July 16, 2024

Growing Adoption Of Touch-Enabled Devices Is Driving The Growth Of Functional Films Market

The global functional films Market is estimated to be valued at US$ 9.02 Mn or Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Touch panels are transparent electronic devices that enable users to control digital devices through touch. They are widely used in devices like smartphones, tablets, laptops, automotive infotainment systems and more.

Market key trends:
The growing adoption of touch-enabled devices across various industries like automotive, consumer electronics and more is a key trend fueling the growth of touch panel market. Further, the increasing demand for touch panels with improved features like multi-touch capability, high clarity, durability and more at affordable costs has led manufacturers to invest heavily in R&D to develop advanced touch panel technologies. Also, the integration of touch panels in applications beyond mobile phones like automotive dashboards, appliances and more through partnerships provides new opportunities for touch panel market players over the forecast period.
SWOT Analysis
Strength: Functional films have wide-ranging applications in various end-use industries like electronics, automotive, construction, and others. The growing use of these films in various applications is driving the market growth.
Weakness: High initial costs associated with advanced manufacturing techniques is a major challenge for small players in the market.
Opportunity: Growing demand for miniaturized and lightweight electronic devices offers significant growth opportunities for functional films manufacturers. Increasing R&D investments by manufacturers to develop newer grades of functional films also presents opportunities.
Threats: Stringent environmental regulations around the globe regarding VOC emissions during manufacturing pose threats to market players. Easy availability of substitutes also threatens the growth of the functional films market.

Key Takeaways
The global functional films market is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing demand for multifunctional and lightweight materials in various end-use industries.

Regional analysis: Asia Pacific is expected to dominate the global functional films market during the forecast period. This is attributed to rapid industrialization, growing electronics industry, and presence of major manufacturing hubs in the region. China, Japan, South Korea, and India are projected to be the fastest growing national markets in the region.

Key players: Key players operating in the functional films market are 3M, Toray Industries, Inc., Nagase & Co. Ltd., Eastman Chemical Company, and Tatsuta Electric Wire & Cable Co., Ltd. These companies are focusing on expanding their production capacities and diversifying their product portfolios by introducing innovative and customized functional films for new applications.