NEW YORK, July 1, 2021 /PRNewswire/ -- The global thermoplastic decorative films market is expected to expand at a healthy CAGR of close to 6% and be valued at US$ 14.7 Bn in 2031.
Growth in demand for thermoplastic decorative films market research is driven by growing construction spending in developing regions such as Asia Pacific and Latin America. Countries in Asia Pacific, such as China, India, and ASEAN, among others, are expected to focus on increasing their infrastructure and construction spending over the coming years.
Moreover, space heating and cooling are by far the largest energy-consuming applications in buildings. Application of various types of thermoplastic films on doors and windows helps reduce the need for temperature management to a great extent. All of these factors are boosting the sales of thermoplastic decorative films for use in furniture, doors, and windows.
Owing to stalled construction projects and various COVID-19 pandemic-related restrictions, sales of thermoplastic decorative films witnessed a visible drop in 2020.
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Key Takeaways from Market Study
- Sales of thermoplastic decorative films are anticipated to grow significantly over the coming years due to increasing demand from automotive and the building & construction sector.
- China is one of the largest markets for thermoplastic decorative films, owing to the vast population of the country. This creates high demand for furniture and residential buildings.
- Commercial buildings is one of the most lucrative segments for thermoplastic decorative films ,owing to huge demand for furniture to be used in offices, hospitals, schools, collages, and other commercial buildings.
- Asia Pacific is expected to remain a key region in the global market. High number of key manufacturers in the region also benefits growth of this regional market.
- Thermoplastic decorative films are used as a thin laminated film in the interior and exterior glasses of cars, buses, and trucks. As such, with growth of the automotive sector, sales of thermoplastic decorative films are also expected to increase over the coming years.
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"Demand for thermoplastic decorative films is estimated to be significantly driven by the furniture and automotive segment, as these films are widely utilized as protective films against scratches and stains," says a Persistence Market Research analyst.
Competitive Landscape
The global thermoplastic decorative films market has been identified as a fairly fragmented space, with the presence of various local and regional players in the market.
Some of the key players include OMNOVA Solutions, Inc., ERGIS Group, , Jindal Poly Films Ltd, Klöckner Pentaplast, Jindal Poly Films Ltd, Covestro AG, LyondellBasell Industries Holdings N.V., Konrad Hornschuch AG, Fine Decor GmbH, Alfatherm s.p.a, C.I. TAKIRON Corporation, Schweitzer-Mauduit International, Inc. (SWM), Folienwerk Wolfen GmbH, Mondoplastico S.p.A., RENOLIT, Hanwha L&C, RTP Company, Inc., AVI Global Plast Pvt. Ltd., Macro Plastic Sdn. Bhd., Peiyu Plastics Corporation, and Amcor International, LG Hausys, Ltd., and Avery Dennison Corporation.
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Conclusion
Various factors such as growth of the construction sector, energy-efficiency benefits of doors and window films, increasing urbanization, and growth in production of automotive and vehicle parts are expected to fuel sales thermoplastic decorative films.
On the other hand, Presence of various alternatives and stringent environmental regulations are expected to hinder market growth to some extent during the forecast period of 2021-2031
More Valuable Insights
Persistence Market Research, a research and consulting firm, has published a market research report on the thermoplastic decorative films market that contains global industry analysis of 2016-2020 and opportunity assessment for 2021-2031.
The report provides in-depth analysis of the market through different segments, namely, material, application, end use, function, installation, and region. The report also provides supply and demand trends, along with an overview of the parent market.
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