Thermoplastics find utilization in temperature control applications for indoor use and window lamination, decreasing the amount of energy required for heating and cooling in residential and commercial buildings. This is influenced by rising disposable income, shifting personal preferences, and the growing demand for tailored designs in both individual and corporate settings.

Key Takeaways from Market Study

• The global thermoplastic film market is set to reach US$ 9.84 billion in 2024.
• Demand for thermoplastic films is projected to rise at a CAGR of 5.4% from 2024 to 2034.
• The market is forecasted to reach US$ 17.54 billion by 2034-end.
• North America is projected to account for 26.4% of the global market share by 2034.
• Use of thermoplastic films in new installations is forecasted to increase at a CAGR of 5.6% from 2024 to 2034.
• The market in North America is projected to expand at a CAGR of 6.1% through 2034.
• The East Asia market is forecasted to increase at a CAGR of 6.9% from 2024 to 2034.
  

“Demand for thermoplastic films is exhibiting consistent growth due to strong demand from various industries such as packaging, automotive, construction, and aerospace. Additionally, advancements in film manufacturing techniques and the discovery of new uses for these films are further fueling the market's expansion,” says a Fact.MR analyst.

Key Companies Profiled in This Report

• OMNOVA Solutions, Inc.
• ERGIS Group
• Nihon Matai
• Covestro
• RTP Company
• Perfectex Plus LLC
• Permali Gloucester Limited
• Bayer Material Science
• Huntsman Corporation
  

Rising Need for Adaptable Packaging

Thermoplastic films find wide applications in flexible packaging like food, pharmaceuticals, and consumer goods due to their exceptional barrier qualities, flexibility, and endurance. The increasing requirement for convenient, eco-friendly, and lightweight packaging, coupled with evolving consumer choices in packaged food and e-commerce, drives the demand for thermoplastic films in the packaging sector.

• In July 2021, Avery Dennison entered into an agreement to acquire Vestcom, a privately owned top-tier provider of pricing and branded labeling solutions at retail shelf edges for consumer packaged goods companies and retailers. This acquisition, valued at US$ 1.45 billion in cash, is subject to specific closing terms and adjustments post-transaction.
  

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the thermoplastic film market for 2018 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on material (vinyl & polyvinyl chloride, PET, polypropylene, TPU, TPO, TPE), installation (new, re-decorations), end use (residential, commercial, transportation, institutional), and application (furniture, doors & windows, automotive interiors & exteriors), across six major regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and MEA).

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About Fact.MR:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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