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The global barrier films market size was USD 17.71 Billion in 2022 and is expected to register a revenue CAGR of 5.5% during the forecast period Rising demand for sustainable barrier film solutions, increasing government initiatives to control plastic pollution and environmental degradation” - Reports and Data.
NEW YORK CITY, U.S., UNITED STATES, May 25, 2023 /einpresswire.com / -- The size of the global barrier films market was USD 17.71 Billion in 2022. It is projected to exhibit a revenue compound annual growth rate (CAGR) of 5.5% during the forecast period. The growth in market revenue can be attributed to various factors, including the increasing demand for sustainable barrier film solutions, government initiatives aimed at controlling plastic pollution and environmental degradation, technological advancements, and the rising demand from end-use sectors such as food & beverage, pharmaceuticals, and agriculture.
In the pharmaceutical sector, there is a growing demand for barrier films, particularly moisture barrier films. As an example, Honeywell introduced Aclar Accel on 2nd February 2022, expanding its range of Aclar films. Aclar Accel is a thermoformable barrier film designed for medical packaging. Honeywell claims that Aclar Accel offers businesses a more cost-effective solution while extending the shelf life of products. Compared to aluminum blister packaging with cold form foil, Aclar Accel provides a tightly packed, high-moisture resistant packaging solution.
Overall, the increasing adoption of barrier films, driven by their benefits and advancements in the industry, is contributing to the growth of the global barrier films market.
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Barrier Films Market Segments:
The Barrier Films Market can be analyzed based on several factors. In terms of types of barrier films, the market includes metalized barrier films, white barrier films, and transparent barrier films. Each type of barrier film serves specific purposes and applications within the industry.
When considering the end-use applications of barrier films, they are widely utilized in various sectors. These include food and beverage, pharmaceuticals, agriculture, electronics, aerospace, automotive, and other industries. Barrier films play a crucial role in preserving and protecting products in these diverse sectors.
The market can also be segmented based on the materials used in barrier films. Some of the commonly used materials include Polyethylene Terephthalate (PET), Polypropylene, Polyamides (PA), Polyvinyl Chloride (PVC), Organic Coatings (PVOH, EVOH, PVDC), and Inorganic Oxide Coatings (Silicon Oxide, Aluminum Oxide, and Silicon Nitride Coatings). These materials offer specific properties and performance characteristics to cater to different packaging requirements.
Overall, the Barrier Films Market offers a wide range of options in terms of film types, end-use applications, and material choices. This segmentation allows for a better understanding of the market dynamics and enables industry players to meet the specific demands of different sectors effectively.
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Barrier Films Market Competitive landscape:
The competitive landscape of the global barrier films market is characterized by fragmentation and intense competition, with numerous players operating at both global and regional levels. Key market players are actively involved in portfolio expansion, research and development, and strategic alliances to enhance their market presence. This includes partnerships, collaborations, agreements, regional expansions, mergers, acquisitions, and new product launches. These growth strategies are aimed at expanding their market reach and gaining a competitive edge.
Smaller businesses differentiate themselves by developing unique products that offer distinct value propositions. Competitors are focused on differentiating their offerings to stand out in the market. Market suppliers are capitalizing on growth opportunities in fast-growing categories while safeguarding their positions in slower-growing segments. Additionally, start-ups are playing a significant role in the market, introducing innovative initiatives and gradually establishing their market presence.
Among the major companies operating in the global barrier films market are AgJunction, Raven Industries, Trimble Inc., Deere & Company, AGCO Corporation, DICKEY-john, Topcon, Valmont Industries, Inc., Visartech Inc., and Taranis. These companies contribute significantly to the market and drive its growth through technological advancements, strategic partnerships, and continuous innovation.
A noteworthy development in the market is the strategic partnership announced on 22nd August 2022 between Sway AI, a developer of cutting-edge no-code AI technologies and services, and Trilogy Networks. The partnership aims to join the Rural Cloud Initiative (RCI) and deliver a comprehensive AI-enabled precision agriculture solution for farmers. The RCI is a unique coalition of network and edge innovation partners dedicated to accelerating the digital transformation of rural America. This collaboration highlights the industry's commitment to advancing agricultural technologies and addressing the specific needs of rural farming communities.
Overall, the global barrier films market presents a dynamic and competitive landscape, with companies leveraging various strategies to strengthen their market presence and drive innovation in the industry.
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