March 12, 2020
According to the research report titled ‘Saudi Arabia High Performance Films Market Size By Product, Application, End-Use, Industry Analysis Report, Application Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, Saudi Arabia high performance films market is expected to surpass USD 600 million by the year 2024.
As per the report, rapid industrialization along with increasing construction activities are major factors driving the Saudi Arabia high performance films industry. The market is expected to further expand due to favorable government regulations which promote expansion of transport and tourism sector. Also, growing demand for building and construction products is stimulating the industry outlook.
High performance films are lightweight and offer superior design in order to manufacture radiator flame broils, entryway handles, internal focal points and front light bezels. Rising adoption of high-performance films in the expanding automotive sector along with favorable government initiatives are favoring the market outlook. However, strict government regulations regarding the use of plastics in packaging industry may hinder the market growth.
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The report states that polyester material segment is expected to grow with a CAGR of 5.2% during the period of 2018 and 2024. Polyester material offers exceptional thermal, electrical and mechanical properties as well as has a low moisture absorption rate. The material also provides with resistivity, strength and durability to chemicals and hence is extensively used as films in numerous industries. Increasing application of the product in packaging industry is facilitating the business scenario in Saudi Arabia.
The report cites that barrier films segment was worth USD 200 million in the year 2017 and is presumed to expand continuously during the forecast period. This type of films offers high flex crack and thermal resistivity. It also provides with various benefits such as oxygen, water and gas vapor resistivity and further safeguards the products from drying, rotting, corrosion, moisture absorption and oxidation. Growing demand for high performance barrier films from packaging industry is contributing towards the market expansion.
The prominent companies operating in the Saudi Arabia high performance films industry are Sealed Air Corp., Bemis Co. Inc., Arabian Gulf Manufacturers Ltd., Bischof Klein GmbH Co. KG, Taheel Integrated, The Dow Chemical Co., Honeywell International Inc. and 3M Co.
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