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.
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.
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A decorative film is a thin laminate film, having a clear or colored pattern, which can be applied on the exterior or interior surfaces of substrate materials. A decorative foil is an impregnated paper product consisting of a paper base, which is printed with the rotogravure system and laminated with polymer resin materials such as PET. Decorative films and foils are used for substrates such as wood and glass, apart from others; however, they also find applications for other substrates such as wood. Using adhesive systems, decorative foils are bonded onto substrate materials, mostly wooden in nature. Decorative films are available with a variety of opacity, color, transparency, patterns and textures. The global market for decorative films and foils is expected to witness significant growth and create an absolute $ opportunity worth US$ 10.1 Billion during the forecast period.
Based on material type, the decorative films and foils can be classified into polyvinyl chloride, polyester, polypropylene, and vinyl. Polyvinyl chloride accounts for majority of the market share in the decorative films and foils market. The decorative films and foils market is expected to dominated by the polyvinyl chloride decorative films and foils segment, in terms of global market share, and is projected to account for around a 43% share of the total absolute $ opportunity in the decorative films and foils market during the forecast period.
Decorative films and foils find applications in furniture, doors & windows, flooring, and automotive interior & exterior. The furniture segment is expected to lead the global decorative films and foils market and create an absolute dollar opportunity worth US$ 4.3 Billion during the forecast period.
Based on end use, the decorative films and foils market has been categorized into residential, commercial, and institutional sectors. Commercial end users consist of corporate offices, hotels and restaurants, shopping & retail and the automotive sector, among others. The commercial segment is expected to account for more than a 56% share of the total absolute $ opportunity created in the decorative films and foils market over the forecast period.
China is expected to be one of the most significant markets in the global decorative films and Foils market and is estimated to account for more than a 34% share of the global absolute $ opportunity in the decorative films and foils market. Furthermore, the growing construction industry and increasing spending on furniture in Asia Pacific excl. Japan & China are expected to create new opportunities in the decorative films and foils market. Europe continues to be a strong market for decorative films and foils and promising growth is being witnessed in the North America region as well. GCC Countries continue to anchor demand in the Middle East & Africa region.
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In terms of market value, the global decorative films and foils market is expected to create an absolute $ opportunity worth US$ 10.1 Billion during the forecast period. Market demand is projected to be driven by the uptake in the residential and commercial construction industry across China, Asia Pacific excluding Japan and China, Europe and North America.