Albany, New York, Sept. 25, 2014 (GLOBE NEWSWIRE) -- The new market report published by Transparency Market Research " Specialty and High Performance Films Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019 " The global market for specialty and high performance films was 8.3 million tons in 2012 and is estimated to reach 12.2 million tons in 2019, growing at a CAGR of 5.7% from 2013 to 2019. In terms of revenue, the market was valued at USD 27.42 billion in 2012 and is expected to be USD 42.21 billion in 2019, growing at a CAGR of 6.4% from 2013 to 2019.
Specialty and high performance films which are essentially transparent or opaque are used in several industries such as automobile, construction, electronics and electrical, and packaging. The growing need for packaging food and other items to increase their shelf-life is a huge factor driving the growth of this market. Additionally, consumer awareness about product hygiene has also resulted in innovative packaging methods, driving the specialty and high performance films market on the road to success. The other big applications of specialty and high performance films is seen in electrical and electronic and semiconductors used in photovoltaic (PV) systems goods as they have a peculiar attribute of conducting electricity of these polymers. As electricity continues to be a limited resource in short supply it is driving the PV market, which has also resulted in growth of specialty and high performance films.
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The construction market in Brazil, India, and China is also driving the specialty and high performance films market as these films are being demanded for aesthetic and functional purposes. The specialty and high performance films are used by the construction industry for functional purposes such as light control, safety, and security. Additionally, re-construction market in developed nations such as Europe and North America is also expected to drive the specialty and high performance films market.
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Rapid economic development and industrialization in regions such as Asia Pacific is also expected to contribute to the growth of specialty and high performance films market in this region. As the economic development is leading to higher disposable incomes to buy televisions, mobile phones, and computers it is expected to reflect in the growth of specialty and high performance films market. Growth of medical industry is also likely to drive the specialty and high performance films market in the forecasted period.
Despite such strong market drivers, the specialty and high performance films market faces some tough challenges such as volatility crude oil prices has a trickling down effect on growth of specialty and high performance films market. However, the specialty and high performance films market could look at development biodegradable and water soluble films to tackle its biggest inhibitor.
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