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Jul 31, 2023

High-Performance Films Market Assessment, By Product Type [Fluoropolymer, Polyamide, Polyethylene Naphthalate, and Others], By Film Type [Barrier Films, Safety & Security Films, Decorative Films, Microporous Films, and Others], By End-use Industry [Electronics, Healthcare, Construction, Automotive and Aerospace, Energy and Others], By Region, Opportunities and Forecast, 2016-2030F.

New York, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "High-Performance Films Market Assessment, By Product Type, By Film Type, By End-use Industry, By Region, Opportunities and Forecast, 2016-2030F" - https://www.reportlinker.com/p06481831/?utm_source=GNW High-performance Films Market market size was valued at USD 49.86 billion in 2022 which is expected to reach USD 98.12 billion by 2030 growing at a CAGR of 8.83% for the forecast period between 2023 and 2030. High-performance films are responsible for enhancing the properties of various surfaces along with finding their application across various industries from electronics to solar. High-performance films are extensively used in the solar power industry as it helps in solar panel light absorption and shields solar cells which provide efficiency and dependability. High-performance films have numerous advantages for the building sector, including energy-efficient windows with thermal insulation and solar control features, which improve indoor comfort while using less energy. High-performance films are essential for PCBs, flexible electronics, and semiconductor fabrication in microelectronics among others.The increasing demand for renewable forms of energy, especially solar, is one of the major drivers for the high-performance films market. Increase in the standard of living integrated with greater financial opportunities, urbanization and globalization improves the sales in sectors like electronics and construction further contributing to the market’s growth.Strong Growth Contributed with Demand from the Solar Energy SectorThere is an ever-increasing demand for solar energy due to it being one of the most viable sustainable solutions that several governments seek, which leads to an increased demand for renewable energy across the globe and especially in the Asia Pacific due to its huge population. Several governments have committed to lowering their dependency on fossil fuels and increasing their renewable energy capacity.For instance, solar power installed capacity reached around 61.97 GW as on 30th November 2022 and India’s prolific solar power-producing states are set to play a key role in the nation reaching its 450 GW renewable energy target by 2030. Additionally, according to a solar power manufacturing association, China is expected to add 95-120 GW of solar power in 2023. With a whopping 392 GW, China is the largest producer of solar energy in the world.Thus, the growing usage of solar energy is expected to lead to an increased demand for the use of thin films photovoltaic cells and the high-performance films market as high-performance films are essential to the solar industry’s efforts to increase the effectiveness, usefulness, and durability of solar technologies.Booming Global Construction SectorHigh-performance films are essential in the construction industry as they provide a variety of advantages that improve building efficiency and occupant comfort. By enhancing thermal insulation and reducing solar heat gain, these window films offer energy-efficient solutions that lessen the burden on HVAC systems while also improving overall energy efficiency. Additionally, they provide security and safety by strengthening glass surfaces to fend off breakage and avoid shattering, ensuring protection from potential dangers. According to the United States Census Bureau and the United States Department of Housing and Urban Development, privately owned housing in January 2023 was recorded at a seasonally adjusted annual rate of USD 1,406,000 which is 1% above the revised December estimate of USD 1,392,000 and 12.8% above the January 2022 rate of USD 1,247,000. The increasing number of housing completions is not only witnessed in the United States, it is the trend throughout several countries around the globe. This rise in construction activities is a major driver of high-performance films globally. Rising Demand for Micro ElectronicsHigh-performance films are widely used in the field of microelectronics to improve the effectiveness and functionality of electronic devices. Thin films made of silicon nitride or silicon dioxide offer protective layers to electronic components from contamination and interference during the semiconductor fabrication process. In consumer electronics, applications such as smart watches, foldable phones, wearable electronics, flexible displays, and electronics highly rely on films with exceptional mechanical properties, like polyimide or PET, as bendable substrates. Since the effects of COVID 19 coupled with the effects of the ongoing conflict in the Eastern European region has led to a shortage in semiconductor and microelectronics all over the world. To meet the rising demand for micro-electronics countries like US and Japan have decided to improve their domestic manufacturing. For instance, The Intel Corporation (SRC) received a USD 10 million grant from the National Science Foundation (NSF) to support semiconductor manufacturing research. These developments in microelectronic manufacturing increase the demand for high-performance films globally. Impact of COVID-19The COVID-19 outbreak caused supply chain disruptions, production halts, and production activity interruptions, all of which had a detrimental effect on the high-performance films market in 2020. The construction industry is an end-use industry from which the demand for high-performance films completely stopped and this led to a downfall in the demand for films. Similarly, the microelectronics sector witnessed a drop in sales during the pandemic, diminishing the requirement of high-performance films during the same period. Impact of Russia-Ukraine WarThe war has impacted the petrochemical industry negatively, especially in the European Union. Europe relies heavily on Russia for oil and gas and the European Union is one of the main sources of revenue for Russia. Due to the war, there were several foreign policy directives and economic sanctions offered by several Western countries. The war has led to a leading uncertainty in the oil and gas industry with a prodigious incrementation in oil and gas prices. As an outcome of this scenario, the need for shifting to greener alternatives of energy has become more than clear to the world and this has led to a further increase in the demand for high-performance films from the renewable energy industry.Key Players Landscape and Outlook Key players are investing heavily in R&D projects to introduce technologically advanced products and increase production capabilities to stay ahead of the competition. Alliances, mergers and acquisitions, joint ventures, and other business strategies are all contributing to the Key player’s growth in this market.For instance, the launch of a selective High Energy Visible Light (HEVL) filtering window film for the transportation sector in Asia was announced today by Eastman and High-Performance Optics, Inc. (HPO), in March 2023.The growing demand for eco-friendly and sustainable products across numerous industries is expected to propel the growth of the global market for high-performance films in the upcoming years. The demand for high-performance films with anti-reflective and protective properties is anticipated to increase with the development of the solar power industry, with a focus on improving solar cell efficiency and durability. Additionally, a growing market is being driven by the construction industry’s demand for cutting-edge products like energy-efficient window films and safety coatings. Additionally, there is a significant need for films with exceptional mechanical and electrical properties due to the increasing use of microelectronics in smartphones, wearable technology, and automotive electronics.Read the full report: https://www.reportlinker.com/p06481831/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.__________________________