FMI Analyzes Impact of COVID-19 on Surface Protection Films Market; Stakeholders to Focus on Long-term Dimensions
VALLEY COTTAGE, N.Y. – The growth of surface protection films market continues to be buoyed by their sustained demand as a viable temporary packaging solution for electronic gadgets and interior accessories. In 2018, application of surface protection films in glass & mirror and furniture surfaces collectively accounted for nearly 45% of the total consumption. Over the course of next decade, global market for surface protection films will observe a healthy 5% CAGR, as indicated by a new Future Market Insights (FMI) study.
Heightening sales of smartphones, tablets, and other mobile devices offer a significant boost to the innovations in flat-screen display technology that currently stands among the hottest R&D areas in electronics industry. This, according to the study, would argue well for the surface protection films market growth.
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Key Takeaways – Surface Protection Films Market Study
- Polyethylene (PE) remains most preferred material for manufacturing surface protection films, owing to its low cost and high stretchability. PE is expected to retain its edge over other materials in the following years as well.
- Western Europe holds nearly 1/4th of the global surface protection films market and houses key manufacturers operating in the global surface protection films market.
- Manufacturers of surface protection films are focusing on providing additional features and employing newer technologies such as self-healing to ensure easy peeling without leaving any residue on the surface. Such innovations aiming for maximum user convenience would help companies achieve effective product differentiation.
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Heavy Reliance on M&A
Leading companies operating in the global surface protection films market include Chargeurs S.A, Nitto Denko Corp, and Tredegar Corporation. These companies are focusing on strengthening their global positioning by product diversification. Furthermore, companies are also expanding their production capacities through strategic mergers and acquisitions.
- In August, 2017, Chargeurs S.A. acquired OMMA Srl., which is one of Italy’s leading manufacturers of application machines for surface protection films.
- In June, 2017, Bischof + Klein SE & Co. KG set up a new extrusion coating line. This is expected to increase the output and enable complete omission of solvents.
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