Rise in construction activities, particularly in developing countries & government initiatives driving infrastructure projects are contributing to market growth
WILMINGTON, DELAWARE, UNITED STATES, February 12, 2024 /EINPresswire.com/ — Allied Market Research has recently published a comprehensive report on the construction films market, offering insights into its current state and future prospects. According to the findings, the global construction films market generated $8.0 billion in revenue in 2020 and is projected to reach $14.6 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 6.3% during the forecast period from 2020 to 2030.
Eswara Prasad, the Manager of Materials & Chemicals at Allied Market Research, emphasized the significant growth of the construction industry worldwide, driving the demand for construction films for protection and storage purposes. The increasing need for protective films and water barriers has positively impacted the expansion of the construction films market.
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The report highlights key drivers, restraints, and opportunities shaping the market landscape. Factors such as the rise in construction activities, particularly in developing countries, and government initiatives driving infrastructure projects are contributing to market growth. However, the use of non-biodegradable plastics poses a challenge to market expansion. Nevertheless, the development of eco-friendly alternatives such as polyethylene films and the emphasis on plastic film recycling present new opportunities for market players.
The COVID-19 pandemic significantly impacted the construction films market, causing disruptions in construction activities and supply chains due to lockdown measures. This led to a reduction in the use of construction films, particularly for concrete curing applications.
Segmentation analysis based on type, application, end use, and region provides valuable insights for market players to identify growth opportunities. The gas & moisture barrier segment emerged as the dominant application segment in 2020 and is expected to maintain its leadership position throughout the forecast period, driven by its essential role in construction processes. The residential segment accounted for the largest market share in 2020 and is projected to exhibit the highest CAGR, fueled by increasing residential construction projects globally.
Regionally, Asia-Pacific and North America led the market in terms of revenue share in 2020, with Asia-Pacific expected to witness the highest growth rate during the forecast period, driven by infrastructure development and urbanization in developing countries.
Key players in the global construction films market, including Eastman Chemical Company, Mitsubishi Chemical Corporation, Raven Industries, Inc., Saint-Gobain, Berry Global, E.I. du Pont de Nemours, Mondi, RKW SE, Supreme, and Toray Industries, Inc., have been analyzed in the report. These insights are invaluable for stakeholders, investors, and new entrants seeking to capitalize on emerging opportunities in the construction films market.
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Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.