The impact of COVID-19 pandemic can be felt across the chemical industry. The growing inability in the production and manufacturing processes, in the light of the self-quarantined workforce has caused a major disruption in the supply chain across the sector. Restrictions encouraged by this pandemic are obstructing the production of essentials such as life-saving drugs.
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The nature of operation in chemical plants that cannot be easily stopped and started, makes the operational restrictions in these plants a serious concern for the industry leaders. Restricted and delayed shipments from China have created a price hike in the raw materials, affecting the core of the chemicals industry.
The slacking demand from different impacted industries such as automotive is negatively influencing the growth of the chemical industry. In light of the current crisis, the market leaders are focused to become self-reliant which is expected to benefit the economic growth of different economies in the longer term. Companies are triggering events to restructure and recover from the losses incurred during the COVID-19 pandemic.
Persistence Market Research’s report titled “Global Market Study on Holographic Films: Pharmaceuticals End Use Industry Segment Estimated to Increase 2.2X in Terms of Value over the Forecast Period ,” projects the US$ 5,767.3 million global holographic films market will expand at an impressive CAGR of 9.3% during the period of forecast – 2016-2024. Besides the branding demands, the active use of Fresnel lens technology in designing flexible packaging surfaces has become a proponent for consumption of holographic films, the combination of which is likely to create 3D effect for customers viewing the products stacked on store shelves. While secured packaging and anti-counterfeit measures promote the use of holographic films, volatile costs of film materials are likely to hamper the growth of the global holographic films market.
For every consumer goods product that has ever hit the shelves of retail outlets, a percentage of its production cost gets spent on branding the product by sticking a holographic film on its packaging label. Accordingly, billions of consumers goods sold daily from all parts of the world necessitate the expansion of global production capacity for holographic films. In 2015, global sales of holographic films exceeded US$ 5 billion, attesting the universal demand for iconic branding techniques. According to a recent research conducted by Persistence Market Research, the global holographic films market revenues are estimated to reach US$ 11,775 million in value by 2024.
Key Research Findings
- Demand for Biaxially Oriented Polypropylene (BOPP) film materials to remain high through 2024, accounting for almost half of the global market revenues
- Branding measures undertaken by pharmaceutical and drug manufacturers, and companies in the FMCG sector will render them largest end-user industries for holographic films
- The need for customer-centric designs and patterns on films will gain traction during the projected period, effectuating a higher market presence for customized offerings of holographic films
- Through 2024, the value share ratio of lamination and printing as two main end uses in the global holographic films market is anticipated to be an estimated 60% to 40% respectively
APAC Holographic Films Market to Expand at Highest CAGR
By the end of forecast period, the holographic films sales from Asia Pacific (APAC) region will rake in revenues worth over US$ 4.3 billion. The APAC holographic films market is anticipated to be fastest growing region in the global market, registering an estimated CAGR of 10.8%. In 2016, the region accounted for one-third share of the global market value, followed by North America – which secured over 25% share of the global holographic films market size. Europe’s holographic films market is likely to join North America and APAC as regions lucrative for expansion of holographic films businesses. Meanwhile, the holographic films market size is to expand at a modest rate in regions such as Latin America and the Middle East & Africa (MEA).
Metallized Films & Anti-counterfeit Applications Procure High Sales
Sales of holographic films in the world have been largely concentrated towards two aspects – the type of film material preferred and its application. Product manufacturers and packaging industry players prefer using metallized holographic films over transparent films. Similarly, the use of such films finds greater application in anti-counterfeit measures of packaging companies. Surging instances of product duplicity have integrated holographic films into packaging operations that label symbols for identifying authentic products. Independently, metallized holographic films and anti-counterfeit applications are expected to account for over 70% of global market revenues throughout the forecast period.
- Toray Industries, Inc.
- Avery Dennison Corporation
- Nan Ya Plastics Corporation
- Jindal Poly Films Ltd (B.C. Jindal Group)
- Uflex Limited
- SRF Limited
- Cosmo Films Limited
- API Group Plc
- K LASER Technology Inc.
- Polinas Plastik Sanayi ve Ticaret A.S
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